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James176
July 25, 2022
Question

Reconcile Credit Card

  • July 25, 2022
  • 2 replies
  • 0 views

I am trying to reconcile a credit card account that has never been reconciled.  There is a discrepancy from a prior closed fiscal period where not all of the charges were entered into QB at the time they were made.  I haven't gone back to figure out what it is or what period its from but at this point I am not sure that will make a difference.  If I want to make an adjustment to clear this up, what should be the offsetting account used?  

2 replies

A
AileneA
July 25, 2022

Hello, James176. 

 

Welcome to the QuickBooks Community. Let me help you with your credit card account reconciliation.

 

You can enter a journal entry to record the previous year's charges if you are unsure of those data.  

 

  1. Go to the Company menu and select Make General Journal Entries.
  2. Enter all the details needed.
  3. Tap Save and close.

 

Also, a journal entry can also be tricky especially since it can affect multiple accounts. You'll want to work with your accountant to ensure accuracy. You can find one through this link if you don't have an accountant: Find an Accountant or Bookkeeper. 

 

For references and checklist are also provided here in case you need them: 

 

 

If you need further assistance with reconciliation or any transactions, you can always drop by and post them here. Stay safe! 

J
James176Author
July 25, 2022

Thanks for your reply! What account do I use to offset?  And with what date?

JoesemM
JoesemM
July 25, 2022

Thanks for getting back to us, @James176.

 

As mentioned by my colleague AileneA creating a journal entry can be so tricky because of the accounts you need to use. That said, I highly suggest consulting your accountant for what specific accounts to use that will offset the transaction.

 

You can also consult your accountant for the specific date you will use or enter the previous year's charge for the reconciliation. In case you don't have one , click the link Find an Accountant or Bookkeeper that will work with your area and guide you with the reconciliation.

 

Let me share these articles for additional guidance and reference about reconciliation: 

 

 

Please don't hesitate to reach out to us again if you need anything else. I'd be glad to jump right back and help you again. ​​​​​​​

S
SZ22
October 28, 2022

James did you ever get help with this? I have a client whose credit card accounts have never been reconciled but the books have been closed for the two prior years and I need to find a starting point to clear out all of those unreconciled transactions. I tried just to include all of them in the initial reconciliation but there are a bunch of charges that were not recorded in the prior period too. 

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