CNA L&P - Credit Cards: Reconciliation

The purpose of this article is to:

Note: To use this feature, you must have setup a credit card liability account, and you must have entered your credit card transactions through the Credit Card option.

 

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Credit Card Reconciliation Process

To begin your Credit Card Reconciliation, go to Process, Credit Card Transactions and either pull up an existing reconciliation, or create a new reconciliation.

When you create a new statement, you must choose the credit card account, enter the statement date and the statement balance.

Caution: You CANNOT change the date of the statement, or the Ending Balance once you click SUBMIT.  Later if you determine that the statement date or balance are incorrect, the only option is to Delete the reconciliation and start over (if you do not see Delete, you do not have the necessary permissions set up in the system and must talk to your system administrator. The Support Team may not change permissions).

 

 

In the reconciliation screen, you will not see the Reconcile button until the difference is zero.

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If your Credit Card Reconciliation will not balance

  1. Make sure that the Statement Date is correct. The Statement Date determines which transactions display on the Credit Card Reconciliation and if it is not correct, some pertinent transactions will not display.
  2. Ensure you have entered all credit card transactions including credits, refunds, and service charges.
  3. Ensure you have entered the correct statement balance.
  4. Check your transactions to ensure they do not debit and credit the liability account. A credit card transaction should credit the liability account and debit an expense account.
  5. If you are on an accrual basis, when you enter the bill to pay the credit card company, the bill date must be AFTER the statement date. To correct any bills and checks that had an incorrect date:
  • Void each check, making a copy of the bill. Edit the date of the bill so that it is a date AFTER the statement date.  If you have delete privileges, simply delete the check, and edit the bill date.
  • Pull up the new bill you just created through the voiding or deleting process and click assign check number.
  • Enter a check number for that bill, adding a letter to the end of it (because you cannot re-use a number you have voided, if you’ve deleted the original check, you can re-use the check number).
  • Submit
  • Return to the credit card reconciliation process to verify you’ve made the correct changes to transactions.

 

You may also be interested in our Help File Article: How to Enter Credit Card Transactions

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