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S
SME8
July 22, 2023
Question

Unexpected credit on credit card statement and unable to reconcile

  • July 22, 2023
  • 1 reply
  • 0 views
I reconcile the credit card statements every month with no problems. This month there is a credit for an item purchased the previous month that I had not anticipated happening which has meant that the card is in credit and there was nothing to pay. How do I reconcile the statement - I am so used to clearing things down monthly that this has thrown me out. Thanks

1 reply

R
ReymondO
July 22, 2023

Good day, @SME8.

 

I'm here to guide you through the process of reconciling credit on your credit card statements in QuickBooks.

 

To begin, let's record the credit by creating a Credit card credit entry. Here are the steps to follow:

 

  1. Go to the +New button and select Credit card credit.
  2. Choose the payee.
  3. In the Bank/Credit account field, select the credit card account you received the refund.
  4. Select the date in the Payment date section.
  5. In the Category details section, choose an expense account to track the credit.
  6. Enter the amount.
  7. Click Save and close.

 

If your account is connected to online banking, you can match this transaction to the downloaded credit to avoid any duplicate entries.

 

Once you've completed the above steps, you can proceed to reconcile your account to ensure it matches your credit card statements.

 

Additionally, you can make use of bank rules to automatically categorize transactions from your bank, which will help speed up your review process.

 

If you have any further questions or concerns, please don't hesitate to post again or leave a comment on this thread. We're always here to assist you.

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