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M
Marshal Dudley
March 16, 2023
Question

My Credit Card account shows a negative balance

  • March 16, 2023
  • 3 replies
  • 0 views

Still trying to get QuickBooks set up, and when I linked this account, the transactions only when back to June of last year (which is fine because I've already done my taxes for 2022). But the account balance is way off (shows -14k, when I actually have about 30k available credit), and I want to know how to fix this. 

3 replies

Tori B
Tori B
March 16, 2023

Hi there, @Marshal Dudley.

 

Thanks for taking the time to reach out to the QuickBooks Community for support. 

 

It sounds like you might have some data integrity issues with the browser's cache. Web browsers collect cache to save time when loading repetitive data and images. Over time these files become outdated and corrupted, causing issues like the one with your incorrect balances. I've included some steps to use a private/incognito browser below. Private browsers play the same role as having cleared cache. 

 

  • Google Chrome: press Ctrl + Shift + N 
  • Mozilla Firefox: press Ctrl + Shift + P
  • Microsoft Edge: press Ctrl + Shift + P
  • Safari: press Command + Shift + N

 

Once you're using a private browser, let's check your balances again. If everything checks out, then I recommend clearing the browser's cache. 

 

Please let me know how it goes. I'm here if you have any additional questions or concerns. Take care! 

Tori B
Tori B
March 16, 2023

Hi there, @Marshal Dudley.

 

Thanks for taking the time to reach out to the QuickBooks Community for support. 

 

It sounds like you might have some data integrity issues with the browser's cache. Web browsers collect cache to save time when loading repetitive data and images. Over time these files become outdated and corrupted, causing issues like the one with your incorrect balances. I've included some steps to use a private/incognito browser below. Private browsers play the same role as having cleared cache. 

 

  • Google Chrome: press Ctrl + Shift + N 
  • Mozilla Firefox: press Ctrl + Shift + P
  • Microsoft Edge: press Ctrl + Shift + P
  • Safari: press Command + Shift + N

 

Once you're using a private browser, let's check your balances again. If everything checks out, then I recommend clearing the browser's cache. 

 

Please let me know how it goes. I'm here if you have any additional questions or concerns. Take care! 

M
Marshal DudleyAuthor
March 16, 2023

I appreciate that, but I wonder if that's not correct in regards to my issue... 

I never entered an opening balance. Isn't that something I need to do? Wouldn't that create the inconsistency in question? 

I just need to know how to set up the account in quickbooks, including the process of entering an opening balance. 

 

R
rvrfrf
March 16, 2023

Thanks for getting back with the Community, Marshal Dudley.
 

Since you've already confirmed you didn't enter an opening balance, you can create a journal entry to record it into your books if you haven't reconciled the account yet.
 

Here's how:
 

  1. Write down your date and amount for the oldest transaction in your account.
  2. Use the + New button, then click Journal entry.
  3. Enter a date that comes before your oldest transaction in the account. This will be your opening balance date.
  4. On the first row of your Account column, hit the drop-down list and choose an account you want to enter your opening balance for.
  5. Add a note in its Description field so you know what the journal entry is for.
  6. On your second row of the Account column, use your drop-down and pick Opening Balance Equity.
  7. Use bank statements to enter the balance on your real-life account for the date you picked as its opening balance. You'll need to enter both a debit and credit to keep things accurate. Enter your debits and credits based on which type of account you specified on the first row.
         • Asset and expense accounts - Enter your opening balance in the Debit column on your first row, then specify the same amount in its Credit column on your second row.
         • Liability, equity, and income accounts - Enter the opening balance in your Credit column on the first row, then specify your same amount in the Debit column on your second row.
         • Accounts Payable - On the first row, in your Name field, choose the vendor you owe money to. Specify your opening balance as a credit to increase the balance, or record your opening balance as a debit to decrease the balance. Next, detail the same amount in your opposite column on the second row.
         • Accounts Receivable - On your first row, in the Name field, choose which customers owe you money. Enter your opening balance as a debit if you want to increase the balance, or specify it as a credit if you want to decrease your balance. Next, detail the same amount in your opposite column on the second row.
  8. Select Save and close.

 

Next, you'll need to mark your journal entry as reconciled.


In the event you've reconciled your account already, or haven't yet and have further questions, you'll need to work with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find a ProAdvisor. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.
 

If there's any questions, I'm just a post away. Have a lovely day!

S
SirielJeaB
March 16, 2023

Marshall, it's great to see you back in the Community thread. It is my pleasure to provide you with more information on this subject.

 

Yes, marshall. You can use your desired period for your opening balance to start afresh for the year 2023. Take note that whatever date you choose, use your bank statement to get the account balance for that day. You can check out this article for more detailed information: Enter and manage opening balances in QuickBooks Online. 

 

For future use, visit these articles to manage your transactions in QuickBooks Online:

 

If you have further questions about your opening balance, don't hesitate to reach out to us again. The Community is always looking forward to helping you. Have a successful year!

M
Marshal DudleyAuthor
March 17, 2023

I'm trying that... I'm trying to enter an opening balance to start 2023 (technically 12/17/2022, since that's the day after the close of the last statement of that year)... But when I try to enter a new journal entry, I enter the date (12/17/22), the account (The credit card account), I add the debit amount (the closing balance of the statement ending 12/16/22), I enter "opening balance" as the description... But when i try to save, it says "Error - balance debits and credits". (see image). 

Why is it so complicated just to enter an opening balance for a credit card? I've gotten like 5 different answers on how to do it, and none of them work. 

    C
    CharleneMaeF
    March 17, 2023

    This screenshot is helpful in determining the cause of the error, Marshal.

     

    When creating a journal entry, you'll have to balance the Credits and Debits columns. Upon checking the image, you only added the details in the first row. Let's enter them in the second row to save the opening balance successfully. For the details steps, I'd recommend following Step 2 in this article: What to do if you Didn't Enter an Opening Balance in QuickBooks Online.

     

    If the error persists, I'd recommend contacting our QuickBooks Support Team. They're equipped with tools to investigate the cause and ensure you can enter your opening balance in your account.

     

    Addtionally, I've added these articles that'll help you reconcile your bank and credit card accounts in QuickBooks frequently to make sure they match your real-life bank accounts.

     

     

    Please keep us posted if you need assistance reconciling your books. We're always here to help you out. 

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