PSA L&P - Credit Cards: How to resolve the issue when your credit card reconciliation won't balance

How to resolve the issue when your credit card reconciliation won't balance

  1. Make sure 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 may not display. 
  2. Ensure you have entered all credit card transactions including creditsrefunds, 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 dated 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.

Related Articles 

How to Enter Credit Card Transactions

Credit Card: How to reverse a charge or enter a refund

Credit Card Reconciliation Process 

 

 

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