Reconciling CC Account

Posted by Kevin on June 14, 2008, 10:17 pm

Please log in for more thread options

I think I may have been doing something wrong. I have a credit card account
set up in QB Pro 2003 as 'Credit Card' type account. I use the CC entry
window to enter purchase and when the statement comes, I reconcile from the
Banking window, then let QB enter a bill to pay on the due date. All has
been well until last month. I carried a balance over to this month on the
bill, rather than paying everything off. Thus, my Reminders window has
showed that I have Bills to Pay, the remainder on the cc bill AND when I
went to reconcile the account this month, it shows under the payments column
the entire balance from last months bill even though I only paid off a
portion of it. Have I been doing something wrong all this time? How can I
fix this?

Posted by Haskel LaPort on June 15, 2008, 7:36 am

Please log in for more thread options

>I think I may have been doing something wrong. I have a credit card account

>set up in QB Pro 2003 as 'Credit Card' type account. I use the CC entry

>window to enter purchase and when the statement comes, I reconcile from the

>Banking window, then let QB enter a bill to pay on the due date. All has

>been well until last month. I carried a balance over to this month on the

>bill, rather than paying everything off. Thus, my Reminders window has

>showed that I have Bills to Pay, the remainder on the cc bill AND when I

>went to reconcile the account this month, it shows under the payments

>column the entire balance from last months bill even though I only paid off

>a portion of it. Have I been doing something wrong all this time? How can I

>fix this?

The procedures you outlined are correct and the subsequent reconcilation
should have appeared as you expected.

Based only on the facts given there are two possibilities. One, your data
has become damaged or when you reconciled last month you posted the credit
card payable to another vendor to whom you paid in full. Highlight the
payment in the reconcilation window and click on the go to button to drill
down to the actual transaction and see more details.

Posted by N Owen on June 15, 2008, 8:03 am

Please log in for more thread options

>I think I may have been doing something wrong. I have a credit card account

>set up in QB Pro 2003 as 'Credit Card' type account. I use the CC entry

>window to enter purchase and when the statement comes, I reconcile from the

>Banking window, then let QB enter a bill to pay on the due date. All has

>been well until last month. I carried a balance over to this month on the

>bill, rather than paying everything off. Thus, my Reminders window has

>showed that I have Bills to Pay, the remainder on the cc bill AND when I

>went to reconcile the account this month, it shows under the payments column

>the entire balance from last months bill even though I only paid off a

>portion of it. Have I been doing something wrong all this time? How can I

>fix this?

You have been doing it correctly - only, last month when you were goiung to
make a partial payment, the "bill" should have only been for that amount.
Not the full amount of the CC balance. Before going any further, you can go
back to the "bill" you created & change it to only the amount that you
actually paid. Then, your CC should reconcile fine - only show the amount
that you actually PAID as a payment on the account. HTH
N Owen

** Posted from http://www.teranews.com **

Posted by Kevin on June 15, 2008, 8:39 am

Please log in for more thread options

>>I think I may have been doing something wrong. I have a credit card

>>account

>>set up in QB Pro 2003 as 'Credit Card' type account. I use the CC entry

>>window to enter purchase and when the statement comes, I reconcile from

>>the

>>Banking window, then let QB enter a bill to pay on the due date. All has

>>been well until last month. I carried a balance over to this month on the

>>bill, rather than paying everything off. Thus, my Reminders window has

>>showed that I have Bills to Pay, the remainder on the cc bill AND when I

>>went to reconcile the account this month, it shows under the payments

>>column

>>the entire balance from last months bill even though I only paid off a

>>portion of it. Have I been doing something wrong all this time? How can I

>>fix this?

> You have been doing it correctly - only, last month when you were goiung

> to

> make a partial payment, the "bill" should have only been for that amount.

> Not the full amount of the CC balance. Before going any further, you can

> go

> back to the "bill" you created & change it to only the amount that you

> actually paid. Then, your CC should reconcile fine - only show the amount

> that you actually PAID as a payment on the account. HTH

> N Owen

> ** Posted from http://www.teranews.com **

This did the trick. I guess I just assumed that QB would make the necessary
adjustments.

Posted by Laura on June 15, 2008, 9:07 am