Question

Reconciling credit cards

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This is a question about reconciling credit cards.

I encountered a glitch in Quickbooks 2021 Desktop for Mac when reconciling my credit card statements. When I reach the reconciliation page I see the Beginning and Ending Balances. But the "Cleared Balance" figure, which I believe should be zero, is the same as the Beginning balance. The result is that it is impossible to reconcile.

How do I solve this problem?

QuickBooks Desktop for Mac

MJoy_D

QuickBooks Team

Let's resolve the problem you're having when reconciling your credit card accounts, @intreptrav.

Your beginning balance will be incorrect if a previously cleared transaction in your register was voided, deleted, or changed, or a new transaction was added and cleared since your last reconciliation.

You can resolve this by running a report to trace the discrepancy. A Reconciliation Discrepancy Report can show reconciled transactions that were modified, deleted, or voided. The Previous Reconciliation Detail reports can check and compare balances and determine the last correct reconciled transaction. Just go to your Banking menu to find these reports.

Another report that can help you look for recent transactions that may have been cleared or uncleared unintentionally is the Bank Account QuickReport. You can have this by going to the Lists menu and then Chart of Accounts.

Here's the find reconciliation discrepancies (Mac) article for detailed guidance.

You can also check these articles on how to set up, use, and pay credit card accounts and to reconcile bank and credit card accounts (Mac).

I'm always here if you need more help in resolving the problem you're having when reconciling your accounts. Keep safe and have a wonderful day!

I

intreptravAuthor

This was somewhat helpful. At least now I know these reports exist. :-)

The Reconciliation Discrepancy Report for the three months in question (it's a new credit card) showed 0.00 in the "Effect of change" column for all three reconciliations. So that doesn't explain the wonky amount in the Cleared balance field.

I couldn't figure out how the Bank Account Quick Report would spot any problem. It looked okay to me, but I had no guidance on how to interpret it.

The Previous reconciliation reports look like they may be more helpful, although I am still struggling to interpret them. The "cleared balance" lines are way out of whack, but why that is the case eludes me.

I am thinking of undoing the last reconciliation to see what that does, if anything.

....

I decided to simply undo the three reconciliations I'd done and start afresh. The first month (the month I started using this new card) went well. The beginning balance was zero and the ending balance $999.43. It reconciled perfectly.

However when I tried to reconcile the next month, the sum of $999.43 showed up in the Cleared Balance field. I thought that maybe if I checked off the $999.43 payment for the previous month, that would reset the Cleared Balance to zero, but it merely added another $999.43.

What's going wrong?

I

intreptravAuthor

I'm still awaiting a solution to this problem. I was wondering if this is a bug that has been fixed in a later release of Quickbooks 2021 than the one I have, but I checked for Quickbook Updates and apparently what I have -- Version 20.0.3 R4, Build 842 -- is the latest

Any assistance will be much appreciated.

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