Chase Credit Card has reversed math

felixrbelanger

For some reason, my credit card balance is now decreasing with every charge, and the balance is increasing with every payment. I noticed this today after reconciling my CC statement. Prior to reconciling my CC, I had followed the steps to change the way Quicken interacts with Chase.

In addition to that, the download from Chase contained about 8 duplicate items; that is items that had already been reconciled in Quicken. One of the duplicate charges went back to June.

volvogirl

I've been reading the opening balance might have got changed during an update or when syncing.

First make sure you are sorted in Date order with the newest date at the bottom. If you are not then click the DATE Column heading to sort.

 

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-account 

 

Jon

Scroll back to the opposite end of the register where the oldest transactions are located and make sure Quicken didn't put some sort of balance adjustment transaction at the beginning of the account.

As for the duplicate transactions going back 3 months, that seems to be typical when changing to the new connection method. They didn't come back for me after I deleted them, but some users have reported that if they delete the duplicates they reappear the next time they sync.

volvogirl

I've been reading the opening balance might have got changed during an update or when syncing.

First make sure you are sorted in Date order with the newest date at the bottom. If you are not then click the DATE Column heading to sort.

 

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-account 

 

felixrbelanger

Thank you both. There was a payment in the opening balance that made most of the subsequent balances appear as a positive number (black). And that threw me off. Volvogirl, your reminder that most balances needed to be red was very helpful in helping me understand why the register was off.