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Level 2

Reconciling credit cards- how can I get QB to see the payment/credits made on a statement?

I have just started to reconcile credit card accounts and am stumped.  In the reconcile window I see the payment made on the credit card, plus any store credits.  I have checked these, but QB doesn't seem to recognize them, as it still lists the cleared balance as zero, and lists the difference with a negative amount totaling the ending balance.  Am I entering the payments incorrectly?  I use a journal entry for payments, as I do an EFT transaction to pay the credit card statements.  However, it is also not recognizing store credits either, which I enter under "Enter credit card charges - credits" section.  Under the account listing, I can see both the store credit and payments listed under "Payment", so I am really confused!

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Best answer December 10, 2018

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Level 4

Reconciling credit cards- how can I get QB to see the payment/credits made on a statement?

When you enter a payment for the credit card, you should not enter a journal entry (you very rarely enter a JE in QB and not for normal transactions).  Instead, you enter a check and post it to the Credit card liability account. Or if you're downloading transactions, you could enter it as a transfer (from checking to the credit card account). 

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16 Comments 16
Highlighted
Level 4

Reconciling credit cards- how can I get QB to see the payment/credits made on a statement?

When you enter a payment for the credit card, you should not enter a journal entry (you very rarely enter a JE in QB and not for normal transactions).  Instead, you enter a check and post it to the Credit card liability account. Or if you're downloading transactions, you could enter it as a transfer (from checking to the credit card account). 

View solution in original post

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Level 15

Reconciling credit cards- how can I get QB to see the payment/credits made on a statement?

When you pay electronically, that is a Paperless, virtual check. If you don't want to use the Check function, then I recommend this method:

Enter Credit Card Charge, but change the radio button to a Credit. Select the Bank account on the Expenses tab. This shows that the Bank account was used to pay this balance against the CC account.


"Under the account listing, I can see both the store credit and payments listed under "Payment","


Do you mean, when you view the CC account as a Register view?


And as long as the JE is posted to the CC account, and not to the expenses, then it will show in the CC account. Confirm how you listed the entry on that JE. No, it is not the best transaction for this, but if used correctly, it should show and reconcile just fine.


Did you enter the correct Ending Balance from your statement?

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Level 2

Reconciling credit cards- how can I get QB to see the payment/credits made on a statement?

Thanks! The advice to enter payments under credit card credits seemed to work.  My reconcile window said I was balanced.  So I deleted the JE and went back to reconcile and the payment was again not there.   I was looking at the Register view for payments/credits.  The JE was credited to the CC account.  Balance was correct from statement.  It seems like I have to enter the payment twice for the reconcile to credit it.  Any thoughts?
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Level 15

Reconciling credit cards- how can I get QB to see the payment/credits made on a statement?

"So I deleted the JE and went back to reconcile and the payment was again not there."

Not "where"? In the first screen on the Reconciliation function? In the second screen, on the right side of the reconciliation screen, as a transaction listed? Are you limiting the date range for this view? Are you checkmarking any transactions in the Register, which is NOT something you do?


"I was looking at the Register view for payments/credits.  The JE was credited to the CC account."

Any entry that hits the CC account shows in the CC register.


"Balance was correct from statement.  It seems like I have to enter the payment twice for the reconcile to credit it."


Never Enter Data 2wice. As soon as you think that is what you need to do, you are making an error.



It is easy to follow the data flow:


The credit card account Register view is no different than a bank or any other balance sheet account register. Balance sheet accounts carry a running balance. Transactions that affect this account result in changes in that balance.


You use the Reconciliation tool to enter a known ending balance, then you use the function for checking as cleared any transactions in your system that you ALSO see on the statement, to confirm they processed your data correctly and that you entered your data correctly, and they don't have something you did even know about (potential fraud or error).


You end with a Difference of 0 because you and that statement agree.


"My reconcile window said I was balanced"


Did you complete that reconciliation? Once you completed it, those transactions are marked as Cleared and will not show the next time you reconcile, in the reconciliation tool.

They always exist in the Register as long as you don't delete them.

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Level 2

Reconciling credit cards- how can I get QB to see the payment/credits made on a statement?

Thank you for the explanation; I believe I am getting an understanding of this!
Level 15

Reconciling credit cards- how can I get QB to see the payment/credits made on a statement?

Glad to help.

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Level 1

Reconciling credit cards- how can I get QB to see the payment/credits made on a statement?

I need help nobody reconcile this credit card correctly I need to start January 2019 all the transactions already in the register I cannot enter the starting balance because all the transactions are already in the register how do I start the reconciliation on a new year any balance from the previous transactions are already in the register

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QuickBooks Team

Reconciling credit cards- how can I get QB to see the payment/credits made on a statement?

I got your back. Let's get your credit card account reconciled, Mmburnside2000.

 

There are a few reasons why the beginning balance is not correct:

  • A transaction has been edited/deleted
  • A transaction was reconciled in error
  • A transaction was unreconciled/cleared

You'll have to check these transactions that affected the balance. I've got you an article to help you fix the discrepancy: Zero or incorrect Beginning Balance in the Begin Reconciliation Window.

