changing the account of a paid bill - correcting credit card payment

GolfNut72 · ‎May 21, 2020

I am working with a client using QBD Pro 2019 and am trying to adjust/correct some of his information that was either entered incorrectly or not at all.

This involves a business credit card and he WAS NOT using bank feeds.

When he received a credit card statement he would review the statement and determine how much to pay, but he entered this as a Bill and did not enter the individual credit card charges.

I am currently working with 2018 CC charges and have entered them into QB. The issue I am trying to resolve is correcting his payments (check to the CC Company) which was coded to Accounts Payable instead of to the correct Credit Card account. I talked with QB Support and I was told to unreconcile the entry (the check that was paid), then delete it and then re-enter it coding it to the correct account and then checking the reconciliation checkmark. I have done this and it has worked for the Credit Card account but it has created some problems with the bank account reconciliation. I am still researching the issue to determine if I missed checking something or am missing checks for this month, but I wanted to make sure that this was the best way to complete this task.

If there is a better way I would welcome any suggestions.

Thank you

EJ

Joesem M · ‎May 22, 2020

Thanks for getting back to us, @GolfNut72.

We can run the Reconcile Discrepancy report. This report is sorted by statement dates.

Here's how:

Go to the Reports menu.
Select Banking from the drop-down list then select Reconciliation Discrepancy.
Choose the appropriate Account, then select OK.
If you find a discrepancy, note the transaction date and the Entered/Last Modified, which will tell you when the change occurred.

Then check the Audit Trail to see if there are transactions that were deleted, changed, or added in your register.

Click the Reports at the top menu and select Accountant & Taxes.
Select Audit Trail and click the Customize Report button.
Go to the Filters tab and set a date range.
Click OK and look for the transaction.
Take note the details of the transaction.

For further assistance, I suggest consulting your accountant. If you have to add entries or you have modified previously reconciled transactions, you can perform a mini-reconciliation. Before doing so, make sure to create a backup of your company file to avoid data loss.

I've added these articles for more options on how to fix the reconciliation issue in Quickbooks Desktop:

Reach out to me in the comment section below if you have any other issues or concerns, I'm always here to assist. Have a good one.

View solution in original post

Rubielyn_J · ‎May 21, 2020

Hi there, @GolfNut72.

Let me sort things out for you. QuickBooks support suggestions can work for the credit card account. For the bank account, let's ensure that it's coded correctly and the transactions under the bank register are accurate.

Also, CC transactions still need to be paid by the bank transaction. You can review the register based on your bank statement. I also recommend reaching out to an accountant for missing transactions in your QuickBooks Desktop.

You'll want to reconcile your accounts so they match your bank and credit card statements, feel free to can check out this article: Reconcile an account in QuickBooks Desktop.

If you have other concerns, just click the Reply button. I'd be glad to help you as soon as I can. Keep healthy and safe.

GolfNut72 · ‎May 22, 2020

Rubielyn_J - thank you for your reply.

I probably wasn't clear enough in my initial post.

The bank account in question has been reconciled through March 2020, the changes I was making are in 2018 and 2019. I am finding the credit card payments in the checking account, clicking on the check to unreconciled the item, deleting the item (check), and then manually re-entering it with the correct expense account and then checking the reconciliation checkbox, again. In reality the only change is to the expense account it was charged against. But when I bring up the current bank account reconciliation, all of the changed items are listed. This is different than the results I get when I am working in QBO (which my other clients use).

Is there a to search for un-reconciled items in the check register? My only thought is I missed one.

Thanks

EJ

Joesem M · ‎May 22, 2020

Thanks for getting back to us, @GolfNut72.

We can run the Reconcile Discrepancy report. This report is sorted by statement dates.

Here's how:

Go to the Reports menu.
Select Banking from the drop-down list then select Reconciliation Discrepancy.
Choose the appropriate Account, then select OK.
If you find a discrepancy, note the transaction date and the Entered/Last Modified, which will tell you when the change occurred.

Then check the Audit Trail to see if there are transactions that were deleted, changed, or added in your register.

Click the Reports at the top menu and select Accountant & Taxes.
Select Audit Trail and click the Customize Report button.
Go to the Filters tab and set a date range.
Click OK and look for the transaction.
Take note the details of the transaction.

For further assistance, I suggest consulting your accountant. If you have to add entries or you have modified previously reconciled transactions, you can perform a mini-reconciliation. Before doing so, make sure to create a backup of your company file to avoid data loss.

I've added these articles for more options on how to fix the reconciliation issue in Quickbooks Desktop:

Reach out to me in the comment section below if you have any other issues or concerns, I'm always here to assist. Have a good one.

View solution in original post

Lamama · ‎September 22, 2020

I have over 2 years of data in QuickBooks desktop I do have the accountants version and my problem is with the American Express credit cards they have not been entered historically correctly and I am trying to get them in line so that I can do a regular credit card reconciliation my problem is the main account or the bank feeds account will call it is showing they're all showing different balances and I have a very large credit balance on one of the cards because it is showing as the main card all the payments go through this account instead of being separated through the various credit cards I need a quick fix for this most likely it'll be journal entries I'm assuming and then how do I clear it out so that I can start this year fresh?

RoseMarjorieA · ‎September 22, 2020

Hi, Lamama.

I know how important it is to have control over your payments to go through their perspective account. To get this sorted out, you can create a journal entry to transfer all the transactions from the main account to the various credit cards.

However, using this method (journal entry) needs the assistance of an accounting professional for the accounts you need to use. Also, your accountant can help and guide on which account to debit and credit as well as clearing it out.

Here's how to create a journal entry:

Click Company at the top menu bar and select Make General Journal Entries.
Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
Select Save & Close.

I'd suggest visiting the links below. These will provide you steps on how to edit and delete a journal entry. Also, you'll find additional information on what are the two methods in connecting your account in QuickBooks Desktop:

Get started with Bank Feeds for QuickBooks Desktop

Create a journal entry in QuickBooks Desktop

Please know that you're always welcome to post if you have any other concerns. Wishing you and your business continued success.

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changing the account of a paid bill - correcting credit card payment