Credit Card Beginning Balance
rsc120
Member Posts: 2
How do I change the beginning balance on a credit card account? I incorrectly entered the balance as $0.00 but I cannot find where this transaction (to create the beginning balance) is. I have checked under transactions and then the credit card account in question but there are no transactions for this account. There is also no journal entry that would create a beginning balance. I assume I can edit the balance? Any help would be much appreciated!
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So how exactly is it that we are supposed to get help with the functionality if this platform?
@rsc120,
If you had transacted business before the opening of the year, then typically a journal entry is done to post the opening balances. Simple example of a single member LLC. At the start of 2021 there was 2000 in the bank and a credit balance as of 1,000 on 12/31 (they don't usually cut off on this date). I would post a journal entry to debit cash 2000 credit the credit card payable 1000 and credit owners equity for 1000. Now going forward i.e. 1/1/21 transactions imported should keep the balance agreeing back to the bank.
There are other options as well, but it could interfere if you have it auto importing.