Hi, how do I reconcile a credit card statement if the closing balance is in credit?
EG:
Opening Balance $4419.61-
Deducted Payments $2000-
New Purchases $5223.52
Closing balance $1196.09-
This is just one card of 7, all the other cards have a closing balance of $0
My total reconciliation is out $1196.09-
Should I be entering a transaction for this amount? To make it balance?
Hi JulieCDT,
Thank you for your post and welcome to the Community Forum.
In this regard, In the account field, enter the account you want to reconcile. The last recorded date for this account is shown. In the Closing Statement Balance field, type the closing balance that appears on the statement your bank sent. This help articles : Reconciling your bank accounts has the detailed instructions and information that you can use as a guide.
However, if you are unsure of the figures to put in, we recommend speaking with your accountant or bookkeeper.
Please let us know if you require any further assistance with this. We are happy to assist.
If my response has answered your enquiry, please click "Accept as Solution" to assist other users find this information.
Kind Regards,
Cel
Hi
Thanks for your reply, not sure you understood what I was asking. I have been doing reconciliations for a while and every time they balance, my issue is on one of our credit cards has a positive closing balance, this is the amount that Im out... how do I show this?
Hi JulieCDT,
Thank you for getting back to us and providing an update on the issue. Thank you for the screenshot.
In this regard, a positive balance on your credit card, also called a credit balance, is an overpayment or refund on your card. It is an amount that belongs to you, so it is the opposite of an amount you owe. You can just leave the positive balance on your card. Your next purchase will simply be deducted from the positive balance until your balance drops to $0. If you fully pay off such balances by the due date each month. You will not be charged any interest.
I hope this helps. Please let us know if you require any further assistance with this. We are happy to assist.
If my response has answered your enquiry, please click "Accept as Solution" to assist other users find this information.
Kind Regards,
Cel
