Credit Card Reconciliation

[ncnash]

After downloading charges, I thought I "hid transactions after the ending date" and then "marked all." I ended up with a non-zero difference because all the charges up to the statement ending date were entered into the journal AND about 6 others with future dates were entered. How do I get rid of those 6 for this month's reconciliation to bring the difference to zero, but not lose those 6 for next month's reconciliation?

[cojhl2]

Apparently you are letting the CC company enter all your transactions rather than you doing it as they actually happened. If that is the case doing a recon is kind of a waste of time because you are not comparing two different points of entry.

In your case nevertheless, you leave those transactions alone as they are real transactions that are at the CC company and now also in your books.

I can't understand the problem of "out of balance" however. Perhaps a further explanation of how you are doing this will help.

[ncnash]

Thank you, cojhl2, for your reply.
I haven't had any problems with previous months' reconciliations, and I'm basically doing what all the youtube tutorials are instructing:
Roughly
1) Enter proper cc account
2) Check opening balance of QB with cc statement
3) Enter ending balance
4) Click continue.
5) Click "Hide all transactions after ending date".
6) Click "Mark All"
7) If there are some left over that don't automatically go up into the register, then click "Add One to Register" and enter appropriate account info and Record.
8) When that's all done, the difference is usually Zero.
However, I must have done something careless and about 6 transactions that
occurred after the ending date ended up in the register, too. So my "Difference" number is the total of those 6 transactions after the ending date.
I wanted to know how to get rid of those 6 transactions so that the difference would be zero, but not foul up next month's reconciliation by maybe permanently losing those 6.
I hope I'm making this a little more clear.

[Deidre56]

Doing a recon is never a waste of time. you will atleast have to correct liability booked. you just wont reconize transactions that have not hit the CC statement in the proper month.

[ncnash]

Thank you, Deidre56.
This is all very new and foreign to me. What I'm trying to determine is if I can just delete those last 6 transactions from the register so that the account reconciles and difference is zero................and then when next month's cc statement comes and I download those charges into QB can I add the 6 transactions -- or will they automatically be there with that download?

[Deidre56]

just uncheck those 6 and recheck them next month. dont delte them.

[ncnash]

Deidre, I got past the check stage. They are already recorded up in the register. Not knowing what to do, and being at the end of the work day, we
just closed out of QB. Can't imagine what's waiting for me tomorrow.

[Deidre56]

In your reconciliation screen, uncheck those transactions. Mark them as not cleared.

[kpoanuradha]

ncnash, you need not to worry about those 6 transactions.

Whenever you reconcile, in the reconciliation window, you can see transactions debits and credits and you need to mark them as cleared. When the proper transactions are cleared matching CC balance and balance in QB, it is reconciled. I think you are very clear for this point.

Now what you need to do is, just dont mark those 6 transactions in that window, because if you will mark them it will show a balance with the sum total of those 6 transactions amounts.
And You dont need to delete them at all.
when you will reconcile next month, those transactions will be there and you can mark them cleared at that time.

This the simple solution for your problem and If you still need any help, then please visit this link http://kipfinancial.com/forum/viewfo...8437f6a2cdb9d5

and i can help you there with any of your QuickBook related Problem.

and I'll do my Best to solve this problem for you even you can contact us any time at:
skype: anuradha.ca
Email: kpo@kipfinancial.com

I am a CPA (Chartered Accountant in India) by profession.

[Deidre56]

thats what i said....uncheck them.

[kpoanuradha]

Deidre

I know that I replied exactly what you said... but just elaborated to make it easy to understand for those who dont have much QB knowledge.

Anuradha