Why are credit card transactions not posting correctly in the register?

I recently reactivated a credit card account for online transactions. The transactions for payments and charges downloaded and posted to the account in the proper columns in the register but have the opposite effect on the balance. Charges decrease the balance, and payments increase the balance on the account. I checked to make sure the the account type was setup as a credit card account to be sure the transactions would post correctly but Quicken is treating the transactions as if the account is a bank account. I've never encountered a situation like this ever, and I've used Quicken and Quickbooks for over 40 years.

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    The numbers in the Balance column for a credit card Account are typically printed in RED and with a minus sign.  However if the credit card company "owes you", the Balance number where that situation occurred - maybe a large return of a purchase or you made a double payment - is in BLACK with no minus sign.
    If the Account started out with a black balance figure when you reactivated the card, then what you've described would make sense: purchases reduce the amount the credit card company owes you, payments would increase the amount they owe you.
    Any chance that's the situation here?
  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
    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. I've been reading the opening balance might have got changed during an update or when syncing.

    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…..

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