New credit card account Balances wrong

davemeasor7

I established a new credit card account & using manual entries the payments end up as liabilities & thecharges as asset or reducing balance What is wrong?

UKR

Is the Opening Balance in your account correct?

Make sure that the "Opening Balance" transaction in your register
- always is the oldest transaction by Date
- its amount matches the bank statement balance shown on that day
- the transaction is marked "R"(reconciled) in the "Clr" column
- occurs only once in your register
- uses the same account name, surrounded by [square brackets], as Category as the account it's in (e.g., Opening Balance transaction in your MyChecking account has Category = [MyChecking]) *
- if you owe money in a credit card account, the Opening Balance transaction as shown in the register must be a negative amount, e.g., $-123.45

If the Opening Balance isn't correct, your register balance on any given day will never match the bank's balance on the same date.

* that's called a "transfer back into the same account" and is OK. Quicken uses this method to establish the Opening Balance without making it appear as an Income or Expense in any views or reports.

UKR

Is the Opening Balance in your account correct?

Make sure that the "Opening Balance" transaction in your register
- always is the oldest transaction by Date
- its amount matches the bank statement balance shown on that day
- the transaction is marked "R"(reconciled) in the "Clr" column
- occurs only once in your register
- uses the same account name, surrounded by [square brackets], as Category as the account it's in (e.g., Opening Balance transaction in your MyChecking account has Category = [MyChecking]) *
- if you owe money in a credit card account, the Opening Balance transaction as shown in the register must be a negative amount, e.g., $-123.45

If the Opening Balance isn't correct, your register balance on any given day will never match the bank's balance on the same date.

* that's called a "transfer back into the same account" and is OK. Quicken uses this method to establish the Opening Balance without making it appear as an Income or Expense in any views or reports.