Best option to correct Credit Card payment detail after reconciled?

This year all (hundreds) of Credit Card entries were entered using reconcile bank stmt, write checks, card name, total amount of CC statement with “miscellaneous” for account and “class” blank.

My bad training obviously. Her goal was focused on getting all reconciled, regardless if classified properly.

My rental home business is set up using Class for each property.

Many items are purchased to be used on all properties, hence splits required.

With 3 credit cards, about 25 transactions per month, there’s a boatload of corrections that’s overwhelming.

I’ve used the CC feature (to assign class/splits) but It appears it’s too late for that option with everything reconciled. 

The only way I’m aware to correct is go to banking, pull up the checks, delete miscellaneous, enter each transaction (up to 6 times for splits)... This will take forever!

Please, any better options, suggestions or recommendations are truly appreciated. 

Thank you






Company is set up my classes each class is a rental property. I am the property manager/owner/operatorfor all. 

Answer

You never use Journal Entries for credit card spending. You want to use Banking menu > Enter Credit Card Charges. Now you can list actual payee = purchased from, and the date you bought it, and details go here, on the Expenses and the Items tab.

Let's break this out a bit:

"(hundreds) of Credit Card entries were entered using reconcile bank stmt, write checks"

They are not Checks. They are Credit Card Charges.

"card name, total amount of CC statement with “miscellaneous” for account and “class” blank."

You would only have one entry for the Checking entry that pays against the Credit Card; on that check, on the expenses tab, you put Credit Card Type account that you have in your charge of accounts. This isn't the Spending. This is the Payment of your card debt balance.

"My bad training obviously. Her goal was focused on getting all reconciled, regardless if classified properly."

It is very easy to rereconcile an account. Don't let that prevent your from Fixing the data.

"Many items are purchased to be used on all properties, hence splits required."

Start out like this:

Banking menu > Enter Credit Card Charge, for every Charge you made.

"With 3 credit cards, about 25 transactions per month, there’s a boatload of corrections that’s overwhelming."

It's not overwhelming. It's Important and it doesn't take any longer to do it right, than to do it over using any method at all. So, let's use the Right Method.

"I’ve used the CC feature (to assign class/splits) but It appears it’s too late for that option with everything reconciled."

No, it's never too late, and that is Good News!

The Checking payments against the Credit Card provider are all you need to edit, then. On the Expenses tab, change from MISC to your CC account in QB. The Banking entry will not unreconcile."

Then use the credit card statements to Reconcile the CC account.

The only way I’m aware to correct is go to banking, pull up the checks, delete miscellaneous, enter each transaction (up to 6 times for splits)... This will take forever!"

No, never put the splits, here. This is your Debt Balance Payment; this is not when you bought Supplies. Never enter the same info Twice.

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