Reconciling Your Credit Card in QuickBooks Online - My Cloud Bookkeeping

When you reconcile your credit card in QuickBooks Online you are comparing the entries in QuickBooks to the statement you receive from your bank.
It is very important to reconcile your credit card on a regular basis. When you reconcile to the credit card statement you can ensure that you have recorded all of the transactions on the statement, and recorded them only once! I'll walk you through the steps in this video.
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• Reconciling Your Credi...
HIT LIKE AND LEAVE A COMMENT BELOW IF YOU'VE ENJOYED THIS VIDEO! 👇👇👇

[@surajverma6006]

Very nice, Thanks.

[@MyCloudBookkeeping]

You're welcome!

[@MyCloudBookkeeping]

A very important step! If you have any questions about reconciling, or QuickBooks Online in general, reach out!

[@lsuarez0202]

Hi, I am reconciling a Chase Business acct for the first time, but the statement doesn't have a ending balance only shows " New BAlance" and an "opening/closing" date which does not end at month end. What do I do? Also when I set up the CC, I didn't add an opening balance. I have entered all the expenses and payments to the CC and I show a positive 5k amount. please help!

[@MyCloudBookkeeping]

@@lsuarez0202 Hi Lennys, that's strange - is there a tally of balances alongside the transactions? Note that not all statements end on month end, so perhaps your statement ends on a different date. You will need to enter your opening credit card balance - QuickBooks Online normally uses the Opening Balance Equity account for that amount. If you would like to work with me to get your reconciliations sorted out book a time: calendly.com/kerry-11/one-hour-consultation-us Otherwise, I hope this helped!

[@immanuvel2047]

Hi mam im new to amex credit card reconciliation I'm unable to fine starting balance and ending balance and ending date in statement could you please help me to find out Thanks

[@MyCloudBookkeeping]

Reach out to Amex, they should be able to advise how much you owe on the current statement. The amount owing in the prior statement is the opening balance.

[@immanuvel2047]

@@MyCloudBookkeeping Hi mam thank you for your explanation and prompt response.

[@findingtina7967]

Hi! I am trying to reconcile parent child credit cards. Do you have any videos on that? Or any kind of a tutorial?

[@MyCloudBookkeeping]

I don't - someone did share an excellent one with me - that someone else made! try searching for bank of america reconciliation - let me know if you find it!

[@user-sj2pc5iv4k]

Thank you for the video! PLEASE help :) .Why does my CREDIT CARD balance show $0, but in QBO $2404? When I reconcile, and check all transactions, it shows a difference - $2404. I do not have a beginning balance, it is a new account, I set up an opening balance $0. The ending balance and dates are correct. EVERY BANK STATEMENT TRANSACTION matches the amounts in QBO. Where is the mistake :( ? What should I do? Should I create a journal entry? What entry? But I want to understand the problem. Thank you!

[@MyCloudBookkeeping]

DON'T DO A JOURNAL ENTRY!!!! There must be some entries in QuickBooks Online that are not on the statement, or on the statement that are not in QuickBooks Online. If you find what those transactions are - normally by reconciling, you will know what to do with them. Unless it was the balance of the account when you connected it - have a look in Opening Balance Equity - if that is the case you can delete that entry. Hope that helps!!

[@roszy8121]

I am having same issue. What worked for you? I am not understanding why I have a - negative when my beginning balance was $0 new Credit Card.

[@davidr4523]

Excellent video! I am buying an 2018 version of Quickbooks Desktop Pro. Can I still import banking activity or do I need to upgrade to a Quickbooks subscription version to be able to utilize this feature. I was informed that May 2023 was the cut off date for banking activity imports from Desktop versions without a subscription. Can you please confirm. Thank you!

[@MyCloudBookkeeping]

HI David, I don't work with QuickBooks Desktop. All of my videos are about QuickBooks Online.

[@saniaumar8880]

Hey.. whats the difference btween reconciling a bank account and credit card account?

[@MyCloudBookkeeping]

no difference at all! for one you are reconciling to your bank statement for the other to your credit card statement.

[@yiraortega5046]

Do I enter a journal entry for credit cards as well

[@MyCloudBookkeeping]

Hi Yira, I would not recommend using journal entries in QuickBooks Online unless you absolutely need to. You can add your credit card expenses directly from the bank feed, or enter them as an expense in total if you don't have your credit card connected.

[@DreamFirms]

Learned a lot!

[@leannaulberg771]

Quickbooks online has recorded our cc account payment but did not pull charges. How can I add or record charges on my statement to QBO for reconciliation

[@MyCloudBookkeeping]

Do you have your credit card connected? If so, it should pull in the charges.

[@lucygarcia970]

Hi Im trying to reconcile a credit card but Im missing one credit card statement, and cannot get it what should i do? Please help

[@MyCloudBookkeeping]

Hi Lucy, if you use the opening balance from the next statement does it reconcile? If so, you're good! If not, you may have to try to get the statement from the bank somehow. Good luck

[@lucygarcia970]

Yeah that’s what’s happening, I will try to get it, Thank you for sharing your knowledge 🫶🏻

[@Jessica-zn8uz]

I am wanting to reconcile a credit card that was previously used before and had a previous balance before it was used for business transactions so when i go to start reconciling its not accurate to have it start at 0.00 even though that balance is not business related. Can I ask what you would do then?

[@MyCloudBookkeeping]

Hi Jessica, you could allocate the opening balance to Owners Draw or something like that - it would take the opening balance into account, but not include it in any business transactions.

[@Jessica-zn8uz]

@@MyCloudBookkeeping thank you!

[@deborahtate192]

How to reconcile if you never recorded the charges, but you recorded the payments. Also, you overpaid the due amount so now you have a credit.

[@MyCloudBookkeeping]

Hi Deborah, when you are reconciling you are comparing what is in your books to the bank - you need to enter everything into QuickBooks in order to reconcile. It doesn't matter if the balance is a credit - you would enter a credit (minus number) and reconcile to that. Remember, that when you reconcile you are always going from your statement to QuickBooks - I find it best to go one for one from the statement and circle anything that doesn't show up. Good luck!

[@deborahtate192]

@@MyCloudBookkeeping Thank you