Category "Transfer" and "Credit Card Payment"? Which to use for payments from my checking account to my credit card company?

This is for QB Self Employed specifically

Answer

Hi friedman.allan,

Let me provide you an overview on how transfers work in QuickBooks Self-Employed.

Yes, categorizing it as transfer for the credit card payment is the correct process. 

When moving money between two accounts, you'll see an expense since it is the amount leaving from your checking account. And it's also the same amount being deposited to your savings. Both should be marked as Transfers.

If the transaction is not marked correctly and is double-counted, you can change the category manually. 

Here's how:

  1. Click the Transactions menu on the left pane. 
  2. Select the transactions.
  3. Click the category to correct it manually.
  4. Click Save.

You can also reach out to your accountant to check for other ways on how to categorize the transaction. I have this article for your future reference: QBSE Schedule C Categories breakdown.

You can always post a comment below if you need further assistance. I'll be right here to help you.

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IntuitMariaS , Community Support Specialist
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