Incorrect credit card balance

Let me help you make sure the balance of the card is correct, aatranbill.

You can either record the expenses at once using a lump sum amount or create a journal entry to correct the balance of the credit card account. You can also do it per year so it's easier to track. Please note that this will only affect the balance of the account so you can reconcile it and not change the amount of the taxes.

Here's how to create an expense transaction:

1. Click the + New button and select Expense.
2. Enter all the details of the expense transaction.
3. Select the account that will be used for this transaction in the Category column. You'll also want to reach out to your accountant to check what category to use for this record.
4. Enter the amount of the transaction.
5. Click Save and close.

You can also check out this article in case you want to create a journal entry instead: Create a Journal Entry in QuickBooks Online.

Once done, you can now proceed to reconciling the account. 

Feel free to refer to these articles for additional guidance and reference when reconciling accounts in QBO: 

• Fix Issues The First Time You Reconcile an Account in QuickBooks Online
• What To Do If You Didn't Enter an Opening Balance in QuickBooks Online

Reach out to us again any time of the day if you have other questions or concerns when working in QBO. We'd be happy to help you again. 

Hi aatranbill,

Hope you’re doing great. I wanted to see how everything is going about credit card balance. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at anytime.

Looking forward to your reply. Have a pleasant day ahead!

I have this issue... (the balance in quickbooks shows  a negative balance). I am just getting started with quickbooks, and when I linked the account, it only shows transaction back to June of last year - which is FINE, because I've already done my taxes for 2022). But I want to know how to get the current balance to match what is the real balance on the card. In your answer, you say:

1. Click "New" - "Expense"
2. Enter the details of the expense... 

But I don't understand this. What "expense" am I supposed to be entering?

I can share ideas on how you can match your current balance to the real balance on your card, Marshal.

If you previously reconciled your account, review any discrepancy reports to check any changes that affect your beginning balance.

Here's how: 

1. Click the We can help you fix it link to open your discrepancy report.
2. Review the discrepancy report. Use it to decide if and how to make changes.
3. Before editing anything, talk with whoever made the changes - they may be intentional.

Examine each transaction on the report one at a time, then make the necessary corrections if needed. For detailed information, you may also check this resource: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

If it's your first time reconciling your bank account, review the opening balance and other transactions included in the period. 

1. Proceed to Bookkeeping or Accounting, then select Chart of accounts (Take me there).
2. Find the account on the list.
3. Click View register.
4. Search for the opening balance entry. It should have "Opening Balance Equity" in the Account column.
5. Take note of the date and balance.

Then, compare the opening balance with your real-life account. If it matches, it means you entered the opening balance correctly. If not, I suggest making the necessary modifications. For more insights, you can also utilize this article: Fix issues the first time you reconcile an account in QuickBooks Online.

Additionally, I recommend consulting with your accountant to make sure your records are accurate.

I've attached some relevant articles you can utilize to help manage your bank transactions in QuickBooks: 

• Review and categorize your transactions.
• Monthly reconciliations.

Don't hesitate to tag my name if you have more questions about balances in QuickBooks. I'm here to ensure all your concern is taken care of. 

I have not reconciled... (I figured I needed to get the account correct before I start that process). 

You said: If it's your first time reconciling your bank account, review the opening balance and other transactions included in the period.

1. How do I know what the opening balance is? (I never entered one, and I think that's something that is contributing to problem I'm having, yes?

2. What "period"?

I went through the steps, as you laid out; but there is no entry for "Opening Balance Equity" in the account column.