Entering in a Finance Charge Credit

Welcome to the QuickBooks Community, @CErnst1.

There's nothing to undo with the past reconciliation. Since the finance charge for last month appears with this month's statement. As a workaround, upon the reconciliation for this period, you can add the previous month's finance charge. Also, to keep you guided, I suggest consulting an accountant to maintain that your books are accurate.

Moreover, you can read through this article to learn how to assess finance charges in QuickBooks Desktop.

Feel free to leave a comment below if you have further questions. I'm always here to help. Stay safe and take care always!

Thank you for the quick response,but the article that was referenced is for use if our company was charging finance charges to our customers. This is not the case. Our company credit card is refunding us finance charges that they charged us. Last month, when the finance charges were incurred, I reconciled those finance charges by putting the amount in the finance charge box in the reconciliation menu. I just don't know how to go about crediting those finance charges for this month's reconciliation.

Thank you for the quick response, but the article referenced doesn't have any instructions to help my situation. It looks like it is for us to setup charging our customers finance charges on projects. My issue is our credit card company charged us finance last month, and this month they refunded those finance charges. I don't know how to refund a finance charge that was charged to us. 

Thanks for the response, @CErnst1.

There are two different ways you can approach how to show your credit card refunds. You can either create a Journal Entry or use a Clearing Account to show the money movement. 

You can create a Journal Entry to show the refund for the finance charges. I recommend reaching out to your accountant for the best advice before making this transaction.

I'd like to provide you a Community Article to explain how to use the Clearing Account to show the refund: Vendor Credit in QuickBooks Desktop.

If you need further assistance, please don't hesitate and reach back out! Have a beautiful day.

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Hi there.

I'm following. I have the EXACT same issue. Thanks