Completely messed up credit card postings

[joep1504]

Hello QF community,

We (ultimately my responsibility as Director) have completely messed up our credit card postings on QF.

We initially weren’t sure what to do with (how to tag) credit card repayments coming out of the current account so foolishly we allowed it to just slip down the list of priorities and now I have come to do my VAT return and I have been forced to tag everything before the VAT return is submitted and I have found that the person in the business that was previously responsible for doing the tagging (again, not blaming her as I know I should have done a better job of checking) has manually entered the credit card expenditure on the current account, although those debits did not come directly out of the current account and then left the repayments to the credit card untagged.

So, in my efforts to try and place myself in a position to submit my VAT return I have come on here to find that we should have set up a separate account for the credit card account - embarrassingly we did not even get that far - which we should have used to post the expenditures for the credit card and then done transfers from the current account to the credit card account to reflect the repayments which appear as untagged entries initially on the current account.

However, I have tried to untag some of the manual entries she created in the current account for the credit card expenditures, to keep the balances reconciled (well intended) but it is saying some of them are now locked because they relate to a previously submitted VAT return!

I am hoping it is resolvable, if not at least by getting an actual accountant to sort it out for us because I have the strong sense that the deeper down the rabbit hole I go, the more mess I am potentially making, that is unless, anyone on here has got some advice based on the above ramblings on how I could rectify this without bringing in outside help.

Thanks in advance for any advice and sorry if the issue is not clear (it’s currenty 03:15am at the time of writing so not as sharp as usual), though I am happy to try and answer any clarifying questions if I can.

Joe

[QFSteve]

Hello @joep1504

From what I gather (above) you have the transactions from your current account and credit card located in your current account at present and some of the transactions are locked by previous returns.

The above would not affect the vat return or you submitting it as the return looks at the invoices and (payment dates if you are on cash accounting) not which nominal account they reside in

There would be 2 ways to rectify this

1. The quickest and easiest would be to just do a transfer for the total to be transferred to the credit card on a set date, leave everything up to that date in the current account and tag then as you have been doing. Tag any new transactions from that date correctly using the relevant account

2. You can go into Reports > Chart of accounts > Select the bank code and use the “Move to new code option”. This option will allow you to bulk select transactions (although 1 page at a time) and move them from your current account to the Credit card even if they are locked.
   You would then have to enter/tag any bank transfers for credit card repayments.

Below is an example on some test data so you can see the options.

[joep1504]

Hi Steve,

Thanks very much for your reply. It is a great relief to see someone thinks that there is a remedy for this situation.

I have gone ahead and done as suggested and hopefully that has resolved it now.

Thanks for your help.

Kind regards,

Joe