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Jt72
March 8, 2021
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credit card reconciling problems

  • March 8, 2021
  • 1 reply
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Hi

Can anyone please help me. I am just starting Quickbooks Online and putting in information for the last year, I have done all of the current account transactions and have reconciled them up to date, now I am putting in the information for the business credit card but when I am trying to reconcile the first months statement the amounts do not match up so reconciling says there is a difference of £21.94, this is because the owing amount is £190.94 and the payment that was made was £169.00, so each month the payments will not be clearing the outstanding amount owed ?? How do I go about this ?? 

Thank you

    Best answer by Jen_D

    Hi,

    I'm so sorry but I must be being really stupid, I understand what you are saying but what I cant work out is 

    my previous statement had an end balance of £190.94 owing but the next months statement has beginning balance as £00.00 and the Debits and Credits are as on this months statement and there is no mention of the £190.94 !!

    So the £190.94 is still 'around' unpaid from the previous month 

    and this will mean every month there is money owing on the card it will sow up as the difference

    should I have set the Credit Limit for the card somewhere ?

    I hope I am making sense !!

    Sorry to be a pain


    Thanks for posting here again, @Jt72,

     

    We want to make sure you're able to reconcile the credit card account correctly. The key to the reconciliation is inputting your ending statement balance and matching the transactions in QuickBooks with the cc statement.

     

    Once all the transactions shown on your statement are marked as “cleared” in QuickBooks, the QuickBooks cleared balance will match the statement balance, and the account is reconciled.

     

    I found this really helpful guide that is shared by one of my colleagues. You may refer to the steps and instructions from this link on how to reconcile credit card accounts in QuickBooks.

     

    Kindly update me on how it goes. I'll be right here if you need further help with the reconciliation process.

     

     

    1 reply

    E
    EmmaM
    March 8, 2021

    Hello Jt72, when you are putting the ending balance of the statement for the reconcile if the balance is not cleared then you need to reflect that in the amount you say the ending balance is otherwise yes you  will always have a difference if the balance is not cleared to zero in that statement date range/reconcile time period.

    J
    Jt72Author
    March 8, 2021

    Hi Emma

    Thank you for your reply, but I am still confused as to what I need to do ? 

    E
    EmmaM
    March 8, 2021

    Hello Jt32, When you have gone to tools >reconcile>what figure have you entered as the ending balance for the credit card?

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