Duplicate Credit Card Payment - Bank Reconciliation Error - QuickBooks Online Tutorial

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[@user-gs8im4kg2m]

This was the exact situation I was trying to figure out. Thank you so much for the in-depth explanation!

[@FeliciaDanielleBurns-rh6qu]

Thank you, thank you, thank you!!! My CPA encouraged me to get Quickbooks online but I’ve had no formal training and I’ve been duplicating transactions and even though I was reconciling my bank statement I didn’t know I needed to reconcile the credit card statements, so when I did that I duplicated and made my profit and loss statements way off.

[@tatianat2652]

Very helpful. Thank you

[@smallbiztaxlady]

Thank you!!

[@jessicadee2129]

Thanks for the information. I am cleaning up books for a client and they had a similar situation happen in 2022. Since this happened last year I don't want to reopen all the bank recs from the past. What would you do to correct this from a prior year? In the bank account it was recorded as a check and in the credit card account it was recorded as a credit card payment. Thanks for your help!!

[@LearnBookkeepingToday]

Hi Jessica: My response is assuming that you still have the duplicate(s) "uncleared" in the reconciliation for both accounts. You will effectively want to enter the reverse entry of the credit card payment, but dated 1/1/23. This would be a "Deposit" entry to the bank account where the line-item in the body of the transaction is the Credit Card. This will increase the cc balance and increase the bank account balance on your books. Then you can mark the 2022 duplicate payment and this reversal in your next reconciliation, because they should cancel each other out, netting to $0.

[@reaganhernandez5861]

The CPA is ok with me just using vendor capital one and expense gas and fuel... Been doing it for a year now QuickBooks gave me an error message must choose a credit card??? I don't understand can you help

[@LearnBookkeepingToday]

Hi Reagan - I assume you are talking about importing bank transactions in QBO. It is probably prompting you to set a transaction as a “credit card payment” when you are trying to just post it to Gas And Fuel Expense. Is that right? To allow you to post it this way, you should click over to the “Categorize” option for importing this bank transaction.

[@lesley3042]

This is what is happening to my accounts. It’s affecting my balance statement as well. If we enter R to fix it will it fix the Balance statement?

[@LearnBookkeepingToday]

Hi Lesley: To make sure I understand correctly, are you saying that you are deleting a duplicate which is already reconciled in one account but not the other, and this is throwing off your "beginning balance" on the reconciliation? If so, then yes, marking the remaining payment as "R" in the register should fix the reconciliation beginning balance, as long as this transaction is the exact same amount as the deleted one.