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Level 1

Replacement credit card complications in QBO

We had a replacement credit card issued for a lost card that is directly connected to our bank. I followed the instructions for renaming the old credit card with the new one to merge the accounts; however, I now have 1439 transactions that need reviewing dating all the way back to when the first card was issued. Additionally, when I attempted to reconcile this month's credit card statement after the merge, the beginning balance is way off. These transactions have already been entered and reconciled on previous statements. I am not sure how to proceed. If I exclude the transactions in the "For Review" section that are already accounted for, how will this effect my books? I also don't know how to make the beginning balance match my statement. I "spoke" with 3 separate individuals yesterday using QBO chat, and one of them suggested that I would need to make a journal entry to account for the discrepancy in the beginning balance. This work around doesn't seem like the best way to handle the issue as it disregards the problem.

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QuickBooks Team

Replacement credit card complications in QBO

Let's fix your books and I'm here to help you, kellymaloney.

 

Thanks for providing more details. You'll only have to exclude bank transactions if you want to correct your books by removing duplicates. 

 

When you exclude a transaction, it doesn’t appear in any account registers or financial reports. To give you more information, you can check this article: Exclude A Bank Transaction From Your Expenses In QuickBooks Online.

 

Also, since you have already contacted our QBO chat support and one suggested that you'll have to create a Journal Entry, it would be best if you'll have to reach out to your Accountant. They'll be able to provide you other workarounds and help you with your reconciliation. They are also more familiar in terms of the accounting field. 

 

I've added these help articles in case you have few questions about QuickBooks Online (QBO).

 

Keep me posted and let me know if you're having trouble with your books. I'll always be here to help you.

Highlighted
Level 1

Replacement credit card complications in QBO

Thank you!

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