When I have to close an existing business card for fraud, Chase will issue me a new card number.
Adding this to QBO creates all sorts of headaches. All the previous transactions (which are duplicated already in the system under the other card) are loaded under the new card as "new" banking transactions. I typically "exclude" these. Is this the right thing to do?
Furthermore, there are "opening balance" statements on the card that I do not understand. Can I remove this from my cashflow?
What are the best practices for when a card needs to be removed due to fraud before syncing the new card?
Unless the actual credit card account number changed, you can ignore the opening balance statement. That would only apply if you had to open an entirely new credit card account and in that case, set up a new account in QBO.
Is the opening transaction something you can delete and exclude in your bank feeds?
I run into duplicate transactions occasionally. My time-saving trick- If they are already added from the bank feed. Go to Reconcile the account and if you click on the transaction line, you can delete the entry. Super easy to see duplicates this way. Then go into your bank feeds, select all the duplicate transactions and exclude selected.