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Reconciling Credit Card Transactions

Check the bank statement you receive in the mail or your online bank statement to confirm the credit card deposit to your account has completed. You might see an indication that a particular charge is pending. It can take up to five business days for a transaction to go through. Also, keep in mind that some credit card companies charge transaction fees that can vary from one card company to another.

Reconciling credit card transactions is similar to other reconciliations. (See Reconciling Bank Accounts.)

To reconcile your credit card statement:

    1. From the Banking menu option, select Reconcile Credit Card Transactions then select Monthly Credit Card Statement.
    2. Select the card to reconcile from the dropdown.The list of unreconciled transactions will be displayed. These will be the transactions that were created using this card in Card Expense transactions.
    3. Click the Select Payments button to select from payments other credits made to this credit card vendor. Payments and credits in this list are obtained from payments and credits made using the Payable account that is setup for this credit card during the Company Card Setup process.
    4. The Add Missing Transaction button will open up a window to enter card transaction that will be automatically added to the list.
    5. On the right side, the Purchases and Credits will automatically calculate as items are selected. 
    6. Interest and Fees can be added if applicable. Select the associated GL account for these transaction types.
    7. Enter the statement ending balance and statement ending date to complete the reconciliation process.
    8. When saved, the last statement balance and statement ending date will be carried forward to the next reconciliation.

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