AMEX Credit Cards Pay over time

Hello there, Carolexx.

I'm here to ensure you can reconcile the American Express (AMEX) business account successfully.

The following reasons may cause an incorrect opening balance when reconciling your account:

• You may have entered an incorrect balance, or it doesn't contain one.
• Previously cleared and reconciled transactions were voided, deleted, or modified
• You converted the file from another version of QuickBooks
• Possible data damage

To isolate the issue, let's run the Reconcile Discrepancy report to find the transactions. Here's how:

1. Go to Reports, then select Banking, and then Reconciliation Discrepancy.
2. Select the Account, and then select OK. You'll have a list of transactions that changed since your last reconciliation. Use this report to identify the transaction(s) causing the issue.
3. If you find a discrepancy, note the transaction date and the Entered/Last Modified, which will tell you when the change happened.

From there, we can fix the discrepancy by undoing the previous reconciliation. Before doing so, I recommend backing up your company file so you can still restore it.

Here's how to undo the reconciliation:

1. Go to Banking, and then Reconcile.
2. Select Undo Last Reconciliation.
3. When prompted, select Continue and then OK.

Then, you'll have to reconcile the account again. 

Moreover, you can also check this article to help you prepare this year-end checklist to prepare your tax forms: Year-end list for QuickBooks Desktop Payroll.

Keep me posted whenever you have concerns about reconciling transactions.

I totally understand how to normally reconcile an account and how to find a discrepancy, but just to be sure I wasn't missing anything, I unreconciled every month back to January.  The beginning Balance in the Statement for January, which closing runs from Dec. 14 to Jan 14 was off because the CPA made an adjustment on transactions from the previous year, so I put in all the transactions and matched the totals (total payments and total expense) to the totals in the AMEX statement.  They matched.  The reconciliation was off because the CPA cut the transactions off at year end.  I allowed QB to just make the adjustment.  The beginning balance of the February Statement should have matched the ending balance, after QB made the adjustment.  It did not.  It's off.  The beginning balance does not match and does not match any amount on the Amex statement.  If I adjust the beginning balance for the February Statement and put all the transactions into the database again matching the transaction totals on the statement and reconcile....the month of February is off.  I can continue to adjust the opening balances but I need to know why it's creating the discrepancy.  Running the discrepancy report comes up with a 0.  All my other 8 credit cards and 3 bank accounts balance without a problem so I doubt it's a database issue.  I think it has something to do with AMEX carrying interest forward on these "Pay over time" accounts where interest is charged if those particular accounts are not paid within a certain timeframe but I am just guessing at that.  If anyone knows how to resolve this please let me know.  

I'm not sure you received my reply because I was not signed in.  Your answer below is specifically for regular accounts and I understand how to reconcile and find discrepancies in regular accounts.  Right now monthly I am reconciling 3 Bank Accounts and 8 credit card accounts with absolutely no problems.  I also reconcile a different American Express Account without a problem.  However, this Amex CC has a section in the statement for "Pay over time" which means if you don't pay over the specified times interest is added.  There are many purchases in that area that are "Pay over time" but the discrepancy does not match any figures in that area of the statement, however interest is "carried" and I just want to know if anyone knows how to reconcile this statement and what to do with the left over figure when all the paid and expense figures match but the reconcile is off.  I'm probably as clear as mud.  

I understand that you have encountered a discrepancy while reconciling your account, Carolexx.  I'm here to ensure that all transactions are recorded accurately in QuickBooks Desktop (QBDT). 

If interest charges are applied to your AMEX Pay Over Time account, we can record them in QBO by creating an expense account. After that, create a check and use the expense account you entered earlier. 

Here's how:

1. Go to the Lists menu and select Chart of Accounts.
2. From the Account dropdown, click New.
3. Tick on Expense, then Continue.
4. Click Save & Close.

After that, create a check and use the expense account you entered earlier. I'll guide you through the process.

1. Go to the Banking menu, then Write Checks.
2. From the Account dropdown, select the expense account.
3. Select the customer and ensure to uncheck the billable column. 
4. Click Save & Close.

I suggest consulting an accountant. They'll be able to provide you with suggestions on how to properly handle the transactions, especially with the AMEX Credit Cards Pay over time.

Leave a reply below if you've got additional questions or concerns about entering expenses in QBDT. I'll be here to assist. Have a great day!