After update, credit card entries are reversed
I have updated to Mac version 7.0.2, and I just imported my latest credit card transactions using Quicken Connect, but now for each of the transactions, the balance DECREASES for each transaction. It is sorted correctly by date and the balance is going down. As much as I wish that is how it worked, it is not. Now my quicken balance is all out of whack with the actual credit card balance. (screenshot attached). I did check the details to make sure it didn't get somehow changed to think this is a checking account since that's kind of how it is acting, but no, it is still listed as a credit card account. Please advise!
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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.....
I'm staying on Quicken 2013 Premier for Windows.
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@reaganljohnson In your screenshot, assuming the last column you included is the Balance column, then the problem is exactly as @volvogirl described above: your credit card has a credit (positive) balance. So new charges, which are negative, reduce the positive balance. So it's actually working correctly. The issue is why you have a positive balance around $4,000 as of 4/23. Look back to see when the balance switched from negative/red numbers positive/back numbers; look at your payments to see if a payment has been duplicated, or if there is some other large transaction which flipped your account balance from negative to positive.
Quicken Mac Subscription • Quicken user since 19931 -
That was it! There was a large payment intended for my other Chase card that I had previously inadvertently assigned to this card, so essentially it thought I was chipping away at a credit balance. Thanks!
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