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Debduck
Level 1

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 October 14, 2017

Best Answers
Rustler
Level 15

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)

View solution in original post

3 Comments 3
Rustler
Level 15

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)

View solution in original post

Ya6089415
Level 1

Entering Credit Card Transactions - Help Please!

i cant open my Quick book 

Ryan_M
QuickBooks Team

Entering Credit Card Transactions - Help Please!

I'll be glad to assist you with this concern. I'd appreciate it if you can provide additional details on this situation too, @Ya6089415.

 

The first thing I can suggest is for you to ensure you're on the correct log-in page

 

In case you forgot your Intuit user ID or password, you can click the I forgot my user ID or Password link on the log-in page. Other options to recover your Intuit account are in this article: Reset your password or recover your user ID for QuickBooks Online

 

If you're referring to something else, please feel free to post a comment below. I'll get back to you as soon as I can. 

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