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ametz1201
January 24, 2024
Question

connect credit card to QBO - start date

  • January 24, 2024
  • 1 reply
  • 0 views

Hello,

 

I am going to finally connect my credit card to QBO. (hopefully, been worried about doing it)  Have had this card for my business for a while but never connected it because I am still learning how to work on QBO. I have my last credit card payment that came over from my bank sitting in QBO to categorize.  I haven't done it yet since my credit card account is not connected.  I am still learning on how to use QBO, been watching videos.  But my question is I am trying to figure out what will be the best start date to pick when I am connecting the credit card to QBO.  I was thinking the date of the first transaction of the payment that is sitting to be categorized.   But wanted to check if that is a good date or should I pick a different one.  Wanted to get an opinion from someone who knows more.

 

Thank you.

1 reply

AldritchM
AldritchM
January 24, 2024

Hi there, @ametz1201.

 

Let me share some insights on the best start date to pick when connecting the credit card to QuickBooks Online.

 

Since you've had the credit card for a while, start your opening balance on the same day as the beginning of your next bank statement. Whatever date you choose, use your bank statement to get the account's balance for that day.

 

Once you've decided on the start date for your reconciliation, you can start reviewing and categorizing the downloaded transactions in the review tab. I'd like to leave this article for guidance: Categorize and match online bank transactions.

 

If you’re new to reconciliations or need more help, contact your accountant. This can get tricky and they know how to handle the next steps. If you don't have one we'll help you find one.

 

Additionally, you can use this article as your guide anytime you need help doing or fixing a reconciliation: The reconcile workflow in QuickBooks.

 

If you have more questions about banking or invoices, don't hesitate to click the reply button. I'm always around to help!

A
ametz1201Author
January 24, 2024

Bank statement, do you mean the statement balance for my credit card, not checking bank statement balance.  I have had my bank checking account already linked since day one.

Ok, I was going to start with last months statement because that is the payment that is sitting in "for review" to add, and that should be recorded as a credit card payment not the other choices, correct?  Because I never added my credit card payments that came over from my bank checking because the credit card account wasn't linked.  Before I just categorized under category expense "credit card payment" and clicked add.

So don't worry about the transactions that was paid with the payment that is in the review tab?  I didn't know if it should match.  Meaning now recording it as a credit card payment to the credit card account that I am about to link.

You are saying to start with the current statement which is the statement after the payment that is in the for review.?

R
RhoiceW
January 24, 2024

Hi there, ametz1201.  Let me guide you through connecting your credit card to QBO.

 

As mentioned above by my colleague, AldritchM, You need to use your statement balance for your credit card to get the account's balance for that day.

 

You can choose any statement. If you're unsure which statement you want, I'll leave this article for your guidance: Enter and manage opening balances in QuickBooks Online. We recommend getting an accountant if you're undecided about choosing a statement.

 

Once you link your credit card, you can choose any date, since you mentioned that you have last month's statement, you can transfer and match that to your credit card account. Here's the article for you to be guided: Record your payments to credit cards in QuickBooks Online.

 

In addition, feel free to check this article anytime you want to learn how to match your bank and credit card statements: Reconcile an account in QuickBooks Online.


if you have further concerns about connecting your credit card. Don't hesitate to leave a comment. I'm always here to help.

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