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ChristineYA
September 7, 2022
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Reconciling credit card statement that has a credit on it using quickbooks

  • September 7, 2022
  • 2 replies
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I need help reconciling a credit card statement that has a credit on it. I am using Quick books online. 

All the resources I find is about statements that have a balance on it but there is no help with when the credit card has an actual credit on it. Kindly help me, so I can reconcile my account. Thanks

Best answer by ReymondO

Thanks for getting back and adding a screenshot, @ChristineYA.

 

Allow me to join in this conversation and help you reconcile your account in QuickBooks Online (QBO). 

Once you create a credit card account, the program will allow us to enter a negative amount as a beginning balance. This will also reflect as your QuickBooks balance in the Chart of Accounts. However, when viewing the register, its opening balance will show as positive in the PAYMENT column. 

 

If the account was created with a positive beginning balance, this will still reflect as a positive amount but on the CHARGE column. 

 

Please take note that QuickBooks won't allow editing opening balances with a negative amount. That's why you're getting the error message. 

 

In your case, I'd recommend creating a credit card account with a negative beginning balance. Then, move all of your affected transactions to this new account. That way, they would match your actual bank statements. 

 

After editing your transactions, we can deactivate your old credit card account so they won't show up on your list. 

 

Before taking these steps, I'd recommend reaching out to your accountant. They can provide you with the right advice in handling your accounts and making sure your books are accurate.

 

When everything is fixed, you can now reconcile your accounts in QuickBooks. 

 

Please let me know if you need further assistance in reconciling your accounts. I'm always here to help you out. Have a nice day. 

2 replies

R
rvrfrf
September 7, 2022

Thanks for joining the Community, ChristineYA.

 

When reconciling credit card accounts, you'll initially need their opening balances. This is to confirm that it matches your real-life account's balance for the day you began tracking transactions in QuickBooks. You can check its opening balance by accessing your account's register in the Chart of accounts, then locating its opening entry.

 

If you forgot to enter an opening balance for a particular account, you can enter it anytime. In the event you've connected your account with Online Banking, Intuit automatically downloads transactions from the financial institution and enters its opening balance for you.

 

Once you've confirmed that your opening entry matches the real-life account's balance for the day you began tracking its transactions in QuickBooks, you can start reconciling it.

 

Here's how:

  1. If your account's connected to Online Banking, be sure you match and categorize all of its downloaded transactions initially.
  2. In the left navigation bar, go to Accounting, then Reconcile.
  3. If you're reconciling for your first time, click Get started to continue.
  4. From the Account ▼ drop-down list, choose which account you're reconciling. You can double-check with its official statement from your financial institution to confirm it's the correct one.
  5. In the event you see a message about a previous reconciliation, hit We can help you fix it.
  6. Review its Beginning balance and make sure it matches the one on your statement. If they don't match, you'll need to perform some steps first so that they do.
  7. Enter the Ending balance and Ending date as seen on your statement. Some institutions call this a "new balance" or "closing balance".
  8. In the event you see it, you'll need to review your Last statement ending date. This is the end date for the account's previous reconciliation. Your current statement should start the day after.
  9. Select Start reconciling when you're ready.

 

Once you've initiated a reconciliation, you'll need to compare what's shown on your statement with what's visible in the business's QuickBooks records.

 

I've also included a few detailed resources about reconciling accounts which may come in handy moving forward:

 

Please don't hesitate to send a reply if there's any additional questions. Have an awesome Wednesday!

C
ChristineYAAuthor
September 9, 2022

Thanks for your reply.

I am good with all that information. Thanks.

 

What I really need help with is how to enter a credit value in the Opening balance for my credit card account. Quick books Online is not allowing me to edit the Opening balance in the register to represent a Credit value. The amount on my Credit Card statement for opening balance (previous balance) is 206.32CR. 

There is therefore a CREDIT on my account and not a balance but somehow the register is showing my opening balance as 206.32 (Balance) and I need help in editing the opening balance to -206.32 or whatever value Quick books Online will allow to represent a credit and not a balance on an account.

I really need help here to continue with reconciling my account. 

Thank you.

T
TirzahC
September 10, 2022

I'd like to share some steps to help you fix the balances, ChristineYA.

 

When reconciling credit card accounts, you'll initially need their opening balances. This is to confirm that it matches your real-life account's balance for the day you began tracking transactions in QuickBooks. You can check its opening balance by accessing your account's register in the Chart of accounts, then locating its opening entry.

