Credit Card Account Issue User Error

KCSusann · ‎March 26, 2024

The company was really low on AR in late 2022. They wanted to start paying some vendors with the credit card. They never had a CC account in their QB Desktop before. The company would just cut a check to the bank and pay the statement. I created one so I could keep track of the vendor payments. I have made payments on this account as the prior person had done and realized over a year and a half later that I had to reconcile the account for payments to balance out the account.

Can I create a journal entry and catch everything up to date and start fresh for 2024?

Thank you so much for any direction and guidance.

MariaSoledadG · ‎March 26, 2024

I have another option on how you can do this in QuickBooks Desktop, Kryler.

Normally, we recommend paying the credit card at the end of the reconciliation. You can continue the payment by writing a check. To do so, follow the steps outlined below:

From the Banking menu, select Write Checks.
Select the bank account you want to use for paying the credit card from the Bank account ▼ dropdown.
Select the date of your payment.
Select the name of your credit card company from the Pay to the order of ▼ dropdown.
Enter the amount of your payment.
Select the Expenses tab.
On the Account ▼ dropdown, select your credit card account.

Once done, your payments and charges show up in your credit card register and you'll be able to reconcile the account in normal process.

To know more when paying credit card charges after reconciliation, there are 2 options that you can do to pay a portion of the outstanding balance. Check out this article for more information: Set Up, Use, and Pay Credit Card Accounts.

However, I still suggest reaching out to your accountant if you want to use the journal entry so you will be guided on what accounts to use.

Furthermore, learn how you can add and match bank feeds. This article will give you three modes available that you can. Go through this article for more details: Add and Match Bank Feed Transactions in QuickBooks Desktop.

You can always post your comment below if you have any other concerns when paying using credit cards. I'd be happy to help.

View solution in original post

MsNorthPND18 · ‎March 27, 2024

Thank you for providing us with a copy of your bank activities report, @kryler. This will help us to find a resolution for any issues you're experiencing with QuickBooks.Please note that QuickBooks is dependent on the info found in your report.

Here's a link for you to follow on how to: Write off customer and vendor balances

If you want to remove any incorrect information, you can create a journal entry or track the payment based on your statements. I suggest consulting your accountant if you need help recording a report or making a journal entry.

In addition, you can learn how to record a refund or credit from a vendor in QuickBooks.

Please feel free to comment below if you still have other concerns or questions about the Credit Card Account Issue. Keep safe always!

View solution in original post

MariaSoledadG · ‎March 26, 2024

I have another option on how you can do this in QuickBooks Desktop, Kryler.

Normally, we recommend paying the credit card at the end of the reconciliation. You can continue the payment by writing a check. To do so, follow the steps outlined below:

From the Banking menu, select Write Checks.
Select the bank account you want to use for paying the credit card from the Bank account ▼ dropdown.
Select the date of your payment.
Select the name of your credit card company from the Pay to the order of ▼ dropdown.
Enter the amount of your payment.
Select the Expenses tab.
On the Account ▼ dropdown, select your credit card account.

Once done, your payments and charges show up in your credit card register and you'll be able to reconcile the account in normal process.

To know more when paying credit card charges after reconciliation, there are 2 options that you can do to pay a portion of the outstanding balance. Check out this article for more information: Set Up, Use, and Pay Credit Card Accounts.

However, I still suggest reaching out to your accountant if you want to use the journal entry so you will be guided on what accounts to use.

Furthermore, learn how you can add and match bank feeds. This article will give you three modes available that you can. Go through this article for more details: Add and Match Bank Feed Transactions in QuickBooks Desktop.

You can always post your comment below if you have any other concerns when paying using credit cards. I'd be happy to help.

KCSusann · ‎March 27, 2024

Thank you for the input. I'm still suck however, as how to catch the account up from past charges. I had gotten the card paid to 0.00 as of 02/01/2024 and moving forward I had started getting every item listed. However my account shows a balance of $12K+, even with all the prior payments made. I made payments by using the Credit Card Refund/Credit and then listed all the accounts. I understand now was not the correct way to do it. I do not want to have to re-reconcile the last 2 1/2 years of books to fix this one account. Thank you!

MsNorthPND18 · ‎March 27, 2024

Thank you for providing us with a copy of your bank activities report, @kryler. This will help us to find a resolution for any issues you're experiencing with QuickBooks.Please note that QuickBooks is dependent on the info found in your report.

Here's a link for you to follow on how to: Write off customer and vendor balances

If you want to remove any incorrect information, you can create a journal entry or track the payment based on your statements. I suggest consulting your accountant if you need help recording a report or making a journal entry.

In addition, you can learn how to record a refund or credit from a vendor in QuickBooks.

Please feel free to comment below if you still have other concerns or questions about the Credit Card Account Issue. Keep safe always!

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Credit Card Account Issue User Error