How to Record Credit Card Payment when it spans two different years

Nicholas4 · ‎September 29, 2020

I can't figure out how to properly record a credit card payment of $2,500 on 12/31/19 that cleared the bank account on 1/2/20. I have bank feeds on for both the credit card and checking accounts. They started using QB in 2020 even though the business actually started operating in 2019, so I am entering the opening balances for each account using the Opening Balance Equity account as of 1/1/20. I entered the amount on the bank statement for the start of 2020 and since the credit card statement date is not the 1st, I took the statement balance on the 22nd and worked backwards to remove the transactions to get the balance on the 1st. To make this work, do I need to just exclude this 1/2/20 transaction in the checking account bank feed and then just subtract it from the opening balance I put in on 1/1/20?

RenjolynC · ‎September 29, 2020

Yes, Nicholas4.

I'm more than happy to show you the detailed steps on how to exclude and provide information on adjusting the balance for the bank account.

To exclude the transaction, here's how:

Go to Transactions > Banking.
Select the bank account where the 1/2/2020 transaction is downloaded.
In the For review tab, put a check mark on the transaction and click the Exclude button.

I've got this sample screenshot for a visual guide:

If you have not yet entered the opening balance for the bank account, then you can enter the correct amount. Otherwise, follow the steps in this article to modify the opening balance: Edit an incorrect opening balance.

For other QuickBooks Online questions, please let me know in the comments below. I'm here to help you out.

View solution in original post

RenjolynC · ‎September 29, 2020

Yes, Nicholas4.

I'm more than happy to show you the detailed steps on how to exclude and provide information on adjusting the balance for the bank account.

To exclude the transaction, here's how:

Go to Transactions > Banking.
Select the bank account where the 1/2/2020 transaction is downloaded.
In the For review tab, put a check mark on the transaction and click the Exclude button.

I've got this sample screenshot for a visual guide:

If you have not yet entered the opening balance for the bank account, then you can enter the correct amount. Otherwise, follow the steps in this article to modify the opening balance: Edit an incorrect opening balance.

For other QuickBooks Online questions, please let me know in the comments below. I'm here to help you out.

Nicholas4 · ‎September 30, 2020

Thank you so much! That is exactly what I needed to know!

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How to Record Credit Card Payment when it spans two different years