Comments for Setting Up A Cash Advance From Your Credit Card To Cover Insufficient Funds In Checking Account

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Apr 08, 2011
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Setting Up A Credit Card in Quickbooks
by: Stephanie

If it is a business credit card you should setup the credit card with the current balance in Quickbooks as a current liablity account as follows:

DEBIT Opening Balance Equity
CREDIT Credit Card

Then the automatic transfer would show as:

DEBIT Bank
CREDIT Credit Card

While the payment made to the credit card would be recorded as:

DEBIT Credit Card
CREDIT Bank

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