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donnac2
Level 1

credit card payable

I am having a problem reconciling our credit card payable account.  We have 3 different cards that go through the credit card payable account.  I cannot get it to reconcile.  I'm not sure how to do this, since the statement is a month from when the payment comes out of our account. Nothing matches the beginning balance when i go in to reconcile.  

7 Comments
Mark_R
QuickBooks Team

credit card payable

Hi there, @donnac2. I can help fix your beginning balance issue when reconciling accounts in QuickBooks Desktop (QBDT).

 

There are possible reasons why your beginning balance doesn't match or incorrect. Here is a list of some of them:

 

  • You entered an incorrect balance when the account was set up.
  • Previously cleared and reconciled transactions were voided, deleted, or modified.
  • Possible data damage.

To get this fixed, you can recreate the opening balance if it's your first time reconciling the account. However, you can create a journal entry then do a mini-reconciliation to correct it. Let me guide you how.

 

First off, let's create a journal entry using the correct date and amount you want to see in the Begin Reconciliation window. Here's how:

 

  1. Go to the Company menu, then select Make General Journal Entries.
  2. Change the date to the correct statement date of your beginning balance.
  3. On the first line, select the appropriate account, then enter the correct opening balance in the Debit column.
  4. On the second line, select Opening Balance Equity.
  5. Select Save.

Then, let's perform a mini-reconciliation to correct the Beginning Balance in the Begin Reconciliation window.

 

  1. Go to the Banking menu, then select Reconcile.
  2. In the Account drop-down, select the appropriate account.
  3. Enter the statement date and ending balance that matches your Journal Entry.
  4. Select Continue.
  5. In the Deposits and Other Credits section, select the corresponding Journal Entry. The amount shown for the Difference should now be zero.
  6. Click Reconcile Now.

Once done, you'll be able to reconcile your credit card payable account in QuickBooks. For more guidance, feel free to check out this article: Fix beginning balance issues in QuickBooks Desktop.

 

I'm also adding this article to learn more about the reconciliation workflow: Learn the reconcile workflow in QuickBooks.

 

Please know you can continue to reach me here with any additional questions. Thanks for coming to the Community, wishing you continued success.

Mark_R
QuickBooks Team

credit card payable

Greetings, @donnac2.

 

I'm back to check if you were able to resolve the beginning balance issue when reconciling your credit card account. If you need more clarification on this process, just let me know. I'll be sure to get back to you.

You're welcome to post again or leave a reply below if you have other concerns with QuickBooks.

donnac2
Level 1

credit card payable

hi thank you for checking

I have no problem with my bank recs, its the cc reconciliation i'm having a problem with

the biggest problem  is when i go to open the credit card payable reconciliation it shows the beginning balance and is asking for the ending balance.  We have 3 cards tied to that cc payable account and thats what i have to reconcile, so im not sure what i need to put in as the ending balance.  and do i try and match what the beginning balance is with the 3 cc statements?

MariaSoledadG
QuickBooks Team

credit card payable

Let me show you how to reconcile multiple cards that go through the same credit card account, donnac2.

 

You'll only need to reconcile the parent account since transactions from the subaccounts will just roll up to the parent account. Also, statements are only available on the parent account that's why you don't have to reconcile the other two (2) credit cards. 

 

Please check this article for more information about reconciliation: Reconcile An Account In QuickBooks Desktop.

 

For future reference, you'll want to run a Previous Reconciliation Report to help you locate if there are discrepancies and issues during reconciliation.

 

Please drop a comment below if you have questions about multiple credit card reconciliation. I'll always be here to help you anytime.

donnac2
Level 1

credit card payable

Hi thank you so much.

 

so the beginning balance are they the total of the cards from the previous month and the ending balance is that the total as well

donnac2
Level 1

credit card payable

I have 2 amex and one chase card that flows through the credit card payable account that needs to be reconciled.  so i'm trying to get that ending balance.  I know the beginning balance is from the previous reconciliation.  its that ending balance that i'm having a problem with and i'm sure its a simple solution 

thank you

 

 

MorganB
Content Leader

credit card payable

Hey there, donnac2.

 

Thanks for following up with those additional details. I want to make sure you're able to successfully reconcile your account in QuickBooks Desktop.

 

I recommend checking out the following linked article for assistance on what to do if there's any type of issue you encounter during the reconciliation process: Fix issues when you're reconciling in QuickBooks Desktop. The write-up covers issues with the balances, as well as the next steps to resolve any discrepancies.

 

Additionally, it's always a good idea to speak with your accountant when it comes to specific account details. They'll be able to suggest the best way to enter this data, depending on your business setup.

 

If you have any other questions, I'd be glad to help in any way that I can.

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