Should I see both a credit and debit for credit card payment?

Yes, that is if your financial institution is connected to your QuickBooks Self-Employed (QBSE) account, Steven, as the system will automatically import your transactions. I’d be happy to explain this further.

In this case, you would see a debit from the bank account you used to make the credit card payment, reflecting the outflow of funds. Meanwhile, the credit in your credit card account represents the payment made to the credit card company, indicating a reduced liability.

On the other hand, if your financial institution is not connected to your QBSE account, you’ll need to manually enter both transactions. In this scenario, you would record the initial purchase as a debit (representing the expense) and the payment to the credit card company as a credit.

I'm also sharing a link about splitting a single transaction between business & personal for your reference: Split transactions in QuickBooks Self-Employed.

For future reference, these write-ups provide an overview of how to classify transactions and how they affect your financial reports:

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

Hit the Reply button if you have additional questions or concerns about handling credit card payments and transactions in QBSE. We're always here to help.