credit cards: two issues

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Posts: 9
Joined: 21 Feb 2006 21:27

credit cards: two issues

Post by kingzog » 30 Jul 2012 09:52

I have a Bank Account set as a Credit Card.
First problem - Although on the Journal it shows an opening balance when I try and Reconcile Account no opening balance is shown.
Second problem - payments crediting the Credit Card i.e. money I have paid to the card account show the debt getting larger.

Any ideas?

Posts: 4
Joined: 22 Jul 2008 14:15
Location: Canby, OR USA

Re: credit cards: two issues

Post by rhands » 25 Apr 2013 19:43

I'ld be willing to bet the problem is in setting up a Debt Account (like a credit card) as an Asset account will screw with MoneyWorks head. An increase to cash is a debit entry but an increase to debt is a credit entry. But an increase in debt classed as an
Asset would be... well screws with my head as well. Good luck

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Joined: 13 Feb 2012 09:07
Product: Datacentre

Re: credit cards: two issues

Post by Sosu » 22 May 2013 12:27

would be good to know what are you doing to pay the money into your credit card? are you creating a payment transaction or a receipt transaction?

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Joined: 25 Aug 2004 16:00
Region: New Zealand
Location: Auckland

Re: credit cards: two issues

Post by Simon » 23 May 2013 12:38

Entering an opening balance jnl won't create the opening balance in the reconciliation. The first bank rec will start with a zero balance, make the closing balance what the opening should be and then in the reconciliation select the journal from the unreconciled items. You should now have a balance difference of zero. finalise this reconciliation. Now when you go to reconcile you will have an opening balance.

As a credit card the balance should be negative (but you knew that right?)

The payment to clear the balance owing should either always show as a positive balance in the reconcilitaion, either as a CP (if entered as a payement or transfer from another bank account) or a CR if entered as a receipt into the Credit Card account

Southern Rata
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Joined: 19 Dec 2014 14:50
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Region: New Zealand

Re: credit cards: two issues

Post by Southern Rata » 19 Dec 2014 15:01

Hi, I'm a newbie starting up as well. I'm trying to get the bank accounts up and running. How do you select the journal from the unreconciled items? I have entered the accountant's trial balance from the previous year, and the year end bank balance shows as statement close, but that amount is the difference amount and it won't let me reconcile. It doesn't appear as a line in the reconciliation. Help please!

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