Credit Card Reconciliation FAQS

8 Credit Card Reconciliation FAQS

1.What is required for Credit Card Reconciliation?

Quite obviously, there are a few things that you will want for your credit card reconciliation. They are your credit card statement, credit card receipts, and a system for reconciling your receipts. Essentially, you want a way to make sure that your credit card receipts match up with what is billed on your credit card statement. If you want to use a manual paper and pen system to do this, you can. If you want to generate an excel spreadsheet to track and reconcile your credit card receipts and then reconcile them to your statement, you can. Or, you might choose to do this reconciliation with a computer software package. Whatever way you choose to do you reconciliation, collect the proper tools for your individual system.

2.How to Match Receipts to Credit Card Statement?

Basically, for each receipt that you have, you are going to match it to an entry on your credit card statement. This is the finest way to learn how to reconcile a credit card statement. As you find the entry on your credit card statement, mark it off with a pen or pencil to designate that it has been situated and reconciled for the month. You are going to do this for each receipt. Confirm that the amounts on the receipts match accurately with the ones on the credit card statement.

3. What are the importance of credit card reconciliation?

It is very important to do credit card reconciliation at regular intervals to make sure that you have not missed any business deductions. It also benefits business organizations to ensure that there have been no mistakes by your bank or Credit Card Company.

9.1 QuickBooks- Reconciling Credit Card and Debit Card Deposits

1. How to Enter Credit Card Deposits on QuickBooks?

QuickBooks, the very popular small business accounting software produced by Intuit, is known for creating accounting stress-free for the average person. The software uses a simple point and click interface to take what were formerly confusing accounting procedures and make them easy for people. Receiving payments in the form of credit card deposits is one of the tasks made easy in QuickBooks.

2.How Should a Debit Be Recorded in QuickBooks?

Select a format and be consistant when posting debit transactions.

QuickBooks is check register driven. Most transactions are posted through the check register as checks, deposits, or other kinds of transactions that affect cash. Today's business owners carry debit cards tied to the business's checking accounts and use them for most of their purchases. Whether they run the purchase as a "credit" by signing or as a "debit" by using a PIN, the recording of the transaction still desires to run through the check register. Bookkeepers have developed their own approaches for entering debit transactions, and there is not one right way, but here's one common way.