How to import Credit Card Statements into QuickBooks Online?

Andrew Francis Etto

Modified on: Sun, 1 Sep, 2024 at 7:51 AM

QuickBooks Online accounting software offers multiple options for recording credit card transactions, enabling you to effectively track expenses and maintain accurate financial reports. Importing transactions with SaasAnt Transaction is a seamless process, thanks to our simplified and powerful Import wizard. We have introduced a new feature to import your credit card statements

How does it work?

Let's assume that we have a credit card statement file that contains the following transaction information.

Date	Description	Amount
23/06/2023	Purchase #ABC REF1203	200
23/06/2023	Purchase #Mech REF1204	200
23/06/2023	Payments	-400
28/06/2023	Refund	-200

Let's modify the file to add the above details.

Date	Description	Amount	Bank Account	Category Account	Payee	Credit Card Account
23/06/2023	Purchase #ABC REF1203	200		Uncategorized Expense Account	Elvis	Credit card account
23/06/2023	Purchase #Mech REF1204	200		Telephone Expense Account	Telephone Company
23/06/2023	Payments	-400	Checking Account		Credit card company	Credit card account
28/06/2023	Refund	-200		Purchase expense	John	Credit card account

Key Points:

If a transaction has a positive amount, it will be considered as a credit card credit or a refund transaction.

If a transaction has a negative amount, it will be considered an expense transaction.

If a payment is made against the credit card company from your bank account, it will be considered a transfer transaction.

Note: If you want the freedom to record transactions based on their respective transaction types, you can choose to add a column named "Transaction Type" to the statement. In this column, you can specify the transaction type as "Expense," "Credit Card Credit," or "Transfer" for each row.