I am using QuickBooks Online and doing the sync with my AMEX importing the charges. So far I have had no problem entering the charge category and the vendor.
The problem is I don't know what to enter in category and vendor in the AMEX payments I have made to the card, which is the other way around, this is important so that I can keep the real balance on the card. What should I enter in both boxes ?
In the category drop down it only displays: Accounts under Expenses, Equity, Assets, Revenue. none make sense for a payment made to the card.
You are only required to choose and post the other side of the transactions.
First, Click on the downloaded transaction to expand the detail line for entry.
When you make a purchase , it is easy, you will choose the expense account that represents the best category
for the purchase.
For your specific question, you are asking about what to do with the payment of the liability.
In this case so you would choose the bank account that the payment
came from so that the bank account balance gets reduced. You will find your bank accounts
listed towards the bottom of the category window.
In the payee name, you can use a vendor name called american express.
It seems more intuitive if you were to download the bank activity for your checking account
FIRST and code that payment in the Checking account FEED window to the american express liability
account. Then when you open the American Express bank feed the transactiom will match and you wil not need to do anything.
But it doesnt matter which you do first, it will match
in the other bank feed.
Linda Saltz, QBalance