connect credit card to QBO - start date

Hi there, @ametz1201.

Let me share some insights on the best start date to pick when connecting the credit card to QuickBooks Online.

Since you've had the credit card for a while, start your opening balance on the same day as the beginning of your next bank statement. Whatever date you choose, use your bank statement to get the account's balance for that day.

Once you've decided on the start date for your reconciliation, you can start reviewing and categorizing the downloaded transactions in the review tab. I'd like to leave this article for guidance: Categorize and match online bank transactions.

If you’re new to reconciliations or need more help, contact your accountant. This can get tricky and they know how to handle the next steps. If you don't have one we'll help you find one.

Additionally, you can use this article as your guide anytime you need help doing or fixing a reconciliation: The reconcile workflow in QuickBooks.

If you have more questions about banking or invoices, don't hesitate to click the reply button. I'm always around to help!

Bank statement, do you mean the statement balance for my credit card, not checking bank statement balance.  I have had my bank checking account already linked since day one.

Ok, I was going to start with last months statement because that is the payment that is sitting in "for review" to add, and that should be recorded as a credit card payment not the other choices, correct?  Because I never added my credit card payments that came over from my bank checking because the credit card account wasn't linked.  Before I just categorized under category expense "credit card payment" and clicked add.

So don't worry about the transactions that was paid with the payment that is in the review tab?  I didn't know if it should match.  Meaning now recording it as a credit card payment to the credit card account that I am about to link.

You are saying to start with the current statement which is the statement after the payment that is in the for review.?

Hi there, ametz1201.  Let me guide you through connecting your credit card to QBO.

As mentioned above by my colleague, AldritchM, You need to use your statement balance for your credit card to get the account's balance for that day.

You can choose any statement. If you're unsure which statement you want, I'll leave this article for your guidance: Enter and manage opening balances in QuickBooks Online. We recommend getting an accountant if you're undecided about choosing a statement.

Once you link your credit card, you can choose any date, since you mentioned that you have last month's statement, you can transfer and match that to your credit card account. Here's the article for you to be guided: Record your payments to credit cards in QuickBooks Online.

In addition, feel free to check this article anytime you want to learn how to match your bank and credit card statements: Reconcile an account in QuickBooks Online.

if you have further concerns about connecting your credit card. Don't hesitate to leave a comment. I'm always here to help.

I was going to start with/use the statement that goes with the credit card payment that came over from by bank and this is sitting in "for review" as a starting point so it all matches.  Like I said we have been using this credit card for a while but I know what to do.  (I only know a little bit more now)

This credit card is with my bank that I have my checking account with.  So it's in the list to link when I go in there to look.  I just have to move the little circle over to link it I guess like my bank checking account is.  But I see there is a negative balance on that line for the bank credit card.  What would that mean?  Does that mean someone linked it and then unlinked it?  Just wondering how or why there is a negative balance showing on that bank credit card line when you go to the page of the linked accounts.

Thank you.

Good afternoon, ametz1201. 

Thank you for reaching back to us. There could be several reasons why this could happen, such as overpayments or credits entered and so forth. To know for sure, a reconciliation would tell you if anything is entered that shouldn't be, or even comparing the current statement with the register or running a Transaction by Account Report set to the date of the credit card statement looking for what is missing or what could have been added incorrectly. Here's how to run reports in QuickBooks Online:

1. Go to Reports 
2. Use the Find report by name search bar to search for the above report.
3. Select the report to open it.
4. Make changes to the date and refresh it. 

Please let me know if you have additional questions! I will be here to address them. See you soon. 

I myself have not linked our business credit card to QBO yet.  So I never matched or added transactions for this credit card in QBO.  I saw on another post that you can restart using QBO by signing up again and have a fresh start.  There are other reasons that I think that is a good idea if I can do that.  I am still learning to use QBO since I am finally full time at the business and doing the book keeping. 

I just tried to run the reconcile report and I don't see that acct to pick from on the drop down menu.  I guess it's not there to pick because it's not linked?

Thanks for getting back here in the thread, @ametz1201. We'll provide details to help you with your current situation so you can start managing bank transactions inside QuickBooks Online (QBO).

Upon reading your post, it looks like you haven't connected your credit card to your company file yet. Thus, it's the reason you don't see it in the list when running the reconciliation report. We recommend connecting it to the account before reviewing transactions. We'll input the steps below to help you have your bank account to your QBO company:

1. Go to Transactions, then select Bank transactions.
2. Select Link Account.
3. Enter the URL or name of your bank in the Search field, then select the bank. A reminder If you can’t find your bank, you can manually upload transactions instead.
4. Enter your Sign info in the Login and Password fields, then select Continue.
5. Select the account that you want to connect and date to pull transactions from the dropdown ▼. Then, select Next.
6. Note: Some banks let you download the last 90 days of transactions. Others can go back as far as 24 months.
7. Select your account type on the Account type ▼ dropdown, then select Next. A reminder, choose the account type that matches your chart of accounts in QuickBooks. If you don’t see the correct account type, select +Add new.

• In the Account Type ▼ dropdown, select Credit Card.
• Give the account a name and then select Save and Close.

      8. Map the bank account in the Existing accounts ▼ dropdown, then select Next.

      9. Select Connect, then select Done. Take note, you can edit the account name in the New account name field or change it later.

Please visit this page for further guidelines: Connect bank and credit card accounts to QuickBooks Online.

Also, if you're referring to something else you want to achieve inside QuickBooks, please don't hesitate to respond in the comment section.

In addition, here are some articles to help you manage your bank transactions and reconcile an account inside the program:

• Categorize online bank transactions in QuickBooks Online.
• Reconcile an account in QuickBooks Online.

It's been a pleasure to have you here today, @ametz1201. We'll be around to help you if you need further assistance connecting your bank account to the program. Feel free to comment below. Keep safe.

No I haven't linked my credit card account yet.  We have been using QBO since 2018 and still learning.  I am procrastinating and scared...lol because I am not sure how to do it even though I have read a lot of comments about it, asked about it myself since finding this community, and watched videos.  That is how I am finding a lot of mistakes in other areas too in our QBO.  I am finally full time and now have the time to look up and research stuff.

My credit card is already there to link.  It's in the list with my business bank checking accounts.  The credit card is with my bank that I have my checking accounts with.  I just have to move over the little circle I guess to link it. Unless I am suppose to link it the way you did.  It's not like an Amex card.  its a credit card that has my bank name on it.  So it is listed with my checking accounts.

Thanks for getting back with the Community, ametz1201.

Your bank account doesn't have to be connected to QuickBooks to perform a reconciliation on it. Since it appears you're unable to reconcile a particular account without it being connected to online banking, I'd recommend getting in touch with our Customer Care team.

They'll be able to pull up your account in a secure environment, conduct further research with you, and create an investigation ticket if necessary.

They can be reached while you're signed in.

Here's how:

1. Use the Help (?) icon.
   
   
    
2. Click Contact Us.
   
   
    
3. Enter a description of your situation in the What can we help you with? field, then hit Let's talk.
   
   
    
4. Select Start messaging or Get a call.
   
   

Be sure to review their support hours so you'll know when agents are available.

I'll be here to help if there's any additional questions. Have an awesome Wednesday!