I was recently asked… how to record a credit card balance transfer in QuickBooks.

And honestly, I knew the answer would be helpful for more than just them.

Because this comes up ALL the time, most people either guess their way through it or avoid it entirely, hoping their books still balance. Spoiler: they usually don’t. 

Here’s the thing about a credit card balance transfer. Once you know the steps, it’s straightforward, but if you record it wrong, your reconciliation suddenly turns into a puzzle you did not sign up to solve.

So I made a video walking you through exactly how to do it, step by step, the right way. 

If you’re looking for the Online version, click here.

Follow these steps on how to enter a Credit Card Balance Transfer in QuickBooks Desktop:

If you haven’t already added the new credit card that received the balance transfer, you need to add it to your Chart of Accounts:

• Go to the Lists menu and select Chart of Accounts.

• At the bottom left of the window, click on the Account button and select New (or press Ctrl + N).

• Choose Credit Card as your account type and click Continue.

• Enter the Account Name of your credit card company along with the last four digits of the card number (e.g., Amex 1234).

• Important: Leave the opening balance blank so it starts at zero.

• Click on Save and Close.

Record the Balance Transfer in the Register:

• From your Chart of Accounts, find your old credit card (the one you are moving the balance from) and double-click to open its register.

• In the next blank line, enter the Date the transfer occurred.

• In the Payee field, select or add the name of your new credit card company as a vendor.

• In the Payment column, enter the exact dollar amount that was transferred.

• In the Account dropdown field, select your new credit card account.

• In the memo box, add a note such as “Transferring to new card / Balance transfer”.

• Click on Record at the bottom right of the register to save.

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And since we’re talking about bank accounts… how much time did you spend on bookkeeping last month?

If the answer makes you cringe, you’ve been skipping it altogether, or you keep running into duplicates and mistakes you can’t quite explain, Mastering Bank Feeds was made for you.

Most people think bank feeds will be straightforward. And then they log in, and suddenly there are duplicates everywhere, transactions that don’t make sense, and reconciliation that just won’t balance.

Sound familiar?

Here’s the good news. This could all change for you in under an hour. One skill. One training. And what used to take hours every month now takes minutes, with far fewer headaches along the way.

Click here to grab Mastering Bank Feeds →

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Share in the comments below if this helped you and any aha’s you had💡⤵️

 #CandusKampfer