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P
perhub
November 24, 2019
Question

How do you correctly reconcile a credit card payment when you have multiple users on CC and payment just goes to match the main user with the payment transaction?

  • November 24, 2019
  • 2 replies
  • 0 views
It throws of the in Quickbooks balance on each account.  Since the payment sent transaction from the checking account matches the payment received transaction in the main user credit card, it reduces the In Quickbooks balance by that full amount.  Problem is all the other users associated with that credit card, don't get reduced to $0 and the main user goes negative by that amount.

Is this a limitation of QBO and will I have to make a journal account entry to zero those numbers out each month?

    2 replies

    MJoy_D
    MJoy_D
    November 24, 2019

    You can create an adjusting entry to adjust the reconciliation, @perhub. 

     

    If the difference after reconciling is a negative number. You can resolve it by creating a check transaction without a check number. This will reduce your bank account and your Opening Balance Equity account by that amount.

     

    Here’s how to create a check:

    1. Go to the Create icon ⨁ and select Check.
    2. Choose the Bank Account where you’re having some discrepancy.
    3. Add the amount and make sure not to indicate a check number.
    4. Select Save and close once you’re done.

    But, if it’s a positive number, then you'll just have to create a deposit transaction. This will increase your bank account and your Opening Balance Equity account by that amount. Follow the steps below:

     

    1. Go to the Accounting menu and select Chart of Accounts.
    2. Locate the account register that you’re having, then select View register from the Actions column.
    3. From the Add transaction ▼ drop-down menu, select Deposit.
    4. Fill in the necessary fields and complete the form.
    5. Click Save once you’re done.

     

    These adjustments affect only your Balance Sheet, not your Profit & Loss. See this article for detailed guidance: How to adjust a reconciliation. 

     

    I'm always here if you need further help or assistance. Stay in touch by leaving a post below. I'm always here. Have a wonderful day!

    P
    perhubAuthor
    November 25, 2019

    Hi Mary,

     

    It may have been some confusion on what I am asking.  When I have a credit card payment. I see a transaction on my bank account and the main credit card account.  However, Since Chase has each cardholder on each account, required to download each transaction, each of those needs to be reconciled. As you can see from the picture, You match the payment from the Checking Account to the Credit card (K Jr) that has the corresponding payment received.  There you accept the match.  However, in this example, the payment was $424.20, but K Jr card only had $395.44 spent that month, and Kathleen card had $38.75. When you match, K Jr goes negative -$28.76 in Quickbooks and Kathleen stays at $38.75.  If it did it correctly, K Jr would show $9.99 in Quickbooks due to the one transaction already and match the $9.99 bank balance and Kathleen would be $0.

     

    Honestly, we would rather not have all of our cards on that card required as separate accounts and just have one Credit Card show, but that is how it linked it.

    IntuitLily
    IntuitLily
    November 26, 2019

    I understand, @perhub.

     

    Letting us know about this will also show our developers what they need to consider in future product updates. At this time, you can use this option to fix the discrepancy. 

     

    I'll be sure to pass along your feedback in my end.

     

    In the meantime, you can visit our QuickBooks Blog to know more about our latest happenings. From there, you'll get the recent news, features, and updates about QBO and what our Product Team is working on. 

     

    Should you have other questions, do let me know. I'll be here to help. Have a great day!

    E
    evmo
    January 6, 2020

    Following this. 

     

    Frustrating on our end as well. 

     

    Any progress @IntuitLily ?

     

    @IntuitLily wrote:

    I understand, @perhub.

     

    Letting us know about this will also show our developers what they need to consider in future product updates. At this time, you can use this option to fix the discrepancy. 

     

    I'll be sure to pass along your feedback in my end.

     

    In the meantime, you can visit our QuickBooks Blog to know more about our latest happenings. From there, you'll get the recent news, features, and updates about QBO and what our Product Team is working on. 

     

    Should you have other questions, do let me know. I'll be here to help. Have a great day!

     

      M
      MaryAnn_E
      January 6, 2020

      Good day, @evmo.

       

      At this time, the site offers the most commonly used features. We haven't updated any features as of the moment, and there will be a notification that will be sent out if there’s an update.

       

      To keep up with what’s new in QuickBooks, check out our blog page by clicking this link here (https://quickbooks.intuit.com/blog/).

       

      Let us know if you have any other concerns. We'll be around to help. Take care.

       

       

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