nav[aria-label="Primary Navigation"] { padding: 0; & ul { list-style: none; width: 100%; display: flex; flex-direction: row; justify-content: start; align-items: start; gap: 30px; padding: 0; & li { margin: 0; } & ul li { list-style: none; } } }

Reconcile Credit Card With a starting credit balance

The Keeper

I charged some dental work to my credit card - When the dental work was completed, the dentist said I had a refund due so he initiated a credit to my card.

When I received my statement today, it showed a previous ending balance of -$450.33 and purchases of $571.44.

If I enter $571.44 in the purchase window, $0.00 in the payment/credit window, and $571.44 as the ending balance, the "difference balance" before I begin checking off items is $1021.77.

If I enter $571.44 in the purchase window and $450.33 in the payment/credit window and $571.44 as the ending balance, the "difference balance" before I begin checking off items is still $1021.77

The "difference" balance before I start clearing items is always $1021.77 if I enter $0.00 in the payment/credit window or $450.33 in the payment/credit window

If I subtract $571.44 from $1021.77 the amount is $450.33

I've been at this for 3 hours. What am I doing incorrectly here?

(hoping the attached files open. When I click on them some of the text above is highlighted. I attached two Reconcile Screen windows because it wouldn't open and I couldn't delete it so I attached another. Now none of them open.)

Reconcile screen 1.jpg

Reconcile Screen.jpg

Find more posts tagged with

Comments

NotACPA

How, in Q, did you record that refund? In what period did it happen?

Is is showing, in your Q account, as being Reconciled?

The Keeper

I entered it as a credit and it does show as reconciled.

NotACPA

If it's already marked "Reconciled", it won't show up in another reconciliation.

HOW did it get so marked? Via an actual reconciliation … or Manually?

UKR

If the credit card statement shows that your account is overpaid, due to the refund transaction, e.g., "$123.45 CR" or "$123.45-", when normally the statement balance shows as a positive number for the amount you owe, e.g. "$234.56", then in Quicken you need to do this:
In the Reconcile dialog, as shown in your first image,

enter the Statement Ending Balance into the "Ending Balance" field as a negative amount.
Sounds weird, but then you would normally enter the amount you owe as a positive amount when, in bookkeeping terms and in your credit card register, the amount you owe is shown as a negative amount (in red). Under the covers, Quicken will flip the +/- signs and get the math done correctly.

You also don't need to bother with entering non-zero amounts in the first two fields, Charges… and Payments…
Quicken doesn't seem to be doing anything with these amounts. Just enter 0.00

The Keeper

UKR………………..Thank you. That did it! I tried entering positive/negative amounts in the payment/credit window but never thought to enter a negative amount in the ending balance window. Much appreciated.