 

We'll be around if you need our help. Just leave a comment below. 

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Level 15

Reconciling credit cards- how can I get QB to see the payment/credits made on a statement?

Ignore the Beginning Balance, for the First Reconciliation.

 

"I cannot enter the starting balance because all the transactions are already in the register"

 

That Source Document is not your point of reference for the Beginning balance, so Ignore it.

 

Your goal is always the Ending Balance. If you can reconcile all transactions that you know historically got processed and you get to the current Ending Balance with a difference of 0, you are fine.

 

Example: The Very First reconciliation always Starts at 0. That's because Beginning Balance is the Net of All previously Cleared transactions, and nothing has yet been cleared.

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Level 1

Reconciling credit cards- how can I get QB to see the payment/credits made on a statement?

Thank you for responding as it helps us novice folks!  I'm trying to reconcile my bank statements and a debit charge is not listed on the reconcile screen.  So I went to enter it under >Banking>Enter credit card charges.  But that charge still not showing? Help!

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Anonymous
Not applicable

Reconciling credit cards- how can I get QB to see the payment/credits made on a statement?

Hi @Sandra12,

 

Welcome aboard to the QuickBooks Community. I'm here assist you with recording Debit Card charges in QuickBooks Desktop.

 

You no longer need to use the Enter Credit Card Charges option for debit transactions. You can use the Write Checks feature to record it in the QuickBooks system. Once done, use the check number field to recognize it's a debit charge.

 

Here's how:

  1. Click the Banking tab at the top menu bar.
  2. Select Write Checks.
  3. Make sure to uncheck the box beside Print Later.
  4. On the Check number field, enter Debit Card.
  5. Enter necessary information.
  6. Click Save & Close.

On the reconciliation page, make sure to input the correct dates to include the transactions to reconcile. I'm adding this article to help you with the reconciliation process: Reconcile in QuickBooks Desktop.

 

Please update me with the results, @Sandra12. I need to make sure you're all set and you're back on your working track. I'll be waiting for your response on this. Have a nice day!

Highlighted
Level 1

Reconciling credit cards- how can I get QB to see the payment/credits made on a statement?

Thank you that worked and was to easy...I truly appreciated you taking the time to respond!  Have a great afternoon!

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Level 1

Reconciling credit cards- how can I get QB to see the payment/credits made on a statement?

I download my AMEX charges and balanced the November statement.  It was paid in December.  I was able to reconcile the AMEX card in QB 2019 desktop for Mac.  The problem comes from the paying. Under the AMEX register I see the list of charges, which are correct.  Then I see three entries: One to AMEX to payee with my checking bank account credited.  Then I see two more AMEX as payee  with the AMEX liability account both as a payment and charged.  So I see two payments one by my checking bank account and the other by AMEX liability account shown as payment and AMEX liability account charged.  The ending balance is correct.

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QuickBooks Team

Reconciling credit cards- how can I get QB to see the payment/credits made on a statement?

Hi there, airportrealty.

 

The possible reason why you see entries with the liability account is because of your credit card account. To get rid of these entries, you can offset them by creating a journal entry. Let me guide you how.

 

First off, let's check the accounts used for the transactions. Here's how:

 

  1. Go to the Company menu, then select Chart of Accounts.
  2. Find and select your AMEX account.
  3. Choose each entry with the liability account, then double-click the transaction to open.
  4. In the transaction page, go to the Reports tab.
  5. Click Transaction Journal to view the accounts used.

Once done, you can now create a journal entry to offset the transaction. However, I still encourage seeking help with your accountant for more guidance.

 

In case you need tips and future articles in the future, feel free to visit our QuickBooks Community website.

 

Please know that you can always get back to this post if you have any other questions. I'll be right here to help.

Highlighted
Level 1

Reconciling credit cards- how can I get QB to see the payment/credits made on a statement?

Thanks for the response but I think you completely misread the issue.  First off, I am using QB 2019 for Mac desktop.  No accountant menu. 

 

Payee         Account                   Chr   Pay    bal

T-MobilePhone-Wireless100 500
AMEXMy checking acct 200300
AMEX AMEX-Liability 200100
AMEX AMEX-Liability200 300

 

These aren't real numbers but good representation.  The ending balance of 300 is an outstanding balance.   My bank register is the same as line 2.

Highlighted
Moderator

Reconciling credit cards- how can I get QB to see the payment/credits made on a statement?

Glad to have you back, @airportrealty,

 

To pay credit card charges in QuickBooks, write a check to cover the payment. Use the credit card account in the Account field not an expense account, this is because, you’re already tracking expenses in the Enter Credit Card Charges window.

 

It is normal to see the multiple liability accounts since a credit card is a payable on the company's perspective. When paid, that's the only time it will create an entry showing your bank and the CC account.

 

See the Entering a charge or refund to your credit card section of this manual to learn more about the ways to record charges properly: QuickBooks Desktop for Mac 2019 User’s Guide

 

If you have any questions about this or any other QuickBooks topic, let me know by clicking the Reply button below. I'm here to provide further assistance whenever you needed one. Cheering you to continued success.

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