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How do I enter credit card account opening balance (account previously set up)?

 
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Best answer 10-15-2018

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Hi mike_shields1, I’ll provide you some information that...

Hi mike_shields1,

I’ll provide you some information that will help you move forward in QuickBooks; however, if you are not sure of the details, please consult your accountant.

If you did not enter any opening balance, you can use a journal entry to enter an opening balance. You'll have to enter it as Opening Balance Equity. Since this is the debt you owe to the credit card provider, it will show as negative amount in the Chart of Accounts. Please refer to this article for more details: https://community.intuit.com/articles/1145780-how-do-i-enter-a-beginning-balance-for-an-account-afte...

I hope this helps!

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5 Comments
Not applicable

Hi mike_shields1, I’ll provide you some information that...

Hi mike_shields1,

I’ll provide you some information that will help you move forward in QuickBooks; however, if you are not sure of the details, please consult your accountant.

If you did not enter any opening balance, you can use a journal entry to enter an opening balance. You'll have to enter it as Opening Balance Equity. Since this is the debt you owe to the credit card provider, it will show as negative amount in the Chart of Accounts. Please refer to this article for more details: https://community.intuit.com/articles/1145780-how-do-i-enter-a-beginning-balance-for-an-account-afte...

I hope this helps!

View solution in original post

Level 1

Re: Hi mike_shields1, I’ll provide you some information that...

Unfortunately, the article has been changed today to: 

"How to change the account for a product/service item"

Moderator

Re: How do I enter credit card account opening balance (account previously set up)?

Hello guys,

 

It seems that the article above was changed to a different one.

 

Here's how to record an opening balance through journal entry:

 

1. Click the Create (+) menu, and select Journal Entry.

2. Debit the credit card account.

3. Credit the Opening Balance Equity account.

4. Click Save.

 

This will create a negative balance to the credit card account.

We always recommend consulting your accountant regarding this matter to ensure what's best for you and your books.

 

I'll be around if you need anything. Have a great day everyone!

 

 

 

Level 1

Re: How do I enter credit card account opening balance (account previously set up)?

I have followed the steps below, but for some reason on my Reconciliation screen, the opening balance is still zero.  

If for example, my 'Visa' has been on file for a couple years, have been ensuring all is well, but realize I should be reconciling them (which I didn't do till now), how far back do I have to reconcile for?  Can I just do my last fiscal year?  And if I can just do the last year, would I not just enter the statement date that is right before my fiscal year started?  

So many questions from a non-book keeper...  Thanks for any advice in advance!  

K.

QuickBooks Team

Re: How do I enter credit card account opening balance (account previously set up)?

Hi there, Kristina3.

Thanks for the details that you've given. Allow me to share some details about this opening balance concern.

There are several causes why your opening balance is incorrect.

These are:

  • Somebody changed the amount or account of a previously reconciled transaction.
  • Somebody deleted a previously reconciled transaction.
  • Somebody deleted or changed the amount or account of a transaction that was connected to a previously reconciled transaction.
  • In the register, somebody unreconciled a previously reconciled transaction by changing the reconciliation status from reconciled (R) to cleared (C) or neither (blank).
  • In the register, somebody reconciled a transaction by changing the reconciliation status to reconciled (R).
  • The account's opening balance is incorrect.

To fix this, you can check out this article to find the scenario that best matches your situation: https://quickbooks.intuit.com/community/Banking-and-bank-feeds/My-reconcile-opening-balance-is-wrong....

However, in terms of reconciling your previous years' transactions, I'd suggest reaching out to your accountant. This is to make sure that your books are accurate.

Feel free to reach us back if you have further question about this matter. We're always here to help. Have a great day.

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