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Old 12-10-2008, 06:05 PM
Roses Roses is offline
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How to reconcile credit card after bill has been paid?

I have paid credit card bills using Enter bills/Pay bills and now need to go back and reconcile those bills. Does anyone know if this can be done and how? I'm using QuickBooks. Thank you!
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Old 12-20-2008, 10:57 PM
songcon songcon is offline
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How to reconcile credit card after bill has been paid?

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Originally Posted by Roses View Post
I have paid credit card bills using Enter bills/Pay bills and now need to go back and reconcile those bills. Does anyone know if this can be done and how? I'm using QuickBooks. Thank you!
I've never done this before but by reading over the question, I would assume that your assignment is to know the ins and outs of the company credit cards so that some employees would not take chances to write the checks to the credit card companies for their accounts.

Let's assume that the company has an AmExp card. The balance in November statement was $5,000, the company paid $3,000, and during December, one or two employees charged $1,200, you post the various charges by charge slips. When AmExp statement for Dec arrives, it shows a beginning balance of $5,000, less payment of $3,000 and $900 new charges.

Your reconciliation would show:
Dec. 31, 2008 balance per AmExp: $2,900
Add: $300 O/S charges
AmExp balance per books: $3,200

The starting point is the beginning balnce, it should be in Quickbooks reconciliation feature. The next question is how the details of new charges are kept after posting to Quickbooks.

The reconciliation works help the accountant knows what's in and out and it's a great toll to protect fraud.

Hope this helps,

songcon
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