Debits and Credits Reversed (WIN)

System

This discussion was created from comments split from: Debits and credits are reversed!.

GaKaye

I have had this same issue with the two credit cards that I update using the one-step update. The accounts are set up as credit cards, and were working correctly until I had a credit balance at one point. From that point on, debits were treated as credits and credits were treated as debits. Disconnecting and reconnecting didn't solve the problem. Today, I manually entered a balance adjustment transaction to bring the balance to agree to the online balance, downloaded transactions, and they posted correctly. I pay my balance in full each month, and never actually had a credit balance; at some point transactions must not have downloaded and I didn't realize it. In any event, once Quicken sees a credit balance on a credit card, it treats the account like a deposit account, even though it's a credit card. This is definitely a bug that needs to be fixed.

volvogirl

Sounds like it's working right.

Sounds like you're running a credit balance. Is the balance in red or black? Look back through your transactions and maybe you'll spot one that was entered backward. Or a payment in the charge column or a charge in the payment column. Look around back where this first started happening.  Or maybe you are missing some charges? 

If the balance is in Black, it means you have a credit on the card.  Like if you overpaid the bill or got a refund for something you returned.   When you enter a charge it will reduce (decrease) the credit you have available on it.   And a payment will increase the balance.

Also make sure you have the right starting balance.  If it's zero you might need to add a beginning balance for when you started the account in Quicken.

 The credit card balance you OWE should be in RED. If the balance is Black then it's showing the credit card company owes you and you have a credit balance. And then when you make a payment it's like the cc owes you more. So you need to go back though your entries and find where the balance switched to black to being in your favor.

See this for more info.....

https://www.quicken.com/support/positive-black-balance-credit-card-

GaKaye

Volvogirl, please take a look at my comment above yours. It's definitely not working correctly. "once Quicken sees a credit balance on a credit card, it treats the account like a deposit account, even though it's a credit card. This is definitely a bug that needs to be fixed." BTW, I'm a retired banker, so I definitely know the difference between a debit and a credit.

NotACPA

I'm a retired banker also ... and you never answered @volvogirl's question about the color of the balance.