How To Reconcile Credit Card Statement or Credit Card Accounts ?
It verifies the credibility of data between credit card statement, merchant’s services associated reports and financial reports of company. The process starts by comparing credit card transaction and transaction associated with various banks accounts of the company (chart of accounts.) you need to make sure that all your balances and transactions correct and up to the mark. If there comes out any discrepancy, the accountant should take corrective measure and apply for rectification.
Credit Card Reconciliation refers to checking of data integrity of the credit card statements or reports of other kinds/types from the providers of merchant services and confidential financial records of the company is termed as reconciliation of Credit Cards. The reconciliation process of the credit card starts with the differentiation of transactions carried out between the credit card statements and the related transactions within different accounts. It is an imperative part as it determines the accuracy and authenticity of card statements and available balances. Thereafter the accounting professionals check to find out any kind of disagreement and accordingly plan course of action for the future. Also read how to do Cash Reconciliation easily .
Credit Card Reconciliation Procedure
The procedure of credit card reconciliation means the statements of the credit cards that are received during the initial stage or after passing of the financial period. The accountants verifies all the transactions on the credit card statement and verifies it to transactions saved within the internal system of the company. It comprise of the outbound credit card payments to suppliers as well as inbound credit card payments from the customers. Once the comparison is done and is thoroughly evaluated to check the right action.
The proper attempt comprise of including the transactions that are disorganised with the credit card processor tool, making journal entries to correct timing items or errors, or other actions to address transaction issues. The evaluation done to gather the details and the actions taken are saved for audit purposes. The credit card reconciliation process for the big companies with big amounts of credit card transactions is important for the verification of crucial financial data.
Features of Credit Card Reconciliation Software Features:
- Automated transaction detail comparison
- Workflows to ensure quick investigation of identified discrepancies
- Templates and checklists to standardize the reconciliation process
- Integrated storage of any supporting documentation
For more information and details on credit card reconciliation you can connect with ReConcileBooks. It is a reputed support company for QuickBooks accounting software. They are experienced and knowledgeable in providing extra and authentic information related to credit card reconciliation. Call to the toll free phone support number +1844-640-1481 and acquire instant support.