Credit card balance transfers

[DTS]

A client transferred part of a large credit card balance, about $17,000 of $30,000 to another card. I have already entered all these charges into the program on the first card.

New card is B of A. If you know, will the bank send me or the client a list of these charges that were transferred? This will be a holy mess to redo all charges to this new account. I guess I could fudge the payment to the old card, but don't want to.

Best way to show and handle this?

Dennis

[S T]

Balance Transfers

If I am understanding your question, you would not re-enter the original charges. They would stay with the first credit card, and should have already been expensed to the proper accounts.

In QB you would set up the new Credit Card, and payoff the old credit card with the balance transfer. Old card balance would be reduced by $17,000 and new credit card would then have a balance of $17,000.

Sandy

[DTS]

Sandy

I did not think of that. Makes sense. I did set up the new CC account.

One follow-up question, I did not think doing transfers was a good way of getting funds between accounts in QB. What do you think? Let me explore this a bit, as I've not seen this feature for CC.

Don't stray too far from TMI

Dennis

[DTS]

Transferring

OK, I do not see how this can be done. I know you can transfer funds from one checking account to another, but not CC balances.

Where can I find this?

Dennis

[JohnH]

I'm not at a computer with QB on it right now, but if you can't transfer between credit cards, one way to do this would be to set up a "dummy" checking account and sweep the transactions through it. Use it more or less like a "Clearing" or "Suspense" account. - its balance is usually zero because offsetting transactions just pass through it. I use these accounts often to work around QB limitations.

[DTS]

John

Thank you. I am going to post on the Intuit/QB site and see if there is something in search or someone can tell me how this is done. Let me see what I can find out, if anything and I'll get back to you about setting up this clearing account.

Thanks, again.

Dennis

[Uncle Sam]

Credit Card Balance Transfers

Did the client transfer SPECIFIC charges - or just flat amounts?

[S T]

QB Credit Card Balance Transfers

Go to the register for the old Credit Card that you have set up(old account)post a payment to the new credit card that you set up (new account) . It should reduce your old account and increase your new account, and in the memo you can note balance transfer.

Sandy

[DTS]

Cc

Uncle Sam,

No specific amounts, just a flat balance transfer.

Sandy,

Thanks. I will try this.

Dennis

[Lion]

Transfer Funds

I just looked in QB, Banking, Transfer Funds, drop down menu had all the bank accounts and credit cards and whatever. So, you would just transfer $17,000 from the old CC to the new CC.

[DTS]

Transfer

Lion,

Yes, I saw this yesterday and did just that. However, on the old card, the balance is doubled and the new card is OK.

I'm wondering if I should show this old card paid off by the new company and then the new negative balance will be on the new card and off the old.

??

D

[S T]

Try Manual

Dennis,

Almost sounds like you have another $17,000 entry in the old account, so do a find for the amount to see your transactions.

Try deleting the transfer, go to the old card register and bring up credit cards transactions (edit) and show a payment of $17,000 (credit)

Under expense tab, account, use the account for the new card. Should reduce the old card by $17,000 and start a balance on the new card for $17,000.

Sandy

[Lion]

Love Big Numbers

I love big numbers like $17,000. It stands out right away if a transaction is backwards or doubled or missing or.... You know what the answer should be and can quickly check the BS and P&L to see if it's right. Sometimes, trial and error is the fastest way to get it to work. Like ST said, pay the old card from within the new card. There's always a journal entry. Although, I prefer transactions to JEs since it's easier to show the client the flow with a transaction, unless you're talking to the bookkeeper. (Most of my clients are small enough businesses that they don't have bookkeepers.)

[DTS]

It almost sounds like you have another $17,000 entry in the old account, so do a find for the amount to see your transactions.

Sandy,

I think the doubling up on the $17,000 was because it may have been showing this as some sort of cash advance to the new card.

I was able to find out a way: if I go into "Make Journal Entries" and do the DR for the old balance and CR the new card there, it works out great. I think this is what you were trying to direct me to.

Thanks for all the help!

D

[KJ Judd]

Yes, the make journal entries area is what you want in a case like this. Let me know if you have any other questions.