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T
tobey1
July 8, 2024
Question

How do I zero out the disputed charge account correctly?

  • July 8, 2024
  • 1 reply
  • 0 views

How do I zero out the disputed charge account correctly? 

 

For context, we had an incorrect charge on our credit card not managed by QB. So a JE was created, Debiting Disputed Charges and crediting the expense account Software. 

 

Do I just create a reverse journal? Please help. Not sure what the correct procedure should be, note I did not create the original JE.

1 reply

A
Accracy Accounting
July 26, 2024

The initial entry for incorrect credit card charge is wrong

 

Initially you should just post an expense through bank feed allocating cost to "Disputed Expense" category or "Dispute Receivable".

I normally park these costs under receivable so they can be tracked month over month on balance sheet.

 

Subsequently, when the correction is reflected on credit card statement, a Credit card credit should be posted against the same Dispute Expense or Dispute Receivable.

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