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Stolen Credit Card, new card in chart of accounts

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? 

Solved
Best answer 01-08-2019

Accepted Solutions
BRC
Established Community Backer ***

Re: Stolen Credit Card, new card in chart of accounts

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.

Moderator

Re: Stolen Credit Card, new card in chart of accounts

Thanks for getting back to us, @Zero1.

 

I appreciate you following the steps provided by @BRC. 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.

13 Comments
BRC
Established Community Backer ***

Re: Stolen Credit Card, new card in chart of accounts

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.

Not applicable

Re: Stolen Credit Card, new card in chart of accounts

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? 

Moderator

Re: Stolen Credit Card, new card in chart of accounts

Thanks for getting back to us, @Zero1.

 

I appreciate you following the steps provided by @BRC. 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.

BRC
Established Community Backer ***

Re: Stolen Credit Card, new card in chart of accounts

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

 

In that case I think if you edit the old account and remove the online banking setup from it, then you can merge.

Not applicable

Re: Stolen Credit Card, new card in chart of accounts

FritzF & BRC, 

 

You are both amazing. Such perfectly clear instructions on how to resolve this issue. So masterfully explained by you both. Thank you! 

Moderator

Re: Stolen Credit Card, new card in chart of accounts

You're welcome, @Zero1.

 

I'm glad to know that you're able to successfully merge your old and new credit card account.

 

Also, thanks for being a part of our QuickBooks family. Feel free to post again should you have any other concerns. Take care and wishing you and your business continued success!

Not applicable

Re: Stolen Credit Card, new card in chart of accounts

Hi again. 

One thing I realize now is that 2 of the account I 'merged' have duplicate transactions in the merged account now. I restored back to version before I merged, and trying to find a solution. 

 

Short story is that the card was stolen twice, resulting in 3 accounts that needed to be merged. The account for the 2nd and 3rd card account had a few months of the same transactions when I downloaded them. 

 

I tried to delete one of the accounts, but I get a message saying that 'I cant delete the account because it has a balance, or was used in at least one transaction.'

 

Is there a way to avoid having to manually go through and delete the duplicate transactions? 

Moderator

Re: Stolen Credit Card, new card in chart of accounts

Hi again, @Zero1.

 

It's nice to see you again here in the Community. I can share some information about deleting duplicate transactions in QuickBooks Desktop (QBDT).

 

Currently, QBDT doesn't have the option to delete the duplicate credit card transactions in your Bank Feeds by the batch. You need to do this manually before deactivating the account they're associated with.

 

Here's how:

 

1. Go to Banking menu at the top, then pick Bank Feeds and Bank Feeds Center.
2. Choose the statement from Items Received From Financial Institution and choose View.
3. Match the transactions and select Done, then click Yes in the Not Finished Matching screen.
4. Select the same statement from the Items Received From Financial Institution and Delete.

 

For your reference, you can check out this article for further guidance: Remove duplicate transactions. Once done, you can go ahead and deactivate the Bank Feeds for that account. Just in case you need it, you may refer to this article for the detailed steps: Deactivate Bank Feeds for an account.

 

If you wish for this option to be added, I encourage you to submit a feedback to our Product Development Team for review when determining features to be added in updates. Intuit values your request and product suggestions so we know how this feature can help your company and improve the way you manage your transactions. Here's how to send feedback:

 

1. At the top menu bar, go to Help, then pick Send Feedback Online.
2. Enter your request/product suggestion, then select Next.
3. Click Skip and send a message, and choose Feedback as the Category.

 

That's it! Should you need further assistance, please let me know so I can get back to you right away. Have a great day.


 

Not applicable

Re: Stolen Credit Card, new card in chart of accounts

Looks like this will not work for me since I already added all of the transactions to the accounts. 

QuickBooks Team

Re: Stolen Credit Card, new card in chart of accounts

Hi there, Zero1.

 

Let me share some insight about your concern.

 

Since you've already added all transactions to those accounts, you'll need to manually delete those transactions from the account. However, if you're using QuickBooks Desktop Accountant or Enterprise version, you'll have the option to delete those transaction by batch to save time.

 

Before doing this, make sure your QuickBooks is on a single-user mode. You can do this by going to the File menu and click Switch to Single-user mode.

 

Once done, you can follow the steps below:

  1. From the Accountant menu, select Batch Delete/Void Transactions.
  2. Select the transactions you want to delete or void from the Available Transactions list.
  3. Select Review & Delete (or Review & Void).
  4. On the Review Batch Delete Transactions screen, you will be presented with the option to Back Up & Delete (or Back Up & Void). You can also skip this by selecting Delete only from the Back Up & Delete drop-down.
  5. On the confirmation window, select Yes to proceed.
  6. Once the transactions are deleted, you will be given the option to View Deleted Transaction Report so you can print a copy of the transactions that were deleted.

I'll leave you with an article to learn more about deleting transactions by batch in QuickBooks: Delete transactions by batch using Batch Delete/Void Transactions.

 

Should there'll be anything else you need or questions feel free to reach us back. It's always our pleasure to help you out.

BRC
Established Community Backer ***

Re: Stolen Credit Card, new card in chart of accounts

@Zero1

 

RE: "One thing I realize now is that 2 of the account I 'merged' have duplicate transactions in the merged account now. I restored back to version before I merged, and trying to find a solution. "

 

In this case, you need to delete the duplicates, whether or not you merge the accounts. This is because the duplicates are incorrectly increasing your expenses.  Each charge should only be represented in QB once.

DWW
Not applicable

Re: Stolen Credit Card, new card in chart of accounts

How do I do this with QB online? 
Do I set up a new credit card accont first, then edit the old account and will get a merge prompt? 

QuickBooks Team

Re: Stolen Credit Card, new card in chart of accounts

Hi davidwwaddell!

 

No need to merge, just disconnect and reconnect your credit card account.

I've already answered this question in another thread. Please check it out using this link: https://intuit.me/2XvLKkH.

 

Have a nice day!

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