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Experienced Member

Entering Credit Card Transactions - Help Please!

Hi,

 

Thanks in advance for taking time to read this. I am having trouble entering up the information of my Credit Card Statements. We have switched to quickbooks online from Sage last month. I am backdating all the transactions to 1st April. 

 

The opening balance of the Credit card is -£4000. I then go to Expenses, select the Credit Card and add an expense e.g. £1000 fuel, £500 materials. The balance is then saying

-2500 and not -5500 as I would expect.

 

My opening balance is appearing under the payment column as are payments transfered in from the current account (to pay off some of the balance) and the expenses are appearing under the Charge column - is this right?

 

Also to document payments made from the current account I have selected transfer on the online bank feed and selected the creditcard. Is this right? These payments are pushing the balance up e.g. £500 transfered in makes the Creditcard £500 more overdrawn.

 

Please help me!!

Solved
Best answer 10-14-2017

Accepted Solutions
Established Community Backer ***

Re: Entering Credit Card Transactions - Help Please!

  A negative credit card balance means they owe you, so using your numbers

 

they owe you -4,000

You charge 1,500

 

math:  -4,000 + 1,500 = -2,500

 

now they owe you 2,500

QB is doing the math correct, your opening balance as a negative is wrong.  Check the opening balance entry, it should show in the account register in the increase column (a credit in a journal entry)

1 Comment
Established Community Backer ***

Re: Entering Credit Card Transactions - Help Please!

  A negative credit card balance means they owe you, so using your numbers

 

they owe you -4,000

You charge 1,500

 

math:  -4,000 + 1,500 = -2,500

 

now they owe you 2,500

QB is doing the math correct, your opening balance as a negative is wrong.  Check the opening balance entry, it should show in the account register in the increase column (a credit in a journal entry)