I paid a company credit card with a personal check. I was reimbursed but it made reconciling the cc account a nightmare. How can I apply the payment whithout the account being off? My account said write a check to the card and then change it back to my own reimbursement check--I ended up with the amount being added on the the (incorrect) beginning balance for the next reconciliation. Help!
The reimbursement check, to you, on the bottom part, should post to the credit card account.
There is nothing further to do now.
Reconcile the Credit Card account when you get the statement. The payment shows on the right side; it just happens to have been paid to you and not the card company.
The accountant is overthinking this process.
Thanks, your advice worked ! I do have another question. What GJ entry will put my total due for the credit card (in the Vendors list) to the correct amount without messing up my reconciliations?
You do not make a journal entry for this.
To affect balance due, you enter a charge or make a payment.
The total due on the credit card does not show in the Vendor List. It is seen as a balance sheet account. This is not AP.
Vendor Balance in the Vendor Center is from AP process of Enter Bills and Pay Bills.
Because my reimbursement check was used in the reconciliation, it wasn't applied to any of my credit card bills. Therefore the total in the Vendors column is up the same amount as my payment. I hoped there was another way to 'cheat the system'. Should I just remove that amount from one of the open bills put in for the credit card ? Appreciate your help.
Do you mean that you have bills to pay your credit card recorded? And because you recorded the check to you as a check, not as a bill payment, there is an open bill to the credit card company now that is actually paid? I would just delete that bill.
It is regularly not a good idea to create a bill to pay the credit card company. It is a very bad idea if you are not paying out the whole balance at one time.
Reka
I did delete the bills. Thanks.
If you don't pay out the whole amount owed, do you put a bill in at the time your making a payment or never put bills in for credit cards? Explain . . . please!
I would never put bills in for credit cards.
The credit card balance does not belong to Accounts Payable (that is where the bills post). You do need to pay it, but it shows on your balance sheet, not under "unpaid bills".
Reka
The bookkeeper before me put in bills and adjusted the bill after a payment--had a gut feeling this didn't seem like a good idea. Thanks for clarifying this.
Your reimbursement check is in your name. On the Expenses tab, it posts to the credit card account and reduces the Balance you owe. Credit card payments to the credit card company are never payments against any specific bill or expense. They are against the balance you owe to the credit card company.
When you Charged It, that means the vendor or supplier is Paid: paid by a loan to you. The Credit Card provider has paid on your behalf.
Now you owe them.
" Should I just remove that amount from one of the open bills put in for the credit card ?"
If you entered bills and paid this bill by putting it on a credit card, but did not enter this as a credit card charge in QB, then use Pay Bills and pay these bills by selectig the credit card account (bottom of the screen). This transfers the amounts to the Credit Card account.
From now on, no need to do two steps. Don't use Enter Bill - Pay Bill. If you charged it already, use Enter Credit Card Charge.
