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Correct journal entry category error on reconciled report

Forum|Forum|7 years ago
March 29, 2019
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Hello.
I'm using QBO Simple Start and reconciled a credit card statement, without the final statement last week - just used the current balance. Won't do that again.

The reconciliation included a journal entry with a credit card "credit". This was an error - I'm new to QB and know now what category that entry belongs in is "inventory asset".

I deleted the journal entry. Went to reconcile and saw this credit card "credit" was a problem because the balance on the credit card is way off. Following the advice on this forum, recreated the journal entry, and all is fine, balance wise. But the balance isn't real. I didn't make the credit card "credit"/payment that is in the journal entry.

I believe I need to change the journal entry to the correct category (inventory asset) and also change the starting balance of the reconciled report. Is this possible?

Thanks for any help. I have leaned very heavily on this Q&A forum and am grateful for the time everyone takes to answer the questions.

QuickBooks Online

Best answer by Charies_M

Hello there, rhooper.

Thanks for letting us know the results of the steps that you've taken. I want this to be taken care of.

Deleting or removing transactions that were already been reconciled can affect the balance of your reconciliation report. Since you mentioned that the payment didn't actually occur in the first place, and you don't want to have it deleted from the reconciled transaction, you can create a Journal Entry for it.

Check out this article to know more about creating Journal Entries in QuickBooks Online (QBO): Enter Journal Entry.

Before doing that, I'd still suggest consulting an accountant to help and guide you on what's the best way to handle this. Your accountant can provide more expert advice in dealing with this concern.

Please know that you're always welcome to post any questions. I'm always around in the Community.

A

Anonymous

Hi, @rhooper.

It's great to see you again in the Community. I'm here to help share some information about changing your journal entry.

Yes, you are on the right track. You'll just need to change the entry to the correct category and ensure you change the starting balance of the reconciled report.

You may find this article helpful if you need to correct your starting balance: Edit an incorrect opening balance.

Let me know if you have additional questions. I'll be here to help.

R

rhooperAuthor

Thank you.

I changed the category. Now it is not a credit card payment. However, when I go to the credit card reconcile page it shows the deleted entry that was reconciled and wants me to account for that discrepancy. The only way I've been able to make that issue go away is to recreate the deleted journal entry - which is a credit card payment, that didn't actually occur.

I don't even know how the credit card reconciled to begin with considering this goofy mess!

C

Charies_MAnswer