My Credit Card account shows a negative balance

Hi there, @Marshal Dudley.

Thanks for taking the time to reach out to the QuickBooks Community for support. 

It sounds like you might have some data integrity issues with the browser's cache. Web browsers collect cache to save time when loading repetitive data and images. Over time these files become outdated and corrupted, causing issues like the one with your incorrect balances. I've included some steps to use a private/incognito browser below. Private browsers play the same role as having cleared cache. 

• Google Chrome: press Ctrl + Shift + N 
• Mozilla Firefox: press Ctrl + Shift + P
• Microsoft Edge: press Ctrl + Shift + P
• Safari: press Command + Shift + N

Once you're using a private browser, let's check your balances again. If everything checks out, then I recommend clearing the browser's cache. 

Please let me know how it goes. I'm here if you have any additional questions or concerns. Take care! 

Hi there, @Marshal Dudley.

Thanks for taking the time to reach out to the QuickBooks Community for support. 

It sounds like you might have some data integrity issues with the browser's cache. Web browsers collect cache to save time when loading repetitive data and images. Over time these files become outdated and corrupted, causing issues like the one with your incorrect balances. I've included some steps to use a private/incognito browser below. Private browsers play the same role as having cleared cache. 

• Google Chrome: press Ctrl + Shift + N 
• Mozilla Firefox: press Ctrl + Shift + P
• Microsoft Edge: press Ctrl + Shift + P
• Safari: press Command + Shift + N

Once you're using a private browser, let's check your balances again. If everything checks out, then I recommend clearing the browser's cache. 

Please let me know how it goes. I'm here if you have any additional questions or concerns. Take care! 

I appreciate that, but I wonder if that's not correct in regards to my issue... 

I never entered an opening balance. Isn't that something I need to do? Wouldn't that create the inconsistency in question? 

I just need to know how to set up the account in quickbooks, including the process of entering an opening balance. 

Thanks for getting back with the Community, Marshal Dudley.
 

Since you've already confirmed you didn't enter an opening balance, you can create a journal entry to record it into your books if you haven't reconciled the account yet.
 

Here's how:
 

1. Write down your date and amount for the oldest transaction in your account.
2. Use the + New button, then click Journal entry.
3. Enter a date that comes before your oldest transaction in the account. This will be your opening balance date.
4. On the first row of your Account column, hit the drop-down list and choose an account you want to enter your opening balance for.
5. Add a note in its Description field so you know what the journal entry is for.
6. On your second row of the Account column, use your drop-down and pick Opening Balance Equity.
7. Use bank statements to enter the balance on your real-life account for the date you picked as its opening balance. You'll need to enter both a debit and credit to keep things accurate. Enter your debits and credits based on which type of account you specified on the first row.
        • Asset and expense accounts - Enter your opening balance in the Debit column on your first row, then specify the same amount in its Credit column on your second row.
        • Liability, equity, and income accounts - Enter the opening balance in your Credit column on the first row, then specify your same amount in the Debit column on your second row.
        • Accounts Payable - On the first row, in your Name field, choose the vendor you owe money to. Specify your opening balance as a credit to increase the balance, or record your opening balance as a debit to decrease the balance. Next, detail the same amount in your opposite column on the second row.
        • Accounts Receivable - On your first row, in the Name field, choose which customers owe you money. Enter your opening balance as a debit if you want to increase the balance, or specify it as a credit if you want to decrease your balance. Next, detail the same amount in your opposite column on the second row.
8. Select Save and close.

Next, you'll need to mark your journal entry as reconciled.

In the event you've reconciled your account already, or haven't yet and have further questions, you'll need to work with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find a ProAdvisor. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.
 

If there's any questions, I'm just a post away. Have a lovely day!

Can I just use 1/1/23 as my "opening balance date" (since I have already done my 2022 taxes and this is a new quickbooks account), and just enter transactions beyond that point, starting fresh in 2023?

Marshall, it's great to see you back in the Community thread. It is my pleasure to provide you with more information on this subject.

Yes, marshall. You can use your desired period for your opening balance to start afresh for the year 2023. Take note that whatever date you choose, use your bank statement to get the account balance for that day. You can check out this article for more detailed information: Enter and manage opening balances in QuickBooks Online. 

For future use, visit these articles to manage your transactions in QuickBooks Online:

• Categorize and match online bank transactions in QuickBooks Online
• Reconcile an account in QuickBooks Online

If you have further questions about your opening balance, don't hesitate to reach out to us again. The Community is always looking forward to helping you. Have a successful year!

I'm trying that... I'm trying to enter an opening balance to start 2023 (technically 12/17/2022, since that's the day after the close of the last statement of that year)... But when I try to enter a new journal entry, I enter the date (12/17/22), the account (The credit card account), I add the debit amount (the closing balance of the statement ending 12/16/22), I enter "opening balance" as the description... But when i try to save, it says "Error - balance debits and credits". (see image). 

Why is it so complicated just to enter an opening balance for a credit card? I've gotten like 5 different answers on how to do it, and none of them work. 

This screenshot is helpful in determining the cause of the error, Marshal.

