I have a business and I have a company credit card. I have linked this card with my QuickBooks online account. When I pull a "balance sheet comparison" report for the year, it is showing an amount in the "Total Liabilities" line. Here is a screenshot:
When I click the amount, it lists all the amounts for which I used my credit card. Screen shot here:
I am being asked the question:
"Please verify that you do in fact have negative liabilities as listed on your financial statement. That is normally as asset. ".
However, I am not sure whether these are negative liabilities as they are credit card expenses. Is it normal in QuickBooks to have credit card expenses being shows as liabilities? Is there a way I can correct this?