USA eliminate CC Payment from reconciliation


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Feb 12, 2018
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While reconciling the current credit cards, I notice that one has a payment applied in a closed period that cleared the bank account but never showed up on the credit card statement. (This happened before I took over their books, and I've waited a bit to see if it pops up somewhere but nope). I'm betting their previous accountant applied the payment to the wrong card in QB but it's too late to just change the transaction since the books are closed. It doesn't match to any of the credit cards the business now has access to, I'm betting it actually went to one of the cards that went with a prior owner when they split and those cards have been inactivated in quickbooks and already have $0 balances. Since it's a very small non-material dollar amount, I'd like to just make an adjusting entry in the current period to eliminate it so it doesn't keep showing up forever in the reconciliation window. What's the best journal entry to do this? I know I'd debit the credit card to offset the payment next time I reconcile, but what account would I credit..?

Thanks!
 
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Joined
May 25, 2018
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If you are sure that the payment cleared from the bank account is for a credit card doesn't belong to the business anymore. Moreover, there is a payment but we do not have any clue and most probably this is the money that the owner of the business may want to recover from previous owner or they may even forget this payment.

The best possible account in such a scenario is a Member's Draw account as this payment doesnt belong to the business in any case.
 

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