How to clear old or duplicate transactions from a credit card reconciliation
Periodically you may find that you have entered a credit card expense twice. After clearing the first charge, you will still find the duplicate in your credit card reconciliation process, waiting to be cleared. The following process will show you how to remove such transactions.
First, you will need to complete your most recent Credit Card Reconciliation to make sure that only the old (duplicate) transactions remain in the uncleared charges. Then:
- Total the amount of the uncleared transactions that do not have matching charges on the credit card statement. Do not include valid charges.
- Create a Journal Entry in that amount using the Credit-Card Liability Account as the debit, and the accounts in the line items for the credit card transaction as the credits. These are usually expense accounts. Note the purpose of this entry in the comments including the date of the original charge.
- Create a new credit card reconciliation for today and reconcile using the new Journal Entry to offset the old transactions.
After you reconcile, these old transactions will no longer show on future credit card reconciliations.