To reconcile a credit card statement:
- Go to Transactions > Bank > Reconcile Credit Card Statement.
- In the Account field, select the credit card you are balancing.
- In the Statement Date field, enter or pick the date of the statement.
- In the Start Date field, enter the beginning of the reconciliation period.
- In the Ending Statement Balance field, enter the closing balance on the statement.
In Payments and Credits Subtab :This subtab displays payments and credits to be reconciled.If you make a general journal entry against a credit card account, the entry on the Payments and Credits subtab displays in the Credit column in the register for the account.
-Check the boxes next to the transactions you want to reconcile.
-If you want to select and reconcile all transactions, click Mark All.
Charges and Cash Advances Subtab: This subtab displays charges and cash advances made to this credit card account that need to be reconciled. If you make a general journal entry against a credit card account, the entry on the Charges and Cash Advances subtab displays in the Charge column in the register for the account.
-Check the boxes next to the transactions you want to reconcile.
-If you want to select and reconcile all transactions, click Mark All
New Charges Subtab:
-Fill in the appropriate information for each charge, and then click Add. As you add transactions, the Reconciled This Statement field is updated, and the total of all the other charges is shown on the subtab.
New Credits Subtab:
-Fill in the appropriate information for the credit, and then click Add.
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- Repeat for each credit.
When you have reconciled all the transactions listed on the statement and entered any additional credits or charges, the statement balance should equal the sum of the last reconciled balance and the transactions reconciled this statement.
Use a balance adjustment journal entry to manage any difference.
Use the Difference field to track your progress in matching these balances.
When you have finished, choose one of three options:
- Click Save to reconcile your credit card statement.
- Click Save & Print to save and print your reconciliation.
- Click Complete Later to save your reconciliation until you return to submit or print it.