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Level 1

credit card reconcilation - credit card payable account

I have 3 credit cards for our business, i took over the cc reconciling for the girl that left.  When i went to reconcile the credit card payable account, it had not been reconciled since June 30,2020 so i'm trying to figure out how to do this.  For example, the statement date on one is 22nd of the month, but the payment on one card comes out in the month its billed and the other 2 come out the follwing month.  i.e. statement date is 4/8 the payment is coming out on 4/23, since its automatic.  Nothing seems to matching and the beginnng balance is off. Not sure what to do.  If someone could guide me that would be great.  Working on this all day to figure it out.  Thank you for any help 

3 Comments
QuickBooks Team

credit card reconcilation - credit card payable account

It's my priority to get this working for you, donnac2.  

 

Thank you for the detailed information. These are the most common causes for a beginning balance discrepancy are:

  • The amount or account of a previously-reconciled transaction was changed.
  • A previously-reconciled transaction was deleted.
  • The amount or account of a transaction that was connected to a previously-reconciled transaction was deleted or changed. For example, if you reconcile your credit card statement, including last month's payment from your current account, but, in your current account, you accidentally delete the payment to your credit card, the next time you reconcile your credit card statement, your beginning balance will be off by the amount of the payment.
  • A transaction's reconciliation status was changed in the register. This can be caused either when the reconciliation status of a previously-reconciled transaction was changed from reconciled (R) to cleared (C) or neither (blank), or when the status of an unreconciled transaction was changed to reconciled (R).
  • The account's opening balance is incorrect. (To fix an incorrect beginning balance, see How to make an incorrect reconcile opening balance match a bank statement). 

 

Also, you may not be able to automatically find a match for a number of reasons, if the transaction is outside of the date range you are searching, the difference to resolve is too large, the transaction is over 90 days old, etc.  

 

To learn more about reconciliation process, here's an articles you can read to learn more about it:  

Please let me know how it goes by clicking the Reply button. I want to make sure that everything is taking care of. Take care!

Level 1

credit card reconcilation - credit card payable account

The biggest problem i have is trying to figure out how they came up with the beginning balance.  I have taken the 3 different cards balance due, but they don't add up to what is showing in the beginning balance.  So i' m not sure how to figure this out.

 

Thank you

 

Moderator

credit card reconcilation - credit card payable account

Let's run the QuickReport for the affected account, donnac2.

 

By doing this, you will see the beginning balance. Here's how:

  1. Click Accountant on the menu. 
  2. Select Chart of Accounts.
  3. Locate the account you want to run the report with.
  4. Click the Reports dropdown and select QuickReport.
  5. Select All for Dates.

Once you see the beginning balance used, you can create a journal entry to correct this. If you're not familiar with creating one, make sure to consult with your accountant.

 

You can follow the steps in this article to correct the beginning balance: Fix beginning balance issues in QuickBooks Desktop.

 

Please let me know if you need further assistance, I'll be right here to help.

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