Using QB 2010 (and earlier).
Regarding credit card accounts.
If you partially pay a bill due to the credit card vendor (the bank), then when you go to reconcile the account, the partial payment does not show up, and you cannot get a balanced reconciliation.
Any way to do this?
You may not be recording the charges correctly. When you record a CC charge, the account is the expense type(supplies, postage, etc). That is the expense. It is the same as recording a journal entry as DR Supplies CR CC (a liability)
When you pay the CC bill, you do not use the account called "Supplies," you use the account called "CC," (the liability). DR CC CR Bank account(the payer of the check).
Does this help you?
This sounds like you are entering a bill for the outstanding credit card balance (which QuickBooks gives as an option after reconciling the statement).
I don't recommend entering a bill for the credit card.
However, if you did (or want to) enter a bill, edit that bill to the amount that you actually paid. Then, it will flow properly to your next reconciliation.
Laura D
When you get a credit card statement, it shows the amount of money due for the next month. Not the total credit card liability.
This is what I am referring to as the "bill". So a credit card with a balance of 10K might have a bill of $300.
If this $300 bill is partially paid, say $250, that is when the reconciliation does not work.
If the $300 bill is paid in full, the reconciliation works fine. If it is partially paid, then on the next reconciliation, it will not balance correctly. The reconciliation windows only show the bill amount, not the actual payment amount.
Trust me - you need to edit the bill to show the exact amount that was paid.
If you paid that bill with two bill payment checks, you need to enter another bill for the difference and apply the bill payment to that.
Perhaps this is difficult to explain on a forum setting, but, basically, you have three choices -
1) Delete all bills and bill payment checks. Then, enter all actual payments using the cc account on the expense tab.
OR
2) Edit the bills to match the payments.
OR
3) Reconcile the last cc statement and adjust the last partially paid bill to the actual amount paid. Then, if there are more recent bills, delete those.
Going forward, don't enter a bill for the credit card. Simply post your check using the cc account on the expense tab.
If you really want/need to put the payment due in Accounts Payable, make sure that you edit the bill for the amount that you actually pay.
I hope this helps.
Laura D
OK, so I need to edit the bill to the unpaid amount, so that QB will still keep track of bills due and when, and make the partial payment a check instead of a bill payment.
Sort of a PITA, but I guess that is how you have to do it.
