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Level 4

credit cards

Hello,

 

I have an existing credit card account on QB Desktop. however, I noticed I never added a beginning balance or my credit limit to my account in QuickBooks. 

Can I still add it? what are the steps?

 

Thank you

3 Comments
Moderator

credit cards

Yes. We can still add an opening balance, Eve2019.

 

If you haven't added transactions to the account, we can record the Opening Balance Equity through the Chart of Accounts. Let me guide you with these steps:

 

  1. From the Lists menu, select Chart of Accounts.
  2. Right-click the account.
  3. Select Edit Account.
  4. Click the Enter Opening Balance option.
  5. Enter the Statement Ending Balance and Statement Ending Date.
  6. Click OK and then Save & Close.

 

If there are existing transactions, we can create a Journal Entry to add the Opening Balance:

 

  1. Select Make General Journal Entries from the Accountant menu.
  2. On the first line under ACCOUNT, select Opening Balance Equity.
  3. Enter the amount on the CREDIT column.
  4. On the second line, select the account you want to enter the opening balance.
  5. The system will automatically enter the same amount on the DEBIT column.
  6. Click Save & Close.

 

Afterward, we'll have to mark the journal entry as reconciled to prevent it from showing up on a future reconciliation. Here's how:

 

  1. On the Chart of Accounts page, right-click the account.
  2. Select Use Register.
  3. Click the General Journal Entry we created.
  4. Click the Reconcile () column.
  5. Select Yes on the Cleared Transaction Warning page.
  6. Click Record.
  7. Select Yes.

 

I've also added this article as your reference when you're ready to reconcile the account: Reconcile account in QuickBooks Desktop.

 

There you have it, Eve2019. Let me know if there's anything that I can help. Keep safe!

Level 4

credit cards

Hello,

 

I have entered the beginning balance (open balance equity) however, just recently my credit limit increase. How should I enter the new credit limit into my credit card - QB desktop?  

 

Thank you

QuickBooks Team

credit cards

Hello there, @Eve2019.

 

You'll need to login to your bank website and enter the credit limit from there. From there, enter the necessary details like credit limit.

 

Also, keep in mind that QuickBooks can't track the credit limit of your credit card.

 

I'm adding this great source where you can find articles that can help you manage your books: QBDT help articles. It includes topics such as reconciliation, track income, and expenses, run reports, etc.

 

Should you need anything else, don't hesitate to comment below. I'm always around to help. Stay safe and take care always.

 

 

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