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Jt72
July 1, 2021
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credit card reconciling

  • July 1, 2021
  • 1 reply
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Hi

I am having a continuous problem with my credit card reconciling. I have a difference of -£95.75, and statement ending balance and cleared balance show this difference, but the totals for charges, payments and beginning balance are all correct. I have been through the credit card register and checked and double checked all of the transactions  against my paper statement which are all correct. I just don't understand where this amount is coming from ? It happened on the 3 previous months but was advised just to make up and an expense and put it into a discrepancy account which i did and then totals matching £00.00 and i could reconcile but then the next month the amount is there again !!

Please help, this is driving me insane and everyone i ask cant seem to work it out

Thank you in advance

Best answer by katherinejoyceO

Thanks for sharing detailed information about your concern, @Jt72. I want to help ensure you're able to reconcile your credit card account correctly. 

 

The secret to balancing reconciliation is recording your ending statement balance and matching the transactions in QuickBooks with the credit card statement.

 

Ensure that all the transactions shown on your statement are marked as cleared in QuickBooks so the QuickBooks cleared balance will match with the statement balance. Then, run the reconciliation report to and review all the transactions. Here's how: 

 

  1. Go to the Reports tab on the left-hand side.
  2. In the search section, type in Reconciliation, and select the reconciliation report.
  3. It will then list by year and you can select the dropdown to expand it so it has each month/week or period reconciled and you will see a view report on the right-hand side. 

 

Additionally, I'd recommend you consult an accountant tp make sure your books are correct. 

 

I've got you this helpful article from a colleague that will guide you on how to reconcile credit card accounts in QuickBooks Online.

 

Let me know how it goes so I can help if you need further assistance with the reconciliation process. Take care!

1 reply

katherinejoyceO
katherinejoyceOAnswer
July 1, 2021

Thanks for sharing detailed information about your concern, @Jt72. I want to help ensure you're able to reconcile your credit card account correctly. 

 

The secret to balancing reconciliation is recording your ending statement balance and matching the transactions in QuickBooks with the credit card statement.

 

Ensure that all the transactions shown on your statement are marked as cleared in QuickBooks so the QuickBooks cleared balance will match with the statement balance. Then, run the reconciliation report to and review all the transactions. Here's how: 

 

  1. Go to the Reports tab on the left-hand side.
  2. In the search section, type in Reconciliation, and select the reconciliation report.
  3. It will then list by year and you can select the dropdown to expand it so it has each month/week or period reconciled and you will see a view report on the right-hand side. 

 

Additionally, I'd recommend you consult an accountant tp make sure your books are correct. 

 

I've got you this helpful article from a colleague that will guide you on how to reconcile credit card accounts in QuickBooks Online.

 

Let me know how it goes so I can help if you need further assistance with the reconciliation process. Take care!

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