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| Credit Card Reconciliation https://www.splasmstrands.com.splasm.com/viewtopic.php?f=3&t=4716 |
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| Author: | cbptp [ Tue Jul 16, 2013 5:51 pm ] |
| Post subject: | Credit Card Reconciliation |
Hello, I was able to reconcile my credit card's last statement ok with the debit transactions I entered. However, I attempted to add a deposit which is actually the amount I paid on the credit card. The account would not reconcile with the deposit amount entered. For example, if my statement lists $100.00 in debit transactions [-100.00]. Now, I write a check for $100.00 [+100.00] to cover the debits amounts. To me, these 2 amounts should reconcile to 0. But they don't. In the Unreconciled space, I get a result of -100.00. This makes no sense to me unless I am confusing Reconcile with Balance. Somehow, I would like to enter the credit card payment and have it should show a zero balance. Thanks ..... |
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| Author: | prider [ Tue Jul 16, 2013 9:20 pm ] |
| Post subject: | Re: Credit Card Reconciliation |
You are getting an unreconciled balance of -$100 because you have not cleared the recent deposit. At least that's what it sound like to me. Good luck. |
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| Author: | Allan W. [ Wed Jul 17, 2013 2:28 pm ] |
| Post subject: | Re: Credit Card Reconciliation |
It sounds more like the Deposit actually is marked as cleared aka Resolved, but that it's amount hasn't been accounted for in the Statement Balance. Since the +100 should indeed cancel out the -100, this means your Statement Balance should show 0.00. Supposing you see -100.00 in the Unreconciled field and also in the Statement Balance field, then retype the Statement Balance as zero and you'll be able to Reconcile. |
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| Author: | cbptp [ Wed Jul 17, 2013 5:05 pm ] |
| Post subject: | Re: Credit Card Reconciliation |
OK. That is correct. I did not account for the deposit in the Statement Balance. That's why the deposit would not reconcile properly. Thanks again..... |
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| Author: | Allan W. [ Thu Jul 18, 2013 9:15 am ] |
| Post subject: | Re: Credit Card Reconciliation |
Glad to hear that it's all taken care of now! |
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