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joefake1
January 1, 2024
Solved

Credit Card Quickbooks Balance

  • January 1, 2024
  • 2 replies
  • 0 views

Hello,

 

I am looking at my chart of accounts and noticed that I have a significant negative "QuickBooks Balance" for my company credit card which is linked to my QuickBooks account and has been from the start.

 

Every time I made a payment from my bank account to the credit card (also linked to QBO from the start) I matched that to the transaction so not sure why there would be a QuickBooks balance.  I show a small balance in my bank balance which is the outstanding amount I owe on the credit card - so that part makes sense.

 

Should the QuickBooks balance be 0 since the credit card has been paid off every month?  Is there something I'm doing wrong here when matching those transactions?

 

Thanks.

Best answer by Rainflurry

@joefake1 

 

"Should the QuickBooks balance be 0 since the credit card has been paid off every month? Is there something I'm doing wrong here when matching those transactions?"

 

The QB balance is the balance based on the entries in QB.  Whether it is ever $0 depends on how you enter your cc transactions.  But, the fact that you have a -$2,764.52 balance is, presumably, not correct.  Also, just to clarify, the bank balance shows a negative amount as well so that is a credit, not what you owe.  When you view your credit card register, do you see duplicate payments made?  That is the most likely issue unless you're not recording the charges to the cc properly.  Having an incorrect negative cc balance means you have either paid too much on the card or not recorded the charges properly.  If you have duplicate payments, then your bank account should be understated by the same amount.     

2 replies

J
Jelayca V
January 1, 2024

I appreciate the detailed information and screenshot you have provided, joefake1. There are several possible reasons why your bank balance does not match. I can share some information to resolve this.

 

It is possible that the negative balance is caused by an incorrect opening balance or a discrepancy in your record transactions and reconciliation. You may want to review and update the opening balance entry in the Chart of Accounts and double-check your record transactions and reconciliation. 

 

You can also try categorizing and matching your online bank transactions in QuickBooks Online to avoid duplicates and ensure that your accounts are balanced. 

 

If you’re still having problems with mismatched problems, you may also read these articles for further help:

 

 

Don't hesitate to reach out to us again if you have any further inquiries about credit card balance in QBO. I'll be of help. Best regards. 

Rainflurry
RainflurryAnswer
January 2, 2024

@joefake1 

 

"Should the QuickBooks balance be 0 since the credit card has been paid off every month? Is there something I'm doing wrong here when matching those transactions?"

 

The QB balance is the balance based on the entries in QB.  Whether it is ever $0 depends on how you enter your cc transactions.  But, the fact that you have a -$2,764.52 balance is, presumably, not correct.  Also, just to clarify, the bank balance shows a negative amount as well so that is a credit, not what you owe.  When you view your credit card register, do you see duplicate payments made?  That is the most likely issue unless you're not recording the charges to the cc properly.  Having an incorrect negative cc balance means you have either paid too much on the card or not recorded the charges properly.  If you have duplicate payments, then your bank account should be understated by the same amount.     

J
joefake1Author
January 3, 2024

That was it!  I had to undo my previous categorization adds on the payments and then they automatically came up as available to match to CC payment and it balanced out after that.

 

thanks!

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