Credit card transactions "reversed"

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John McClure
John McClure Member ✭✭✭
edited April 2022 in Errors and Troubleshooting (Windows)
I've had a Chase credit card account set up in quicken since 2018 with no issues, but this morning the transactions are "reversed." Debits and Credits are being used in balance calculations like they are a checking account. In other words a credit card charge is reducing the balance and a payment is adding to the balance. I double checked the account and it is still set up as a "credit" account.
Anyone else have this issue???

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
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    Without being able to look at what you're looking at, my first thought would be that the Account has a debit balance, i.e., the credit card company owes you because of a refund.  In that situation you'd see exactly what you're describing: charges reduce the balance the credit card company owes you and your payments have the opposite effect.  Any chance that's your situation?
    Normally credit card Accounts show their Balance in red numbers proceeded with a minus sign but if a refund puts in the opposite position - you are owed money by the credit card company - the Balance would be a black number.
  • garysmith87
    garysmith87 Member ✭✭✭✭
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    To avoid confusion, I would add the Charge and Payment columns to your register and delete the Amount column.  This will give you the actual transaction breakdown.

    If indeed charges are showing up as payments and vice versa, that is an issue with your bank and you'll need to call official Quicken Support.

    If the charges are showing up in the correct column, then the situation is as Tom Young stated...you have a credit balance in your credit card account and calculations are being made correctly.  Or somehow, your Starting Balance has changed to an incorrect amount.  If you're using Sync to Mobile, that may be corrupting your Starting Balance.  You may want to turn that feature off in Quicken Preferences. 
  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
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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…..
     
    Basically you can't change it.  The balance is what it is.  It's basic math.  If it's wrong you have to find out why.

    I'm staying on Quicken 2013 Premier for Windows.

  • John McClure
    John McClure Member ✭✭✭
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    @volvogirl @garysmith87 @Tom Young Thank you all for your responses. After digging through the transactions I found a payment that was somehow downloaded twice, resulting in the positive balance as you all suggested. I'm not sure how it happened since I download transactions for this account daily.
    Anyway, my balances now match the banks!
    Thank you all again!
  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
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    Glad you found it!  Thanks for letting us know.

    I'm staying on Quicken 2013 Premier for Windows.

  • morke
    morke Member ✭
    edited April 2022
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    I'm getting this same problem. CC charges showing up as payments. And previously accepted charges being reversed with payments. this is not user error! It's eiher the bank or Quicken. Quicken says its a known issue and the way to fix it was to create a new CC account and sync it with bank. That didn;t work.

    [Removed - Language]
  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
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    morke said:
    I'm getting this same problem. CC charges showing up as payments. And previously accepted charges being reversed with payments. this is not user error! It's eiher the bank or Quicken. Quicken says its a known issue and the way to fix it was to create a new CC account and sync it with bank. That didn;t work.

    I'm fed up with this crap.
    @morke
    Is your credit card  a Truist Visa?

    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the Quicken Windows FAQ list

  • M4MAN
    M4MAN Member ✭
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    I had the same issue just show up this week after Quicken "resolved" the Capital One one-step update issue. For some reason, this resolution procedure changed the opening balance of the account from $0 to over $24K, which caused a large starting positive balance and each charge looked like a decrement in the balance. The clue was that the balance numbers were still black (positive), not red, as they should have been with a credit card balance. I reset the opening balance to zero and all was well again. Bottom line: check your opening balance to make sure it is what it should be.
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