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Getting rid of a transferred credit card balance

Hello.  One of the stores that I have a credit card through switched their credit card from Amex to Citibank.  I left the Amex card with the balance in my QB and started the new Citibank CC with the opening balance of the previous balance on the Amex card.  I now see the error in this as it still shows up as a liability.  How do I get rid of the balance and close the card?  Thank you!

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Best answer 3 weeks ago

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QuickBooks Team

Getting rid of a transferred credit card balance

Hi there, KempoBrandi.

 

Thank you for posting here in QuickBooks Community. I'll provide information and steps on how you can get rid of the balance and close the card.

 

Once you have already created the new Credit Card with the Opening Balance, you'll need to create a Journal Entry using the opening balance to zero out the old Credit Card. I'd also recommend consulting an accountant for guidance in recording this entry so your account stays accurate.

 

Here's how:

 

  1. Click the Company menu and select Make General Journal Entries.
  2. Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
  3. Hit Save or Save & Close.

 

 

For additional information, you can click this article: Create a journal entry in QuickBooks Desktop for Windows or Mac. This also provides details on how you can edit or Reverse a journal entry.

 

You'll also have the option to make the Old CC Amex inactive so QuickBooks will automatically make it a zero balance. Follow the steps below.

 

  1. Click the Accountant menu at the top.
  2. Choose Chart of Account. Locate the account.
  3. Right-click then, select Make Account Inactive.

 

 

 

For additional details, you can refer to this article: Understand the chart of accounts in QuickBooks.

 

However, if the new CC is not yet created, I'd suggest making the old CC as Sub Credit Card account of the new Citibank CC. This is to make sure the balance will carry over. You can open this article to see the steps: Create, edit, or delete an account in QuickBooks Desktop.

 

Please refer to this article to see information about the causes of some of the OL and OLSU Bank Feeds errors: Fix OL and OLSU Bank Feeds errors in QuickBooks Desktop.

 

 

Let me know directly if you have any other banking questions. I'm always here to help.

View solution in original post

2 Comments
Highlighted
QuickBooks Team

Getting rid of a transferred credit card balance

Hi there, KempoBrandi.

 

Thank you for posting here in QuickBooks Community. I'll provide information and steps on how you can get rid of the balance and close the card.

 

Once you have already created the new Credit Card with the Opening Balance, you'll need to create a Journal Entry using the opening balance to zero out the old Credit Card. I'd also recommend consulting an accountant for guidance in recording this entry so your account stays accurate.

 

Here's how:

 

  1. Click the Company menu and select Make General Journal Entries.
  2. Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
  3. Hit Save or Save & Close.

 

 

For additional information, you can click this article: Create a journal entry in QuickBooks Desktop for Windows or Mac. This also provides details on how you can edit or Reverse a journal entry.

 

You'll also have the option to make the Old CC Amex inactive so QuickBooks will automatically make it a zero balance. Follow the steps below.

 

  1. Click the Accountant menu at the top.
  2. Choose Chart of Account. Locate the account.
  3. Right-click then, select Make Account Inactive.

 

 

 

For additional details, you can refer to this article: Understand the chart of accounts in QuickBooks.

 

However, if the new CC is not yet created, I'd suggest making the old CC as Sub Credit Card account of the new Citibank CC. This is to make sure the balance will carry over. You can open this article to see the steps: Create, edit, or delete an account in QuickBooks Desktop.

 

Please refer to this article to see information about the causes of some of the OL and OLSU Bank Feeds errors: Fix OL and OLSU Bank Feeds errors in QuickBooks Desktop.

 

 

Let me know directly if you have any other banking questions. I'm always here to help.

View solution in original post

Highlighted
Level 1

Getting rid of a transferred credit card balance

Thanks for your help!

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