credit card "credit" balance

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  • Updated 1 year ago
I am still a little confused about credit card accounts. Why do I see a credit - "+$158.99" - as the balance on one of my credit cards? I'm assuming this is due to an error in my entering transactions, but I can't find any.

I have two credit cards that I use very often (because of cash rewards), and the other one also has a credit, in fact a very large one. I have other credit cards that I only used once in a while, and they all have balances of "0" after I record the account transfer when I pay my monthly bill. 

Allowing for any purchases made after the billing month, I realize that I won't always see a "0", but seeing a number with a "+" in front of it looks like I am making a mistake.
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Susan

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Posted 1 year ago

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Becky Huang, Official Rep

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Hi Susan,

Do you see a credit after you create an account transfer to pay off your card? If so, it's likely that some transactions are missing. If you just got started, do you remember giving your credit card account a beginning balance? If not, Goodbudget assumes that your credit card account started at 0, which might not be the case. You can correct your account balance by going to the Add/Edit Accounts page so that it matches with the balance you see in your credit card account online. Going forward, your credit card account in Goodbudget should match your real life balance as long as you add in all your transactions.
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Susan

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When I set up the credit card accounts, I did give them a balance based on the billing cycle, but I must have made a mistake. I will try correcting it as you suggested. Thanks, Becky!
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Susan

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Actually, I am not sure how this would work. If I adjust the balances in the credit card account, I won't be able to find which transactions are missing, and therefore my envelopes won't correctly reflect my budget. I might be over-spending in some envelopes without realizing it. Is this correct?
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Becky Huang, Official Rep

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Hi Susan,

I suggested a one-time adjustment because you were unable to find any missing transactions in your recent budget periods--the adjustment would serve as the starting balance amount to cover transactions that happened before you started tracking your account in Goodbudget. If you already have a starting balance and you're possibly really missing transactions, I'd recommend reconciling your transactions against your bank statement each month. Will that work for you?
(Edited)
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Susan

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I actually do reconcile my credit card accounts against their statements each month, so I don’t think that is it. I’ll take another look at these accounts and try to figure it out. I’ve obviously made an error, either an omission or I’m not doing something correctly.
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Becky Huang, Official Rep

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Sounds good. Feel free to email support@goodbudget.com with your household username so we can take a look for you if you need more help.