Setting up the credit card account and ensuring the opening balance is reflected correctly in QuickBooks Desktop (QBDT) is our top priority, ArtyFacts123.
Regarding your first question, yes, you can enter it as a Credit Card Payment or use a check transaction. I'll show you how:
- Select Write Checks from the Banking menu.
- Choose the bank account you wish to use for paying the credit card from the Bank account dropdown menu.
- Select the date of your payment.
- Choose the name of your credit card company from the Pay to the order of dropdown menu.
- Enter the amount of your payment.
- Navigate to the Expenses tab.
- Select your credit card account from the Account dropdown menu.
- Click Save & Close.
After you reconcile the credit card account, you have 2 options for paying part of the outstanding balance:
When selecting the correct account, I suggest consulting your accountant. They can provide guidance based on your specific business needs and accounting practices.
For your second question, It's possible that the account where you posted the opening/beginning balance through your Journal Entry (JE) is incorrect, since you are using JE. This is why the bank balance isn't showing. In this case, you'll need to select the Opening Balance Equity account for your opening or beginning balance.
Let's edit the existing JE (Journal Entry) and make sure Opening Balance Equity is selected, not Owner Equity. This is to ensure that the amount of the beginning balance is posted accordingly. You can refer to this article for additional reference: Fix beginning balance issues in QuickBooks Desktop.
I'm always prepared if you have more questions or concerns with your QuickBooks opening balance. Kindly leave a comment below, and I'll promptly lend a hand.
