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Z
Zero1
January 8, 2019
Solved

Stolen Credit Card, new card in chart of accounts

  • January 8, 2019
  • 2 replies
  • 30 views

I had a credit card that was stolen, and since I was downloading transactions from my bank using web connect, once the bank issued the new card number, QB wouldnt import those transactions to the original card in the chart of accounts.

 

So I created a 2nd credit card in the chart of accounts, and I have reconciled up to the last statement where the original card stops. Now on that original card account, I have and ending balance. On the new card account that I created, I have no starting balance. 

 

Ideally, I could do a journal entry or some method of transferring the ending balance from the original card to be the beginning balance of the new card, but no idea how to do that. 

 

What is the best way to move the ending balance from the first card that was stolen to be the beginning balance for the new card account that was created? 

    Best answer by

    The best way is to merge these accounts.

     

    When you get a replacement credit card in a case like this, you'll get a new card with a new number, but it's really tied to the same master account and continues.  For example, you might see the activity for both cards on the same monthly statement.  Think about how you'd handle a new debit card in the same situation, where it is tied to the same bank account.  That's how CC's work as well.

     

    So in this case, you only really need one account on your chart  of accounts that represents both the old and new card, both tied to the same account at your FI. 

     

    To merge the accounts, edit the old account and rename it to match the name of the new account you set up.  QB will offer to merge them.  Indicate yes.

    2 replies

    A
    Anonymous
    Answer
    January 8, 2019

    The best way is to merge these accounts.

     

    When you get a replacement credit card in a case like this, you'll get a new card with a new number, but it's really tied to the same master account and continues.  For example, you might see the activity for both cards on the same monthly statement.  Think about how you'd handle a new debit card in the same situation, where it is tied to the same bank account.  That's how CC's work as well.

     

    So in this case, you only really need one account on your chart  of accounts that represents both the old and new card, both tied to the same account at your FI. 

     

    To merge the accounts, edit the old account and rename it to match the name of the new account you set up.  QB will offer to merge them.  Indicate yes.

      Z
      Zero1Author
      January 8, 2019

      Good morning BRC. Thank you for the reply. 

       

      When I followed the instructions you gave, I get a Warning message that says 'You cannot Merge two accounts which both contain online information.' 

       

      Any suggestions? 

      AlcaeusF
      AlcaeusF
      Level 14
      January 8, 2019

      Thanks for getting back to us, @Zero1.

       

      I appreciate you following the steps provided by @197905. Allow me to step in for a moment and share some information about the warning message you get when merging two accounts in QuickBooks Desktop (QBDT).

       

      This message means that the Bank Feeds of your old account is still active and needs to be deactivated to complete the process. Before doing so, make sure that there are no pending transactions on your Bank Feeds Center.

       

      To deactivate Bank Feeds, here's how:

       

      1. Go to List menu the at top, then pick Char of Accounts (or press Ctrl + A on your keyboard for the shortcut).
      2. Right-click the account that needs to be deactivated and choose Edit Account.
      3. Go to the Bank Feed Settings tab, then select Deactivate all online services.
      4. Click OK and Save & Close.

       

      I added some sample screenshots below for your guide.

       

       

       

      You can also check out this article for further guidance: Deactivate Bank Feeds for an account. Once done, you may merge these two accounts. Just in case you need it, here's a helpful article with detailed steps: Merge Accounts, Customers, and Vendors.

       

      That should do it! Please let me know how it goes or if I can be additional assistance. Don't hesitate to post again here in the Community or leave a comment in this thread if you have any follow-up questions. Have a great rest of the day.

        M
        mortal kombat character
        October 19, 2021

        My wallet was misplaced, and I wish to lock the old one down and have it replaced with a new one. 

        I'm currently living at a new address 

        4564 Ficus Tree Rd Kissimmee, FL 34758

        JessT
        JessTModerator
        Moderator
        October 19, 2021

        Hope you'll get your wallet back, mortal kombat character.

         

        You can call your bank to report what happened. Then, if they'll give you a new card, you can create a new credit card account in your Chart of Accounts. If the old one is connected to bank feeds, you can disconnect it and connect the new one.

         

        If you have a payroll subscription and the old card is used for it, you can update it in the Customer Account Management Portal (CAMPs).

         

        Let me know if you have other questions in mind.

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