How to deal with Credit card accounts where the balance in quicken does not match the Credit card

Jgannon

Hi, I'm new to Quicken and so far, I like it. I'm Dedicated to making this work, but there are many things I don't know or understand yet. My main purpose is to get my credit card debit under control. I have an account where the credit card company says the balance owed is a few hundred dollars but quicken has my balance as a credit of several thousand dollars, as if I massively overpaid the company (chase). How do I deal with this situation? As far as I can tell the transactions are all correct. The history goes back 2 years but not back the start of the account of course. Am I supposed to put an adjusting transaction in at the beginning of the history?

Thanks So Much from a newbie!

bmciance

https://community.quicken.com/discussion/7930820/how-to-deal-with-credit-card-accounts-where-the-balance-in-quicken-does-not-match-the-credit-card

To answer your question, there should be an opening balance for the account. This balance should match the balance in the account at that point in time (if you have the full history then the opening balance entry would be for 0.00). If it doesn't match or if there is no opening balance entry then yes you should enter it or adjust it to make it correct. Note that the opening balance entry uses a category of the account itself (a “transfer” entry back to the same account).