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Community Explorer **

Credit

How do I reconcile a credit on a credit card statement? It is the only transaction on the a statement.

Thank you in advance

4 Comments
QuickBooks Team

Re: Credit

Hello there, @Kas7777.


Let’s record the credit in QuickBooks to reconcile it with your cc statement.


Reconciliation is the process of comparing the beginning balance and transactions listed in QBDT with the bank statements to make sure they match. 

 

To record a credit card credit, follow the steps below:

  1. From the Home page, click Enter Credit Card Charges.
  2. Instead of Purchase/Charge, move the radio button to Refund/Credit.
  3. On the Expenses tab, select the Credit Card on the Account column drop-down.
  4. Enter the amount under the Amount column.
  5. Hit Save & Close.

Credit 1.PNGCredit 2.PNG

After creating the credit, you can start reconciling. Here’s how:

  1. Go to the Banking menu and select Reconcile.
  2. Choose the cc on the Account drop-down.
  3. Enter Statement Date.
  4. Type in Ending Balance.
  5. Click Continue to reconcile the account.

Reconcile 1.PNGReconcile 2.PNG

For more information about the process, refer to this article: Reconcile and and credit card account in QuickBooks Desktop


Please let me know if you need further assistance. I’m always here ready to help. Have a great day!

Community Explorer **

Re: Credit

Thank you share that info.  I have done all that, perfectly, the issue is that the purchase was done back in January 2019. The vendor just refunded the whole amount paid.  The card has been inactive, $0.00 balance and reconciled since February 2019.  The bank has reduced the amount due for all 4 credit cards by that credit.  When doing reconciliation, everything checks out ok but when writing a check, the ending balance was more.  We just let QBs do an adjusting entry to match ending balances on both Bank statement and in QBs.     

Community Explorer **

Re: Credit

Thank you share that info.  I have done all that, perfectly, the issue is that the purchase was done back in January 2019. The vendor just refunded the whole amount paid.  The card has been inactive, $0.00 balance and reconciled since February 2019.  The bank has reduced the amount due for all 4 credit cards by that credit.  When doing reconciliation, everything checks out ok but when writing a check, the ending balance was more.  We just let QBs do an adjusting entry to match ending balances on both Bank statement and in QBs.  

QuickBooks Team

Re: Credit

Hello there, Kas7777.

 

Thanks for getting back and sharing with us the steps you've taken to match your ending balances with your bank statements.

 

You've done it the right way when you let QuickBooks create an adjusting entry so your ending balances matches on both of your bank statements.

 

You may consider having these article as your reference while working with reconciliation in QuickBooks Desktop:

If I can help you with something else, I would be happy to take a look and help get it taken care of.