Sorry to raise this topic again. I hope I have missed something crucial.
I have been importing and processing bank statement successfully for years. Luckily all my banks use QIF format for the import file.
Now I would like to use the process to import credit card transactions. The first card I have tried with a QIF file format is, as you may have guessed, showing the card purchase transactions as receipts! The effect being to post the purchase costs as credits on the P&L cost accounts.
I have the credit cards set up as bank accounts and used a Liabilities credit card control account for the balance sheet. The monthly payments of the credit card balances by the bank are appearing as expected on a balance sheet clearing account: Credit bank account, Debit clearing account.
Am I right in thinking that the only way to deal with this particular card is to use a CSV format and edit the transaction values to be negative? Thus posting a credit to the card clearing account and debits to the P&L.
(I’m hoping the other credit card, which also has QIF format, will deal with payments the way I expect)