Extra Split in Credit Card Payment Transaction Impacting Inventory

jmack6 · ‎April 19, 2021

I was checking the inventory detail on a product I sell and noticed an extra line item $ amount for $48.31 which is incorrect. The $48.31 appears to be part of a transaction that is classified as a credit card payment within QB. When I click into it, it's tied to a $544.41 PO somehow that it shouldn't be and a corresponding credit card payment for $544.41 that was already (accurately) used for the payment. There was a credit card charge for the $544.41 but not for the $38.41 (or incorrect total if added together). As info, I did a test to see what would happen if I deleted the $38.41 line item and it deleted the good PO which I don't want to happen.

I ran a Journal report--see below--which also captures it. The mystery $48.31 is being added to the correct $544.41 creating an incorrect total credit card payment of $592.72. On the Journal report it appears that the credit and debit cancel each other out but it adds to the credit card payment transaction total and unfortunately the $38.41 is decreasing my inventory value for the item.

I'm hoping someone can possibly tell me how to determine:

1) what might have caused QB to generate the $38.41 line item,

2) how to prevent it from recurring in the future,

3) how to delete it--assuming there are no QB accounting ramifications,

4) or what a journal entry would be to correct it?

Thanks.

jmack6 · ‎April 20, 2021

Thanks for the reply. Data is OK. I had originally entered the PO then received inventory (with a bill) then paid the bill with the credit card--all with the correct $ amount. The $48.31 appeared as a credit card payment, but it wasn't showing up in the credit card register.

I deleted the PO and all the associated transactions for both the correct $544.41 and mysterious $48.31 disappeared in QB. I then recreated the new PO with the correct amount, received it, and paid it and everything looks like it should.

I noticed the inventory value had changed as I expected it would but not by the $48.31--instead it was only a couple of pennies. At that point I saw that I had recreated the PO & received it based on a date that was several days earlier than originally recorded. This meant that the inventory was available prior to a sale that occurred a couple of days later--which was accurate--instead of after which is what the previous scenario was. The timing had caused the inventory to be negative at the time of the sale.

As a test I changed the date on the recreated PO and it recreated the same $48.31 credit card payment. I changed the date on the PO back to the earlier date and the $48.31 disappeared. So the $48.31 looks to be related to a timing issue on the inventory balance. I had either not paid attention to the dates previously as closely as I should have and/or ignored the warning (which I seem to remember seeing) about a sale with negative inventory when entering a sales receipt. Lesson learned on entering dates correctly and making sure there's inventory available when recording a sale!

Thanks for the support.

View solution in original post

IamjuViel · ‎April 20, 2021

I appreciate the complete details and the screenshot you've shared , @jmack6.

Let me share some information on how QuickBooks manages your credit card transactions.

First, may I ask how your credit card charge was recorded? The data displayed in QuickBooks depends on the information you've recorded. You'd want to match the credit card transaction with your bank statement.

If it match, you can run the verify and rebuild tool. This is a built-in tools that auto-detects and auto-resolves data damage related-issues. Here's how:

Under QuickBooks File menu.
Choose Utilities.
Select Verify Data.
Click OK when you see the message QuickBooks detected no problem with your data. You may continue using your company file.
- If Verify finds an issue with your data, you will be prompted to Rebuild Now or View Errors.
Select Rebuild Now.

You can read through this article for the step-by-step instructions: Resolving Potential Data Issues.

If it didn't match, you can delete and recreate the PO and the link credit card charges.

Visit us here again if you have other questions or concerns. I'm always here to help.

jmack6 · ‎April 20, 2021

Thanks for the reply. Data is OK. I had originally entered the PO then received inventory (with a bill) then paid the bill with the credit card--all with the correct $ amount. The $48.31 appeared as a credit card payment, but it wasn't showing up in the credit card register.

I deleted the PO and all the associated transactions for both the correct $544.41 and mysterious $48.31 disappeared in QB. I then recreated the new PO with the correct amount, received it, and paid it and everything looks like it should.

I noticed the inventory value had changed as I expected it would but not by the $48.31--instead it was only a couple of pennies. At that point I saw that I had recreated the PO & received it based on a date that was several days earlier than originally recorded. This meant that the inventory was available prior to a sale that occurred a couple of days later--which was accurate--instead of after which is what the previous scenario was. The timing had caused the inventory to be negative at the time of the sale.

As a test I changed the date on the recreated PO and it recreated the same $48.31 credit card payment. I changed the date on the PO back to the earlier date and the $48.31 disappeared. So the $48.31 looks to be related to a timing issue on the inventory balance. I had either not paid attention to the dates previously as closely as I should have and/or ignored the warning (which I seem to remember seeing) about a sale with negative inventory when entering a sales receipt. Lesson learned on entering dates correctly and making sure there's inventory available when recording a sale!

Thanks for the support.

jmack6 · ‎April 20, 2021

Thanks for the reply. Data is OK. I had originally entered the PO then received inventory (with a bill) then paid the bill with the credit card--all with the correct $ amount. The $48.31 appeared as a credit card payment, but it wasn't showing up in the credit card register.

I deleted the PO and all the associated transactions for both the correct $544.41 and mysterious $48.31 disappeared in QB. I then recreated the new PO with the correct amount, received it, and paid it and everything looks like it should.

I noticed the inventory value had changed as I expected it would but not by the $48.31--instead it was only a couple of pennies. At that point I saw that I had recreated the PO & received it based on a date that was several days earlier than originally recorded. This meant that the inventory was available prior to a sale that occurred a couple of days later--which was accurate--instead of after which is what the previous scenario was. The timing had caused the inventory to be negative at the time of the sale.

As a test I changed the date on the recreated PO and it recreated the same $48.31 credit card payment. I changed the date on the PO back to the earlier date and the $48.31 disappeared. So the $48.31 looks to be related to a timing issue on the inventory balance. I had either not paid attention to the dates previously as closely as I should have and/or ignored the warning (which I seem to remember seeing) about a sale with negative inventory when entering a sales receipt. Lesson learned on entering dates correctly and making sure there's inventory available when recording a sale!

Thanks for the support.

Jmack6

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Extra Split in Credit Card Payment Transaction Impacting Inventory