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C
cjoy
April 11, 2022
Question

Reconciling Credit card with Credit Balance

  • April 11, 2022
  • 2 replies
  • 0 views

Hello. I am still in need of help with this problem. 

I paid it in real life twice and my credit card statement shows it. I paid the credit card membership fee twice ($55x2) so my payment credit was $110.00 I only have one other expense of $28.97 that is why it shows a credit balance of $26.03.  I do not know how to go about reconciling the credit card statement with this credit balance.  Every time I reconcile a credit card or bank statement, I've been taught to always end up with "0". 

Can anyone help?

2 replies

R
rvrfrf
April 11, 2022

Thanks for getting in touch with the Community, cjoy.
 

Before you begin reconciling, you'll want to review your opening balance. Initially, be sure to make a back up of the company file. If you're reconciling an account for the first time, be sure to review its opening balance.

Next, make sure you enter all transactions for your statement period you plan to reconcile. If there's transactions that haven't cleared the account and aren't on your statement yet, wait to enter them.
 

Once you've obtained a copy of your bank statement, you can start reconciling. If you're reconciling multiple months, you'll want to start with your oldest statement. Reconcile each month separately, one statement at a time.
 

Here's how:

  1. In the top menu bar, go to Banking, then Reconcile.
  2. In your Account field, choose which bank or credit card account you want to reconcile.
  3. The Statement Date is automatically filled in. Usually, it's 30 or 31 days after your statement date of the previous reconciliation. Change it as needed to match your statement.
  4. QuickBooks also automatically enters the Beginning Balance. It uses your ending balance from the last reconciliation to get this number.
  5. Enter your Ending Balance based on the statement.
  6. Enter your Service Charge and Interest Earned based on the statement. Don't enter charges you've already entered.
  7. Review your fields. If the information is correct, select Continue or OK.

 

If your beginning balance doesn't match the statement, don't worry. You have a few tools that can help:

  • In the event your numbers don't match, click Locate Discrepancies. This gives you reports you can use to find discrepancies and other reconciliation issues.
  • If you still have problems, here's how to fix your opening balance and beginning balance.
  • In the event you need to start over from scratch, you can select Undo Last Reconciliation.

 

Next, you'll need to compare your statement and QuickBooks.

 

Please feel welcome to send a reply if there's any additional questions. Have an awesome day!

C
cjoyAuthor
April 11, 2022

Thank you for reaching out. I just need specific help on how to handle the credit balance on my credit card statement so I can reconcile properly.

Candice C
Candice C
April 11, 2022

Hey there again, @cjoy. 

 

Thanks for reaching back out to us with more information on what you're needing. 

 

If you're unable to correct the balance to reconcile correctly, I suggest working with your accountant on guidance for this problem. If you don't currently have one, check out this link to find one near you.

 

Feel free to come back and tell us how it went after speaking with your accountant. Have a wonderful Monday! 

D
DEBRAIDDINGS
August 2, 2022

Hello,

I had this same scenerio.  Just put the amount as -26.53 (or what ever your amount is) use the - sign and it will reconcile.  Had to do this a couple of times and it worked out to zero balance.

 

Debra

J
joyrideraz
August 5, 2022

When I enter a negative number in the "Ending Balance" field to represent the credit, QB removes the negative and makes the ending balance a positive number. How do you get it to hold a negative number so that you can reconcile correctly? 

 

R
RCV
August 5, 2022

Let's get this sorted out and display the transactions on the Reconcile page, joyrideraz.

 

We'll need to enter the negative balance as you start the reconcile process. Let me show you how:

 

  1. Select Reconcile in the Banking section.
  2. Click the Account drop-down menu, and then select the credit card account under Credit Cards.
  3. The Statement Date is automatically filled in. Usually, it's 30 or 31 days after the statement date of the previous reconciliation. Change it as needed to match your bank statement.
  4. QuickBooks also automatically enters the Beginning Balance.
  5. In the Ending Balance field, enter the negative amount. 
  6. If your bank statement shows a service charge or interest that you didn't enter into QuickBooks, don't worry. Enter the amounts in the Service Charge and Interest Earned section. Don't enter charges you've already entered in QuickBooks.
  7. Review the fields and select Continue to start reconciling.

 

If the same thing happens, there may be a damaged data on the company file preventing the negative value to appear. You can follow the steps in this article to troubleshoot the issue: Resolve data damage with your QuickBooks Desktop company file.

 

In case you encounter some issues upon reconciling. This great resource will surely help you with fixing it. For the details, please check out this article: How to fix reconciliation issues in QBDT?. To learn more about reconciliation, you can check out these articles:

 

 

I'd be happy to hear any updates after performing the steps as I want to ensure this is resolved for you. Also if you have questions about running reports, please add a reply below. I'd be happy to assist you further.

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