removing uncleared credit card transactions in QB Desktop

richrealty · ‎October 03, 2022

How do you remove old credit card transactions (i.e. at least 5 years old) that were never reconciled and were created in error? A few of these were created to pay bills. I'm not an accountant. I don't want to affect any financial statements. Is there a simple way to do this?

Rainflurry · ‎October 04, 2022

@richrealty

You will need to reverse them in the current period. This will not affect prior financial statements but it is going to reduce your expenses/assets assigned to the original purchases in the current period. To reverse the entries, create credit card credits (Banking > Enter Credit Card Charges > Click "Credit") and use the same Expenses/Items as the original charges. Then, the next time you reconcile the credit card, the original charges and the current charges will net to zero and your credit card should reconcile.

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Rustler · ‎October 04, 2022

Not really. In accounting there are no imaginary entries, so any one of them that you remove or delete will also remove/delete the posting account, expense or asset or liability entry - that will affect the financial reports

Rainflurry · ‎October 04, 2022

@richrealty

You will need to reverse them in the current period. This will not affect prior financial statements but it is going to reduce your expenses/assets assigned to the original purchases in the current period. To reverse the entries, create credit card credits (Banking > Enter Credit Card Charges > Click "Credit") and use the same Expenses/Items as the original charges. Then, the next time you reconcile the credit card, the original charges and the current charges will net to zero and your credit card should reconcile.

richrealty · ‎October 04, 2022

Thank you very much.

FritzF · ‎October 18, 2022

Hello again, Rainflurry.

I appreciate you for always sharing your knowledge about QuickBooks. This will definitely help other users as well in the future. Please keep on posting here in the Community.

Keep safe and have a great rest of the day.

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removing uncleared credit card transactions in QB Desktop