When creating a journal entry, you'll have to balance the Credits and Debits columns. Upon checking the image, you only added the details in the first row. Let's enter them in the second row to save the opening balance successfully. For the details steps, I'd recommend following Step 2 in this article: What to do if you Didn't Enter an Opening Balance in QuickBooks Online.

If the error persists, I'd recommend contacting our QuickBooks Support Team. They're equipped with tools to investigate the cause and ensure you can enter your opening balance in your account.

Addtionally, I've added these articles that'll help you reconcile your bank and credit card accounts in QuickBooks frequently to make sure they match your real-life bank accounts.

• Learn the Reconcile Workflow in QuickBooks 
• Fix Issues the First Time you Reconcile an Account in QuickBooks Online

Please keep us posted if you need assistance reconciling your books. We're always here to help you out. 

Okay, I did that... 

But if I entered the balance from my CC statement - closing on 12/16/2022 at 145.50, why does it show - 89.00 in the balance column? 

And if you scroll down to "current", you can see that it says 58.02 in the balance column, when in reality, the current balance on the card is 176.48 (which oddly enough is listed in the row above as a payment.

Shouldn't the balance on the last row be the same as my current statement, 176.48?

Here's the screen shot I forgot to add in my last reply

Thanks for getting back and adding a screenshot, Marshal. Let me join this conversation and help you reconcile your account in QuickBooks Online (QBO). 

Based on the screenshot you've provided, A negative credit card balance is when your balance is below zero. It appears as a negative account balance. Typically, this happens when you've overpaid your outstanding balance or if you've had a credit returned to your account, resulting in a negative balance of -58.02. 

Note that the credit card account is a liability type of account. You'll have to Credit it to increase the balance or Debit it to decrease the balance.

I'd recommend reviewing the Credit card's ending balance and computing the difference. From there, you have to adjust the amount you have entered in the Journal entry until you get the correct ending balance of the account. Before doing so, I suggest consulting an accountant for additional guidance when following the process. 

For more insight into the process, check out the following articles below:

• Reconcile transactions that are older than your opening balance in QuickBooks Online.
• Enter and manage opening balances in QuickBooks Online. 

We are happy to see you here. Don't hesitate to discuss your concerns, especially on reconciling an account. Feel free to notify us in the comment section again. 

Okay, I did that (adjusted the opening balance, until the current balance matched my current statement)....

But now I'm trying to do the same thing with my business checking account, and I'm having issues:

I wanted to start 2023 fresh in quickbooks, so that's my opening balance date. I entered my opening balance which matches my statement for 1/1/23. (see image). But it shows up on the chart of accounts as a negative in the balance column. And the account shows a massive negative amount. What am I doing wrong here?

Thanks for getting back to us, @Marshal Dudley.

Based on the screenshot you've shared. It seems that you are entering the opening balance of your bank account. When entering a bank account balance ensure to enter the amount under the debit/deposit column. If the credit card opening balance, then the amount should be placed under the credit/payment column. The negative amount showing in your Chart of Accounts should get fixed by doing so.

Don't hesitate to utilize these article to futher resolve this matter:  

• What to do if you Didn't Enter an Opening Balance in QuickBooks Online.
• Enter and manage opening balances in QuickBooks Online. 

Once your books are balanced, then you may start reconciling your accounts. 

Keep me posted how things go on your end. I'll be around to assist. Take care.

This is still not fixing the issue. I have moved the starting balance amount from the credit, to the debit, columns, and back... but it still build up a negative balance. Because this is a Corporate "Master account". Can you please tell me how to correct this? I have already linked the "cardholder account" as well. 

Hey there, @Marshal Dudley. 

I appreciate you coming back and letting us know that those steps didn't work for you. 

Since none of the instructions have worked in the thread from above, I recommend contacting our Customer Support Team for further assistance. They'll be able to use a screen share tool to review your account with you and determine the best solution for your business. Here's how: 

1. Go to the Help icon in the top right-hand corner. 
2. Tap the Contact Us hyperlink/button. 
3. Enter your question and hit Let's talk. 
4. Scroll down and select to Get a callback. 

It's that easy! 

Keep us updated on how the call goes. It's my priority that you get back to running your business as soon as possible. Have a great day! 

If your accounts are connected in the banking feed correctly (with a parent and then sub accounts if you have more than 1 card), then for most banks (Amex, Chase, etc) they will post your full credit card payment to the master card on the account. I'm wondering if that's why you are seeing negative balances. 

Hi I do have a same issue with my credit carte. I tried ctr+shift+N but did not work. 

Would you please help 

Thank you for joining this thread, samirav.

The negative balance on the credit card happens when the opening balance is incorrect or not all the purchases were charged to the credit card but still you record the payments for the card.

To double-check those transactions, I recommend contacting our customer support team. They have tools that can check your account and provide a screen share.

Here's how:

1. Click the Help menu in the upper-right-hand corner.
2. Type in Talk to a human, then press Enter.
3. Select Contact Support Team.
4. Type again Talk to a human and click Contact Support Team.
5. Choose a way to connect with us.

Additionally, when your transaction is okay, it's a good practice to reconcile your accounts in QBO to ensure your transactions match your bank statement.

Feel free to reach out to the Community to ask for assistance regarding your bank transactions. We're always open to guide you further. Take care.