Reconciling credit card statement that has a credit on it using quickbooks

Thanks for joining the Community, ChristineYA.

When reconciling credit card accounts, you'll initially need their opening balances. This is to confirm that it matches your real-life account's balance for the day you began tracking transactions in QuickBooks. You can check its opening balance by accessing your account's register in the Chart of accounts, then locating its opening entry.

If you forgot to enter an opening balance for a particular account, you can enter it anytime. In the event you've connected your account with Online Banking, Intuit automatically downloads transactions from the financial institution and enters its opening balance for you.

Once you've confirmed that your opening entry matches the real-life account's balance for the day you began tracking its transactions in QuickBooks, you can start reconciling it.

Here's how:

1. If your account's connected to Online Banking, be sure you match and categorize all of its downloaded transactions initially.
2. In the left navigation bar, go to Accounting, then Reconcile.
3. If you're reconciling for your first time, click Get started to continue.
4. From the Account ▼ drop-down list, choose which account you're reconciling. You can double-check with its official statement from your financial institution to confirm it's the correct one.
5. In the event you see a message about a previous reconciliation, hit We can help you fix it.
6. Review its Beginning balance and make sure it matches the one on your statement. If they don't match, you'll need to perform some steps first so that they do.
7. Enter the Ending balance and Ending date as seen on your statement. Some institutions call this a "new balance" or "closing balance".
8. In the event you see it, you'll need to review your Last statement ending date. This is the end date for the account's previous reconciliation. Your current statement should start the day after.
9. Select Start reconciling when you're ready.

Once you've initiated a reconciliation, you'll need to compare what's shown on your statement with what's visible in the business's QuickBooks records.

I've also included a few detailed resources about reconciling accounts which may come in handy moving forward:

• Reconcile an account
• Reconciliation overview
• Enter & manage opening balances

Please don't hesitate to send a reply if there's any additional questions. Have an awesome Wednesday!

Thanks for your reply.

I am good with all that information. Thanks.

What I really need help with is how to enter a credit value in the Opening balance for my credit card account. Quick books Online is not allowing me to edit the Opening balance in the register to represent a Credit value. The amount on my Credit Card statement for opening balance (previous balance) is 206.32CR. 

There is therefore a CREDIT on my account and not a balance but somehow the register is showing my opening balance as 206.32 (Balance) and I need help in editing the opening balance to -206.32 or whatever value Quick books Online will allow to represent a credit and not a balance on an account.

I really need help here to continue with reconciling my account. 

Thank you.

I'd like to share some steps to help you fix the balances, ChristineYA.

When reconciling credit card accounts, you'll initially need their opening balances. This is to confirm that it matches your real-life account's balance for the day you began tracking transactions in QuickBooks. You can check its opening balance by accessing your account's register in the Chart of accounts, then locating its opening entry.

To review the original opening balance, you can follow these steps:

1. Go to Accounting menu and then select Chart of Accounts.
2. Find the account on the list and select the View register link.
3. Search for the opening balance entry. It should have "Opening Balance Equity" in the Account column.
4. Take note of the date and balance.
5. Review the checkmark column. There should have an R in the box.
6. Check the rest of the transactions on the list. There should be a C or blank box in the checkmark column.
7. If there's an R on any other transactions, select the transaction to expand the view.
8. Select box in the checkmark column. Keep selecting it until the box is blank. Then select Save.

Once done, compare the opening balance with your real-life account. If it doesn't match with your bank records, you can correct the amount by following these steps:

1. In the Bank register page, select the opening balance entry to expand the view.
2. In the Deposit column, edit the balance so it matches your bank records.
3. Click Save.

If  you're still not allowing you to edit, we can perform some steps to get this resolved.

First, let's try open your QuickBooks Online account using an incognito or private window for testing. Here are the keyboard shortcuts that will help you accomplish this in all supported browsers:

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

If it works, let's clear your main browser’s cache. By doing so, can help the program run faster and more efficiently.

For more insight about 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 .
• Fix issues at the end of a reconciliation in QuickBooks Online.
• Fix issues for accounts you've reconciled in the past in QuickBooks Online .

Please let me know if you need further assistance editing your opening balance to make it accurate. I'll be here to help.

