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How to Change the Beginning Balance on Credit Card Account in QuickBooks

Thanks again for the very helpful session we had on Monday.  I already have a few questions—I’ll try to give you just a few at a time:

  1. How do I enter a bank account withdrawal?  My husband took out some money for change for the cash drawer.
  2. How important is it to reconcile my credit card account?
  3. How do I change the beginning balance on my credit card account?
  4. Why is there no balance in my owner’s equity account even though I have made a lot of entries?
  5. Is there a way for me to get a total amount spent so far on a particular vendor?

If you don’t have time to answer all of these right away, I’ll understand.

How do I enter a bank account withdrawal?  My husband took out some money for change for the cash drawer.
You can do this one of two ways.  If you also have a petty cash account, and you should, you can use Banking > Transfer Funds.  If you don’t, you should use Banking > Write Checks and leave off the check number.  If you have a petty cash account, make sure to write checks when you spend the funds and reconcile periodically.

How important is it to reconcile my credit card account?
You should reconcile your credit card account because it’s the only way you can be sure that you’ve entered all your expenses.  If you forget to enter expenses, your taxable income will be higher than it should be.

How do I change the beginning balance on my credit card account?
Go to Banking > Use Register, select your credit card account and scroll up to the top of the listing.  You can change the amount of the opening balance there.  If you don’t have an opening balance entry, you can create one in the register as well.  Just make sure to give it the correct date.

Why is there no balance in my owner’s equity account even though I have made a lot of entries?
You probably changed the name of your Retained Earnings account to Owner’s Equity, which is fine.  However, your retained earnings balance doesn’t show up in your chart of accounts.  You can, however, see the balance on your balance sheet report (Reports > Company & Financial > Balance Sheet Standard)

Is there a way for me to get a total amount spent so far on a particular vendor?
There are several vendor reports in Reports  > Vendors & Payables.  The Transaction List by Vendor will probably give you what you’re looking for.


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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

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