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Jt72
Level 1

credit card reconciling problems

Hi

Can anyone please help me. I am just starting Quickbooks Online and putting in information for the last year, I have done all of the current account transactions and have reconciled them up to date, now I am putting in the information for the business credit card but when I am trying to reconcile the first months statement the amounts do not match up so reconciling says there is a difference of £21.94, this is because the owing amount is £190.94 and the payment that was made was £169.00, so each month the payments will not be clearing the outstanding amount owed ?? How do I go about this ?? 

Thank you

Solved
Best answer March 09, 2021

Accepted Solutions
Jen_D
Moderator

credit card reconciling problems

Thanks for posting here again, @Jt72,

 

We want to make sure you're able to reconcile the credit card account correctly. The key to the reconciliation is inputting your ending statement balance and matching the transactions in QuickBooks with the cc statement.

 

Once all the transactions shown on your statement are marked as “cleared” in QuickBooks, the QuickBooks cleared balance will match the statement balance, and the account is reconciled.

 

I found this really helpful guide that is shared by one of my colleagues. You may refer to the steps and instructions from this link on how to reconcile credit card accounts in QuickBooks.

 

Kindly update me on how it goes. I'll be right here if you need further help with the reconciliation process.

 

 

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8 REPLIES 8
EmmaM
QuickBooks Team

credit card reconciling problems

Hello Jt72, when you are putting the ending balance of the statement for the reconcile if the balance is not cleared then you need to reflect that in the amount you say the ending balance is otherwise yes you  will always have a difference if the balance is not cleared to zero in that statement date range/reconcile time period.

Jt72
Level 1

credit card reconciling problems

Hi Emma

Thank you for your reply, but I am still confused as to what I need to do ? 

EmmaM
QuickBooks Team

credit card reconciling problems

Hello Jt32, When you have gone to tools >reconcile>what figure have you entered as the ending balance for the credit card?

Jt72
Level 1

credit card reconciling problems

Hi

I put the ending balance as £190.94

Jt72
Level 1

credit card reconciling problems

I have just tried to reconcile the next month and because the payments to clear debt dont add up to what is owing it says £190.94 ?

This is with a statement reading opening balance 00.00, Debits £575.09,Credits £500.00, new balance £75.09

 

 

MaryLandT
Moderator

credit card reconciling problems

I can tell what amount you need for the ending balance is, Jt72.

 

The ending balance is the current amount that appears on your bank statement. It summarizes all of your transactions up to that point.

 

Make sure the beginning balance in QuickBooks matches the one on your statement. Here's what to do if they don't match.

 

Once you know your opening balance is correct, you can start reconciling. If you see a message about an incorrect beginning balance when you start, here are other things you can review.

 

Once done, you can start reconciling your bank account. Check out this link for instructions and detailed steps: Reconcile an account in QuickBooks Online.

 

If you prefer a visual reconciliation guide, you can browse this link: How to reconcile your bank accounts.

 

Let me know if you need additional information about this by commenting below. I'm always right here to help you.

Jt72
Level 1

credit card reconciling problems

Hi,

I'm so sorry but I must be being really stupid, I understand what you are saying but what I cant work out is 

my previous statement had an end balance of £190.94 owing but the next months statement has beginning balance as £00.00 and the Debits and Credits are as on this months statement and there is no mention of the £190.94 !!

So the £190.94 is still 'around' unpaid from the previous month 

and this will mean every month there is money owing on the card it will sow up as the difference

should I have set the Credit Limit for the card somewhere ?

I hope I am making sense !!

Sorry to be a pain

Jen_D
Moderator

credit card reconciling problems

Thanks for posting here again, @Jt72,

 

We want to make sure you're able to reconcile the credit card account correctly. The key to the reconciliation is inputting your ending statement balance and matching the transactions in QuickBooks with the cc statement.

 

Once all the transactions shown on your statement are marked as “cleared” in QuickBooks, the QuickBooks cleared balance will match the statement balance, and the account is reconciled.

 

I found this really helpful guide that is shared by one of my colleagues. You may refer to the steps and instructions from this link on how to reconcile credit card accounts in QuickBooks.

 

Kindly update me on how it goes. I'll be right here if you need further help with the reconciliation process.

 

 

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