Credit Card

Hi there, sskid.

Ensuring all your transactions are categorized properly is essential to keep your tax forms accurate. So, I would like to show you the way and give you an idea of how to handle credit card payments. 

When paying off your credit card in QuickBooks Self-Employed (QBSE), it's categorized as a transfer of funds from one account to another. This transaction doesn't directly affect your profit or spending.

Since the payments increase your profit, I suggest re-categorizing the entries. Here's how:

1. Go to the Transactions menu.
2. Find the payment transaction on the list.
3. Click the category under Category and Tags and type in Credit card payment.
4. The entry will now show as Transfer under Type.
   
   

Please note that this type of transfer isn't considered a business expense since you're not buying anything. Instead, you're categorizing the payment to your credit card for business-related purchases.

For more information about categorizing transactions and learn more about Schedule C categories, you can browse these resources:

• Schedule C and expense categories in QuickBooks Self-Employed
• Categorize transactions in QuickBooks Self-Employed

Additionally, I'll add these references on how you can add older transactions and how the program tracks everything throughout the year to ensure your books and tax filings remain accurate:

• Add older transactions to QuickBooks Self-Employed
• Overview of QuickBooks Self-Employed

I'm always here to help if you have other questions about ensuring your bank transactions are categorized correctly in QBSE.