How to Reconcile Credit Cards on QuickBooks When Getting a Negative Balance
By Avery Martin
There are generally three reasons for a negative balance after reconciling your credit cards. Negative balances can occur the first time you are reconciling the account and you have a incorrect opening balance. You also may have accidentally edited a previously cleared transaction, or QuickBooks may have suffered data corruption. Once you correct the underlying reason for the difference in the ending balance from the last reconciliation -- and the current opening balance is displayed -- you can complete the reconciliation process to balance your accounts.
Check Opening Balance For New Accounts
Click "Lists" and "Chart of Accounts."
Double-click the account that has the incorrect opening balance.
Enter the correct opening balance in the Opening Balance field.
Choose the day before the QuickBooks start date in the As Of field, if the account had an opening balance before you created the account in QuickBooks.
If you opened the account the same day as the QuickBooks start date, do not change the information in the As Of field.
Correct Incorrectly Edited Transactions
Write down the amount of the negative balance.
Click "Reports," "Banking" and "Reconciliation Discrepancy."
Select the account with the discrepancy and click "OK."
Search the list of transactions for an incorrectly edited, voided or deleted deposit. Use the negative balance total to see if you have a voided or deleted transaction that corresponds to that amount. If no transactions match, check your bank statement and compare it to each change transaction, until you find the incorrectly edited, voided or deleted transaction.
Edit the incorrect transaction so that it matches the information on your bank statement. Run the reconciliation report again. If a simple edit doesn't solve the problem, you may need to enter a missing transaction, redo the previous reconciliation, enter an offsetting adjustment -- or contact your bank, in case it is an error on their end.
Fix Corrupt Data
Close all open windows and click the "File" menu. Select "Utilities" and "Verify Data."
Click the "File" menu and click "Utilities" and "Rebuild Data" after the Verify Data process completes.
Run "Verify Data" located in the Utilities menu again.
Information in this article applies to QuickBooks Pro 2013. It may vary slightly or significantly with other versions or products.
Avery Martin holds a Bachelor of Music in opera performance and a Bachelor of Arts in East Asian studies. As a professional writer, she has written for Education.com, Samsung and IBM. Martin contributed English translations for a collection of Japanese poems by Misuzu Kaneko. She has worked as an educator in Japan, and she runs a private voice studio out of her home. She writes about education, music and travel.