Why Chart of Accounts for Credit Card (QB Balance) show positive value and Bank Balance negative? If I owe money, should the balance in QB also be negative value?

Hi there,

I appreciate you reaching out to the Community. I'll be happy to share information about the opening balances on your accounts. 

If this is the debt you owe to credit card provider, it'll show as a negative amount in the Chart of Accounts. First, it's important to note some of the reasons which affect the open balance: 

• Somebody changed the amount or account of a previously reconciled transaction.
• Somebody deleted a previously reconciled transaction.
• Somebody deleted or changed the amount or account of a transaction that was connected to a previously reconciled transaction.
• In the register, somebody unreconciled a previously reconciled transaction by changing the reconciliation status from reconciled (R) to cleared (C) or neither (blank).
• In the register, somebody reconciled a transaction by changing the reconciliation status to reconciled (R).
• The account's opening balance is incorrect.

If you need to enter the opening balance, here's how: 

1. Click the Create (+) menu, and select Journal Entry.

2. Debit the credit card account.

3. Credit the Opening Balance Equity account.

4. Click Save.

Give this a try and if you need further assistance, don't hesitate to reach out to our support team using this link.

Hi jschorn7

The chart of accounts in quickbooks displays values in the 'expected value'; that is if you have a liability like a credit card which typically has a credit balance the  value shows as positive.  It is in fact a credit if you look at the journal entry behind the scenes.  It's the same way it's shown on the Profit & Loss, and Balance Sheet; credit balance accounts - like revenues, liabilities, and owners equity - all show positive if they have a credit balance as that's whats expected to have happened.