Credit Card Quickbooks Balance

joefake1 · ‎January 01, 2024

Hello,

I am looking at my chart of accounts and noticed that I have a significant negative "QuickBooks Balance" for my company credit card which is linked to my QuickBooks account and has been from the start.

Every time I made a payment from my bank account to the credit card (also linked to QBO from the start) I matched that to the transaction so not sure why there would be a QuickBooks balance. I show a small balance in my bank balance which is the outstanding amount I owe on the credit card - so that part makes sense.

Should the QuickBooks balance be 0 since the credit card has been paid off every month? Is there something I'm doing wrong here when matching those transactions?

Thanks.

Rainflurry · ‎January 02, 2024

@joefake1

"Should the QuickBooks balance be 0 since the credit card has been paid off every month? Is there something I'm doing wrong here when matching those transactions?"

The QB balance is the balance based on the entries in QB. Whether it is ever $0 depends on how you enter your cc transactions. But, the fact that you have a -$2,764.52 balance is, presumably, not correct. Also, just to clarify, the bank balance shows a negative amount as well so that is a credit, not what you owe. When you view your credit card register, do you see duplicate payments made? That is the most likely issue unless you're not recording the charges to the cc properly. Having an incorrect negative cc balance means you have either paid too much on the card or not recorded the charges properly. If you have duplicate payments, then your bank account should be understated by the same amount.

View solution in original post

Jelayca V · ‎January 01, 2024

I appreciate the detailed information and screenshot you have provided, joefake1. There are several possible reasons why your bank balance does not match. I can share some information to resolve this.

It is possible that the negative balance is caused by an incorrect opening balance or a discrepancy in your record transactions and reconciliation. You may want to review and update the opening balance entry in the Chart of Accounts and double-check your record transactions and reconciliation.

You can also try categorizing and matching your online bank transactions in QuickBooks Online to avoid duplicates and ensure that your accounts are balanced.

If you’re still having problems with mismatched problems, you may also read these articles for further help:

Don't hesitate to reach out to us again if you have any further inquiries about credit card balance in QBO. I'll be of help. Best regards.

Rainflurry · ‎January 02, 2024

@joefake1

"Should the QuickBooks balance be 0 since the credit card has been paid off every month? Is there something I'm doing wrong here when matching those transactions?"

The QB balance is the balance based on the entries in QB. Whether it is ever $0 depends on how you enter your cc transactions. But, the fact that you have a -$2,764.52 balance is, presumably, not correct. Also, just to clarify, the bank balance shows a negative amount as well so that is a credit, not what you owe. When you view your credit card register, do you see duplicate payments made? That is the most likely issue unless you're not recording the charges to the cc properly. Having an incorrect negative cc balance means you have either paid too much on the card or not recorded the charges properly. If you have duplicate payments, then your bank account should be understated by the same amount.

joefake1 · ‎January 03, 2024

That was it! I had to undo my previous categorization adds on the payments and then they automatically came up as available to match to CC payment and it balanced out after that.

thanks!

AlcaeusF · ‎January 11, 2024

Hello Rainflurry,

Thank you for sharing your input to help address the issue. We love to see members supporting one another. Have a great day.

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Credit Card Quickbooks Balance