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Credit card transactions posting backwards

pondman

I download credit card transactions from Chase Visa cards using "Express Web Connect+" Today I noticed my balance due in the account list and register did not agree with the balance due shown on the Chase site. When I looked at the register I noticed that credit charges were being treated as if they were a positive value and payments as a negative value. It was as if when you wrote a check from your checking account the available balance went up instead of down. I tried calling Chase but they told me to call back during the week when their IT staff would be available.

Has anyone been having the same problem?

I am using Quicken Deluxe version 51.12, build 27.1.51.12 on a PC with a Widows 10 Home operating system.

Thank You!

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Comments

volvogirl

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

pondman

Thank you for your suggestion. However what happens is when a credit card purchase posts it increase the "black" positive balance rather than decreasing it. It is really screwy. I wish my checking account worked that way!

Best Regards!

splasher

Re-read @volvogirl 's response. Black means that you are in a positive balance situation where you have overpaid your credit card balance.

pondman

Thanks to the two of you I think I have figured out how to rectify what happened. Recently Chase had to issue me a new credit card due to some potential fraud. When they moved things over to the new account it looks like they lost a monthly balance and only posted the corresponding payment I made based on their bill. When I enter a dummy charge equal to that amount everything balances and I end up with the correct balance based on Chase online. This account goes back 15 years so I am sure that is what hosed up things. I will call Chase on Tuesday and see if they can figure out why this happened.

Thank you both for your suggestions. Have a happy labor day weekend.

volvogirl

Glad you seemed to figure it out. Thanks for letting us know.