cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Not applicable

Reconciling credit cards- how can I get QB to see the payment/credits made on a statement?

I have just started to reconcile credit card accounts and am stumped.  In the reconcile window I see the payment made on the credit card, plus any store credits.  I have checked these, but QB doesn't seem to recognize them, as it still lists the cleared balance as zero, and lists the difference with a negative amount totaling the ending balance.  Am I entering the payments incorrectly?  I use a journal entry for payments, as I do an EFT transaction to pay the credit card statements.  However, it is also not recognizing store credits either, which I enter under "Enter credit card charges - credits" section.  Under the account listing, I can see both the store credit and payments listed under "Payment", so I am really confused!

Solved
Best answer 12-10-2018

Accepted Solutions
Community Contributor ***

When you enter a payment for the credit card, you should...

When you enter a payment for the credit card, you should not enter a journal entry (you very rarely enter a JE in QB and not for normal transactions).  Instead, you enter a check and post it to the Credit card liability account. Or if you're downloading transactions, you could enter it as a transfer (from checking to the credit card account). 

9 Comments
Community Contributor ***

When you enter a payment for the credit card, you should...

When you enter a payment for the credit card, you should not enter a journal entry (you very rarely enter a JE in QB and not for normal transactions).  Instead, you enter a check and post it to the Credit card liability account. Or if you're downloading transactions, you could enter it as a transfer (from checking to the credit card account). 

Established Community Backer ***

When you pay electronically, that is a Paperless, virtual...

When you pay electronically, that is a Paperless, virtual check. If you don't want to use the Check function, then I recommend this method:

Enter Credit Card Charge, but change the radio button to a Credit. Select the Bank account on the Expenses tab. This shows that the Bank account was used to pay this balance against the CC account.


"Under the account listing, I can see both the store credit and payments listed under "Payment","


Do you mean, when you view the CC account as a Register view?


And as long as the JE is posted to the CC account, and not to the expenses, then it will show in the CC account. Confirm how you listed the entry on that JE. No, it is not the best transaction for this, but if used correctly, it should show and reconcile just fine.


Did you enter the correct Ending Balance from your statement?

Not applicable

Thanks! The advice to enter payments under credit card cr...

Thanks! The advice to enter payments under credit card credits seemed to work.  My reconcile window said I was balanced.  So I deleted the JE and went back to reconcile and the payment was again not there.   I was looking at the Register view for payments/credits.  The JE was credited to the CC account.  Balance was correct from statement.  It seems like I have to enter the payment twice for the reconcile to credit it.  Any thoughts?
Established Community Backer ***

"So I deleted the JE and went back to reconcile and the p...

"So I deleted the JE and went back to reconcile and the payment was again not there."

Not "where"? In the first screen on the Reconciliation function? In the second screen, on the right side of the reconciliation screen, as a transaction listed? Are you limiting the date range for this view? Are you checkmarking any transactions in the Register, which is NOT something you do?


"I was looking at the Register view for payments/credits.  The JE was credited to the CC account."

Any entry that hits the CC account shows in the CC register.


"Balance was correct from statement.  It seems like I have to enter the payment twice for the reconcile to credit it."


Never Enter Data 2wice. As soon as you think that is what you need to do, you are making an error.



It is easy to follow the data flow:


The credit card account Register view is no different than a bank or any other balance sheet account register. Balance sheet accounts carry a running balance. Transactions that affect this account result in changes in that balance.


You use the Reconciliation tool to enter a known ending balance, then you use the function for checking as cleared any transactions in your system that you ALSO see on the statement, to confirm they processed your data correctly and that you entered your data correctly, and they don't have something you did even know about (potential fraud or error).


You end with a Difference of 0 because you and that statement agree.


"My reconcile window said I was balanced"


Did you complete that reconciliation? Once you completed it, those transactions are marked as Cleared and will not show the next time you reconcile, in the reconciliation tool.

They always exist in the Register as long as you don't delete them.

Not applicable

Thank you for the explanation; I believe I am getting an...

Thank you for the explanation; I believe I am getting an understanding of this!
Established Community Backer ***

Glad to help.

Glad to help.

Active Member

Re: Glad to help.

I need help nobody reconcile this credit card correctly I need to start January 2019 all the transactions already in the register I cannot enter the starting balance because all the transactions are already in the register how do I start the reconciliation on a new year any balance from the previous transactions are already in the register

QuickBooks Team

Re: Glad to help.

I got your back. Let's get your credit card account reconciled, Mmburnside2000.

 

There are a few reasons why the beginning balance is not correct:

  • A transaction has been edited/deleted
  • A transaction was reconciled in error
  • A transaction was unreconciled/cleared

You'll have to check these transactions that affected the balance. I've got you an article to help you fix the discrepancy: Zero or incorrect Beginning Balance in the Begin Reconciliation Window.

 

We'll be around if you need our help. Just leave a comment below. 

Established Community Backer ***

Re: Glad to help.

Ignore the Beginning Balance, for the First Reconciliation.

 

"I cannot enter the starting balance because all the transactions are already in the register"

 

That Source Document is not your point of reference for the Beginning balance, so Ignore it.

 

Your goal is always the Ending Balance. If you can reconcile all transactions that you know historically got processed and you get to the current Ending Balance with a difference of 0, you are fine.

 

Example: The Very First reconciliation always Starts at 0. That's because Beginning Balance is the Net of All previously Cleared transactions, and nothing has yet been cleared.