QuickBooks Credit Card Payments Not Showing Up In Reconciliation | Forum

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james will Jan 14

Charge card accounts should always be reconciled each month just like your money.

Alternatives For Reconcile Date

You can reconcile to the bank card statement, or you can reconcile to the balance at month end per the real history in online banking. If you are using the credit card statement, you ought to reconcile to the statement ending within the month after the month you will be taking care of. For example, if you will be focusing on the December books, reconcile to your charge card statement ending in January. Let’s say the card statement cutoff date may be the 11th. If you only reconcile into the Dec. 11 statement, you’d have a span of activity, December 12 – 31 to be exact, that's not reconciled. You don’t want to risk overlooking an error throughout that time frame. If you have any query about QuickBooks Credit Card Payments Not Showing Up In Reconciliation, then you can get connected with our QuickBooks Technicians.

If for example the card statement closes late within the month and you require the books wrapped up prior to the latest statement can be obtained, you'll be able to spot check out the unreconciled days to ensure nothing looks amiss.

Easier Than Bank Reconciliations

Generally reconciling bank card accounts is much easier than bank accounts as you don’t have to deal with outstanding checks. Sometimes you've got a transaction or two that crosses the termination of the statement cycle, but that’s about any of it for outstanding transactions. If you see old outstanding transactions on a credit card reconciliation, you realize you have got accounting errors to completely clean up.

A Common Mistake

One common mistake we come across is entering the charge card payment created from the bank account twice – once from the bank side and again from the charge card side. If you add the charge card payment through the downloaded bank transactions, be sure to match the transaction within the bank card bank feed, or vice versa. To avoid confusion, you might want to manually enter the transfer of cash from the bank to your credit card account, then match the transaction into the operating account bank feed and match it again in the credit card bank feed.

Multiple Employee Cards

Some of our clients use charge cards where several individuals are assigned unique cards. In this case you will have to link each card separately in online banking to a separate account in the chart of accounts. As an example, you may possibly have credit card type accounts in your chart of accounts that appear to be this:

In this example, the master card account administrator is Maya. Each person’s card purchases flow through to the individual card account. Payments from the card, however, only flow right through to Maya’s card. You will notice a negative balance begin to develop on Maya’s card since that card is getting credit for the payments. You may either edit the payment to spread it towards the various accounts, or do a journal entry to reallocate the in-patient card balances.

In an incident such as this with multiple cards linked using one master account, we suggest reconciling the parent account, Wells Fargo charge card, as opposed to doing a reconciliation on each individual card.

Steps To Reconcile A Credit Card

To accomplish credit cards reconciliation making use of the card statement, first agree total card credits (payments on the card and credits from vendor refunds) per the card statement to the total payments and credits showing per the total into the reconciliation window in QuickBooks.  If the two amounts do not agree, compare each card payment and credit in QuickBooks into the statement to make sure you have all the cleared transactions checked off.

Next agree total purchases per the card statement to total charges per the financial institution reconciliation in QuickBooks.  If the two amounts usually do not agree, glance at transactions that were held in the very end associated with month per the statement to ensure all transactions are entered.

Every now and then for whatever reason a credit card charge will not download. If you wish to add a card purchase manually, it is possible to enter a fresh transaction or double click to open an existing card purchase, then duplicate the transaction. (In QuickBooks desktop, right click on a transaction to find the duplicate option, in QuickBooks Online click More at the end regarding the transaction window, then Copy.)

Also occasionally a card purchase will download twice. You may possibly see a description on the first entry of “pending” while the second download occurrence is the final transaction. If this happens, simply delete among the entries. Deleting a transaction that was added through the bank feed will put it back into the lender feed, which means you will also need to go back into the financial institution feed and select the transaction, then under Batch Actions select to exclude the transaction.

Once cleared credits and card charges in QuickBooks consent to the card statement, you can complete the reconciliation. The actual only real outstanding transactions, if any, should always be transactions that cross the statement end date. Anything dated earlier is a mistake and really should be cleaned up before you finalize the reconciliation.

That’s it! Reconciling charge card accounts should really be a quick and easy process, particularly if you’ve followed the steps when you look at the prior post, A Right Way and a Wrong option to Enter Credit Card Purchases, to import your bank card transactions.