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FTT
Community Explorer **

Reconciliation

I am having issues reconciling my credit card account. I am not getting a zero even though all transactions are checked that are on the statement. We pay the bill online before the due date and are paperless and I am wondering if that is the issue. Do I need to be using the payment amount instead of the end of statement amount? If so, how do I know which transactions should be cleared to get a zero balance besides just trial and error? What do you do if there are two payments per statement period? Thanks. 

 

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Best answer 02-24-2019

Accepted Solutions
QuickBooks Team

Re: Reconciliation

Let's check out your reconciliation, FTT.


It’s okay if you pay your bills online before the due date. It’s not an issue. As long as you follow the amounts that show on your credit card statement, you’ll be good with your reconciliation.


There are some things we need to check though:


First, did you enter the correct Ending Balance? You can check this by clicking the Edit Info button in the upper right-hand corner on the Reconcile page.


Second, are there any deleted, changed, or unreconciled transactions? You can check your previous reconciliation reports to see if there are changes on your reconciled transactions. 


Here’s an article for additional reference: How to Reconcile a Bank Account and Common Troubleshooting Tips [Video].


I’m just curious, why do you ask about the amounts to use on your reconciliation? If the amounts of your payments are different, this will surely cause a difference in your reconciliation.


Feel free to comment below, and let us know how we can help you further.

5 Comments
QuickBooks Team

Re: Reconciliation

Let's check out your reconciliation, FTT.


It’s okay if you pay your bills online before the due date. It’s not an issue. As long as you follow the amounts that show on your credit card statement, you’ll be good with your reconciliation.


There are some things we need to check though:


First, did you enter the correct Ending Balance? You can check this by clicking the Edit Info button in the upper right-hand corner on the Reconcile page.


Second, are there any deleted, changed, or unreconciled transactions? You can check your previous reconciliation reports to see if there are changes on your reconciled transactions. 


Here’s an article for additional reference: How to Reconcile a Bank Account and Common Troubleshooting Tips [Video].


I’m just curious, why do you ask about the amounts to use on your reconciliation? If the amounts of your payments are different, this will surely cause a difference in your reconciliation.


Feel free to comment below, and let us know how we can help you further.

Established Community Backer ***

Re: Reconciliation

Yes, this matters: "We pay the bill online before the due date and are paperless and I am wondering if that is the issue."

 

You would not have any Bill in the bookkeeping; CC activity is a Statement with account activity and not part of Bills at all.

 

The Payment needs to have been entered. It is either a Check Expense showing the Credit Card account. Or, you downloaded it from the Card Provider, so that makes it look like a Credit Cared Credit/Return, and the Checking account shows as the reason or source.

 

"Do I need to be using the payment amount instead of the end of statement amount?"

You always use the Ending Balance. You only checkmark as Cleared the same entries you see in your file that they processed. You confirm the same amount. You don't Mark as Cleared any transaction you have by date that didn't make the cutoff date of that statement. Example:

You make a charge on Jan 31, but it isn't on the Jan 31 statement; it shows up on the Feb Statement, so you Ignore it for the Jan reconciliation, even if you paid against the total you know you owed that included Jan 31.

Active Member

Re: Reconciliation

I paid for insurance $12,0000

insurance was cancelled and company refunded $10000

how do I post refund?

FMW
Senior Explorer ***

Re: Reconciliation

I think your reply may be the answer to question I have. I’ve paid the last 3 credit card statements in full using CHECK EXPENSE CREDIT CARD ACCOUNT.  Now I need to go back and enter credit card charges for each statement and reconcile. How do I “pay” the credit card when I’ve actually already paid it?  I don’t want my financials to show a double payment which would be another huge problem. Please advise how I should handle this. Your help is much appreciated.   FMW

QuickBooks Team

Re: Reconciliation

Good day, everyone.

 

Let's get all your concerns sorted out.

 

I'll start with @Welcome2019's concern. In creating a vendor refund, first, you'll have to enter it using a bank deposit. Then, link it to the vendor credit. For the detailed steps, check this article and follow Scenario 1: Manage vendor credits.

 

Now, I'll go with @FMW's concern. You'll have to transfer the payment from the account the credit card was paid to the account that the payment went. I've got you the article with the detailed steps. You'll choose either Create a transfer or Use banking downloadHow to record credit card payments.

 

If you have more questions, please get back to this thread. Have a good day!