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A
Anonymous
November 18, 2022
Question

Credit card register

  • November 18, 2022
  • 1 reply
  • 0 views

Hello

Charges and Payments Columns don't appear to be producing the right running balance. The charges are decreasing the credit card liability and the payments are increasing it instead of the other way around. This is happening in the current month, I ended up with the correct balance a month ago.  The account is set up as Credit Card. Setting up as a bank account still produces the wrong running balances. The individual payments are recorded correctly in the expense accounts. I'm not sure how to fix this. Thanks for any insights.

1 reply

R
Rea_M
November 18, 2022

Hello there, @773515.

 

Let's review any discrepancy reports to drill down each transaction that affects the running balance of your credit card register in QuickBooks Online (QBO). 

 

Before we begin, here are some of the possible causes your credit card account register shows an incorrect running balance:

 

  • New transactions for a connected account.
  • Outstanding transactions.
  • Duplicate transactions.
  • Edited or deleted transactions.
  • Unreconciled in the register or reconciled in error.

 

You'll first need to review the beginning balance (the amount in the account at the beginning of the period you're reviewing) in QuickBooks. Then, match and categorise all your downloaded transactions to get your final correct beginning balance.

 

Once you're done, check if anyone makes a change that affects your beginning balance. If so, you'll get a message before you start reconciling. Then, perform the following:

 

  1. Select the We can help you fix it link to open your discrepancy report.
  2. Review the discrepancy report. Use it to decide if and how to make changes.
  3. Before editing anything, talk with whoever made the changes - they may be intentional.

 

When you know you need to make corrections, review each transaction on the report one at a time:

 

  1. Select View to see the history of changes to the transaction.
  2. Review the Change Type column. This tells you what changed.
  3. Make edits based on the message in the Change Type column.

 

For the step-by-step guide, please refer to this article: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

Also, I encourage you to reconcile your accounts in QBO regularly (every month). This helps monitor your income and expense transactions and detect any possible errors accordingly. You may want to check out this article as your reference to guide you in doing and fixing reconciliation in QBO: Learn the reconcile workflow in QuickBooks.

 

I'm all ears if you have other banking and reconciliation concerns or questions about managing transactions in QBO. I'm always around to help. Take care, and I wish you continued success, @773515.

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