Ending balance on credit card bank reconciliation
When i’m doing the bank rec for a credit card, can you please tell me if the ending balance i put in is a negative or a positive as this information isn’t stated in your tutorial. My credit card in QBO is a type credit card. I have put the ending balance in as a positive (on the credit statement it is $1,175.88 DR) and matched off all of the transactions, yet my imbalance is negative double the beginning balance.
Statement ending balance $1,175.88
Cleared balance $1,902.60
Beginning balance $363.36
Difference -$762.72 (negative double the beginning balance)
I hope you can help,
You should always enter any numbers in the reconciliation screen as positive. Go back and make sure that the beginning balance in the reconciliation screen matches what your credit card statement has for the beginning balance. In QuickBooks, this field should be grayed out because it will auto-populate from the last reconciliation you completed. If that is correct, double check that you entered the current balance from your credit card statement into the ending balance field in QuickBooks. I think your issue may be with one of these two numbers.
If that doesn’t resolve the issue, try the troubleshooting tips I included in the article.
Crystalynn Shelton, CPA
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