I am new to Quickbooks and spent an hour this morning allocating my transactions to the right category. But I think I did something wrong, because now my cc balance in QB is *exactly* double that from my actual credit card account balance. What did I do wrong/how to I reverse this?
I attached a screenshot for reference.
You’ve come at the right place, @dlee26.
Welcome to the Community! I appreciate you for sharing to us a screenshot of what you’re seeing on your end. I’m here to provide you with some details about differences between QuickBooks balance and bank balance.
Here are the reasons your bank balance and QuickBooks balance are not the same.
For additional insights, you may check out these articles:
Hello there, vallaeys.
Thanks for letting us know about this. Let's get this sorted out so you'll be able to have the correct credit card balance in QuickBooks Online (QBO).
May I know how did you enter downloaded transactions in QBO? There is a possibility that you add a transaction instead of matching it. Adding transactions that already exist in the register can cause duplicate. The reason why your credit card balance got doubled.
If it's the case, you'll need to undo these transactions by following the steps below:
The undo transaction will be moved from the In QuickBooks tab to the For Review tab where you can start assigning an account for it from the drop-down list in the Category or Match field.
I've got you an article that know more about adding and matching downloaded transactions in QBO: Add and match downloaded banking transactions.
This should keep you on the right track. Let me know if you have follow-up questions about this, I'd be delighted to answer them for you.
Ahh.. thank you. So I just did that and now the totals match again.
But why would I not add them (i.e. account for them), just like I do for my Checking and Savings account transactions?
And actually now that I'm saying this, I seem to have the same issue with my Checking account (higher QB balance than account balance).
Is there a training video or other resource that you can recommend that shows how you account for expenses in QBs?
I really appreciate the help!
Hey there, vallaeys.
I'd like to join this discussion and provide additional clarification regarding this matter.
Generally, you should add the transactions downloaded from your bank. This is to ensure that your QuickBooks bank register will match what's on your bank statement during the reconciliation.
However, when you've entered the transactions before they were downloaded, that'd be when you'll want to match them instead. For more information about this, you can check out our: Assign, categorize, edit, and add your downloaded banking transactions
Since you also mentioned that you're experiencing the same situation with your Checking account, it'd be a good idea to follow my colleague Charies_M's suggestion again.
Lastly, for training videos and other resources, I highly recommend that you visit our website to view our awesome tutorials. Here's a link that'll direct you to it: QuickBooks Tutorials
That should get you going in the right direction. Please keep in touch if there's anything else I can do to help you succeed with QuickBooks. I've got your back. Have a great day!