Here is what you need to do if you have QuickBooks Credit Card Reconciliation Issue
The reconcile utility of QuickBooks has an ability of reconciliation of card payment statement and company credit card account. The banking menu in the software comprises utility reconciliation.
The reconciliation process helps you catch all sort of incorrectness, irregularity or missed transaction which ultimately contributes if the transaction balance is inaccurate.
In addition to that, the program automatically opens the different schemes for paying bills once the reconciliation process is complete.
Follow these steps one by one and get the issue resolved:
- Go to your homepage banking section and click on “Reconcile.” Now, start the reconciliation window.
- Now, from the drop-down menu, select the Account menu and then in the credit card menu, click on the credit card account.
- Now, go to the station date field. Enter credit card statement date and then make sure that the beginning balance of the program matches with the credit card statement. If it doesn’t match with the opening balance, the credit card account opening balance needs to be corrected. Now, click on the Lists Menu and then click on the Chart of Account. Now, click on the credit card account and then check that you have entered the right opening balance or not and also check if there is any inaccuracy in the register or not.
- Now, go to the ending balance field and then use the credit card statement to enter the ending balance. If there are different financial charges, enter the charges in their relevant fields. I.e.: Enter the amount of the finance charges and date in relevant fields.
- Now, select the Continue button and then open the reconciliation window and then click on the Hide Transaction after the end date of the statement” and then click on Checkbox.
- Now, select what transactions credit card statement shows and then select all the transaction in windows. Click on the transaction and then click on the checkbox right next to it. 0.00 amount will be displayed on the screen. Congrats! Your account has been successfully reconciled.
- Now, you need to open the Make Payment window. For that, select the Reconcile Now button. Here, you will see the Payment radio button like “Write a check for Payment Now.” Select “OK.” The payment window option will be opened with this action. This is for you to make the payment of the credit card bill. Click on the Reconciliation Report that will open automatically.
- Now, go to the report reconciliation window and then click on the Radio Button. It is right next to the reconciliation report and then clicks on the summary report.
- Now, select the Display button and then you will be able to view the report. You can print the report using the print button. To close the window, click on the Close button.
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