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@TirzahC wrote:

'd like to share some steps to help you fix the balances, ChristineYA.

 

When reconciling credit card accounts, you'll initially need their opening balances. This is to confirm that it matches your real-life account's balance for the day you began tracking transactions in QuickBooks. You can check its opening balance by accessing your account's register in the Chart of accounts, then locating its opening entry.

 

To review the original opening balance, you can follow these steps:

 

1. Go to Accounting menu and then select Chart of Accounts.
2. Find the account on the list and select the View register link.
3. Search for the opening balance entry. It should have "Opening Balance Equity" in the Account column.
4. Take note of the date and balance.
5. Review the checkmark column. There should have an R in the box.
6. Check the rest of the transactions on the list. There should be a C or blank box in the checkmark column.
7. If there's an R on any other transactions, select the transaction to expand the view.
8. Select box in the checkmark column. Keep selecting it until the box is blank. Then select Save.

Once done, compare the opening balance with your real-life account. If it doesn't match with your bank records, you can correct the amount by following these steps:

 

1. In the Bank register page, select the opening balance entry to expand the view.
2. In the Deposit column, edit the balance so it matches your bank records.
3. Click Save.

 

If  you're still not allowing you to edit, we can perform some steps to get this resolved.

First, try to open your QuickBooks Online account using an incognito or private window for testing. Here are the keyboard shortcuts that will help you accomplish this in all supported browsers:

 

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

If it works, you’ll want to clear your main browser’s cache. By doing so, can help the program run faster and more efficiently.

 

For more insight about 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 
• Fix issues at the end of a reconciliation in QuickBooks Online
• Fix issues for accounts you've reconciled in the past in QuickBooks Online 

Please let me know if you need further assistance editing your opening balance to make it accurate. I'll be here to help.

 

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Hi @TirzahC,

Thanks for your response.

I am dealing with a Credit Card Account.

As you can see from the attached screenshot, the Credit card registry does not have a Deposit column but rather a Charge column. It is in this column that any editing of the Opening balance can be made. Unfortunately, the pop up I get for trying to edit this column (as you can see from the attachment is): You must specify a transaction amount that is 0 or greater.

I have a Credit AMOUNT on my credit card statement, how should I enter a credit amount as an opening balance in Quick books Online since the software is not accepting a minus (-) value as a Credit amount. The solution above is not working please.  

I really need help to resolve this. Thanks

Thanks @ReymondO  for your recommendation. 

I however hope Quick Books Online would find a quick fix for this particular problem going forward which wouldn't be as time consuming as what I had to go through following your recommendation.

Thanks once again for your help.

I am using the Desktop version and I have the same problem. I have a main credit card account and 10 sub accounts. The balance of all the credit cards is taken from our bank by direct debit each month.

This month one of the credit cards is showing a negative balance at the end of the period (items credited by a supplier) I can reconcile the sub account, thats not the problem. But how can I pick up the negative balance when I go to the pay bills screen?

Normally each sub account will show there and its straightforward but no bill or credit is created for this one sub account so I cannot make the total in the pay bills screen agree with the payment my bank has taken.I've tried everything! Please advise.

I know how important to fix bank balances, @Jackie 7074. I'll help you with how to aid QuickBooks Dekstop balances.

We can compare the credit card statement to QuickBooks balances to see if the transaction are the same. Nevertheless, if you confirm an overpayment, we can make a journal entry or create an expense to make up the difference.

Moreover, if you need to enter them through journal entry, we can reach our accountant to seek advice on the correct expense accounts to use.

Furthermore, see this article on how to enter a Journal and expenses:

• Create a journal entry in QuickBooks Desktop for Windows or Mac.
• How to create an expense in QuickBooks Desktop.

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.

Thanks so much for trying to help with this, but I've tried these options already and I can't seem to make it work, maybe I am not explaining it properly. I have one main account and then 10 subaccounts, I can enter a minus figure on the individual credit cards, so I am able to balance these with no problem. So at the end of the month I have 9 credit cards with debit balances and one with a credit balance, the total of these is what has been taken from our bank account. So in the paybills screen I can pick up all the debit balance credit cards but not the one sub account which is in credit, therefore my bank rec won't clear. Are you able to tell me the specific journals I need to put through to make this work. It's driving me bonkers!