 

To review the original opening balance, you can follow these steps:

 

  1. Go to Accounting menu and then select Chart of Accounts.
  2. Find the account on the list and select the View register link.
  3. Search for the opening balance entry. It should have "Opening Balance Equity" in the Account column.
  4. Take note of the date and balance.
  5. Review the checkmark column. There should have an R in the box.
  6. Check the rest of the transactions on the list. There should be a C or blank box in the checkmark column.
  7. If there's an R on any other transactions, select the transaction to expand the view.
  8. Select box in the checkmark column. Keep selecting it until the box is blank. Then select Save.

 

Once done, compare the opening balance with your real-life account. If it doesn't match with your bank records, you can correct the amount by following these steps:

 

  1. In the Bank register page, select the opening balance entry to expand the view.
  2. In the Deposit column, edit the balance so it matches your bank records.
  3. Click Save.

 

If  you're still not allowing you to edit, we can perform some steps to get this resolved.


First, let's try open your QuickBooks Online account using an incognito or private window for testing. Here are the keyboard shortcuts that will help you accomplish this in all supported browsers:

 

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


If it works, let's clear your main browser’s cache. By doing so, can help the program run faster and more efficiently.

 

For more insight about the process, check out the following articles below:

 

 

Please let me know if you need further assistance editing your opening balance to make it accurate. I'll be here to help.

C
ChristineYAAuthor
September 13, 2022
@TirzahC wrote:

'd like to share some steps to help you fix the balances, ChristineYA.

 

When reconciling credit card accounts, you'll initially need their opening balances. This is to confirm that it matches your real-life account's balance for the day you began tracking transactions in QuickBooks. You can check its opening balance by accessing your account's register in the Chart of accounts, then locating its opening entry.

 

To review the original opening balance, you can follow these steps:

 

  1. Go to Accounting menu and then select Chart of Accounts.
  2. Find the account on the list and select the View register link.
  3. Search for the opening balance entry. It should have "Opening Balance Equity" in the Account column.
  4. Take note of the date and balance.
  5. Review the checkmark column. There should have an R in the box.
  6. Check the rest of the transactions on the list. There should be a C or blank box in the checkmark column.
  7. If there's an R on any other transactions, select the transaction to expand the view.
  8. Select box in the checkmark column. Keep selecting it until the box is blank. Then select Save.

Once done, compare the opening balance with your real-life account. If it doesn't match with your bank records, you can correct the amount by following these steps:

 

  1. In the Bank register page, select the opening balance entry to expand the view.
  2. In the Deposit column, edit the balance so it matches your bank records.
  3. Click Save.

 

If  you're still not allowing you to edit, we can perform some steps to get this resolved.


First, try to open your QuickBooks Online account using an incognito or private window for testing. Here are the keyboard shortcuts that will help you accomplish this in all supported browsers:

 

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


If it works, you’ll want to clear your main browser’s cache. By doing so, can help the program run faster and more efficiently.

 

For more insight about the process, check out the following articles below:

 

Please let me know if you need further assistance editing your opening balance to make it accurate. I'll be here to help.

 

Hi @TirzahC,

Thanks for your response.

I am dealing with a Credit Card Account.

As you can see from the attached screenshot, the Credit card registry does not have a Deposit column but rather a Charge column. It is in this column that any editing of the Opening balance can be made. Unfortunately, the pop up I get for trying to edit this column (as you can see from the attachment is): You must specify a transaction amount that is 0 or greater.

I have a Credit AMOUNT on my credit card statement, how should I enter a credit amount as an opening balance in Quick books Online since the software is not accepting a minus (-) value as a Credit amount. The solution above is not working please.  

 

I really need help to resolve this. Thanks

 

 

R
ReymondOAnswer
September 13, 2022

Thanks for getting back and adding a screenshot, @ChristineYA.

 

Allow me to join in this conversation and help you reconcile your account in QuickBooks Online (QBO). 

Once you create a credit card account, the program will allow us to enter a negative amount as a beginning balance. This will also reflect as your QuickBooks balance in the Chart of Accounts. However, when viewing the register, its opening balance will show as positive in the PAYMENT column. 

 

If the account was created with a positive beginning balance, this will still reflect as a positive amount but on the CHARGE column. 

 

Please take note that QuickBooks won't allow editing opening balances with a negative amount. That's why you're getting the error message. 

 

In your case, I'd recommend creating a credit card account with a negative beginning balance. Then, move all of your affected transactions to this new account. That way, they would match your actual bank statements. 

 

After editing your transactions, we can deactivate your old credit card account so they won't show up on your list. 

 

Before taking these steps, I'd recommend reaching out to your accountant. They can provide you with the right advice in handling your accounts and making sure your books are accurate.

 

When everything is fixed, you can now reconcile your accounts in QuickBooks. 

 

Please let me know if you need further assistance in reconciling your accounts. I'm always here to help you out. Have a nice day. 

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