The best method for entering credit card payments in QuickBooks Online is to use Transfers. If you’ve manually entered the credit card balance as a positive number when, creating a new account in the Chart of Accounts, on reconciling screen, your beginning balance should also be positive, not negative. Enter the ending balance from the credit card statement in the Ending Balance field. I did not find a solution. If the Balance column is negative, you need to recheck your record transactions and reconcilation to troubleshoot a credit card balance. Then, you want to reduce the balance of the credit card for the EFT payment made. This causes duplicate expenses and a mess in the credit card liability account. So, the question remains: what is the best way to do the reconciliation? Should you need more help with your credit cards and balance sheet report, please let me know. We received a credit card statement that shows a credit ("negative") balance = no payment due. All Since a check or bill for the additional payment will not be created as part of the reconciliation process, a check or bill must be entered and coded to the credit card account. A negative balance in Credit Card means that you have deposited amounts greater than expenses. If your account shows a positive balance when it should not, it may be that duplicate payments were entered or charges were accidentally entered as payments. The three (3) main reasons why your QuickBooks bank balance and your actual bank balance are not matching, and what you can do about it. Credit Card with mutiple Sub-Accounts asked by Cynthia Russomanno Missing bank transactions in QuickBooks. I have 2 cards under one main cc account. Selecting Credit Card tells QuickBooks that you want to set up a credit … Ensure that the account you used is not the main one, but one of the two sub-accounts. Otherwise, make the journal entry as above, and it will apply for the next credit card bill. When creating transactions from the credit cards you'll need to select the correct Expense accounts or Items. Connect with and learn from others in the QuickBooks Community. How do I remove a customer credit (or negative balance) on their account? When you go to the Bank Deposit window to group your credit card sales for the day, the negative and positive Refund will cancel each other out. I had to pay my list bill outright, without reconciling because the balances remain off :(. Turning Credit Memos into Refunds takes time that could be used for better purposes. When you enter the bill or check, make sure to select your credit card account in the Account column and enter the full amount paid. The "Quickbooks" balance is $100. In our case, we have several credit cards that are associated with the master account. - Then, when I do the next statement from the credit card company, the beginning balance will be the credit amount of the current statement. If there are any … The net amount through the checking account is the “negative” deposit, or the net amount taken out (credited) of the checking account. A negative balance, on the other hand, will show up as a credit. ... DO NOT EVER USE ECHECK FROM QUICKBOOKS. Instead of each card being a sub-account, since it sounds like you pay the entire statement and not individually against each card, track each card as a Class and enter all cc charges with the Class to assign it to each employee. In this video, we show how to avoid a common error in QuickBooks Online: making credit card payments. All Thanks for your reply. Lesson Wrap-up It's essential that QuickBooks Online users understand the difference between Credit Memos and Refunds. You will first need to check the account TYPE in the Chart of Accounts. Thanks for getting back to us, BrandonPhoto. Turning Credit Memos into Refunds takes time that could be used for better purposes. 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