by Darleen Hernandez
I need help reconciling the credit card account.
I just found out that I can maintain a credit card just like I do my checking account so that all charges and fees are accounted for. I have been doing it wrong for years. I have just been posting the payment in “Write Checks” and listing the particular credit card in the “Account” column. Then, every year I hand write a chart that lists each credit card and all the transactions for each month.
I will be redoing my income tax returns for 2006 and 2007 (because I forgot to do the charts) and want to correct my credit card entries starting 1/1/06.
I thought I could just enter the opening balance in the register from “Chart of Accounts” and go from there, but when I went to reconcile January, 2006, all the other check payments were listed in the Payments and Credits column. There is no way for me to balance.
How do I make the cards a clean slate starting from 2006 in order to start entering these charges and payments correctly? I have QB Basic 2004 edition.
Based on your post, it doesn’t sound like there is anything unusual preventing you from reconciling. Just make sure all of the individual charges are entered.
It’s normal for all of the Checks and Payments to appear in the Reconcile window. So don’t worry about that.
You will need to reconcile each month as you do for your checking account. Just have the Jan 2006 statement in front of you, and follow the same reconciliation process you do normally.
Here are some instructions for reconciling accounts (copy & paste into a new window):
A very helpful trick in situations like yours is check the box that says, “Hide transactions after the statement’s end date,” in the top right corner of the Reconcile window. This removes all transactions dated after the ending date you entered in the Begin Reconciliation window (removes clutter!).
I hope gives you some help reconciling the credit card account. Let me know by posting a comment below.
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