QuickBooks Desktop Payments Are Not Showing Up In QuickBooks from jamess will's blog

Charge card accounts should be reconciled each month exactly like your money.

Options For Reconcile Date

It is possible to reconcile to the charge card statement, or you can reconcile to the balance at month end per the annals in online banking. By using the credit card statement, you need to reconcile into the statement ending within the month following the month you are taking care of. For instance, if you might be working on the December books, reconcile to your charge card statement ending in January. Let’s say the card statement cutoff date is the 11th. In the event that you only reconcile to your Dec. 11 statement, you’d have a span of activity, December 12 – 31 to be exact, which is not reconciled. You don’t want to risk overlooking an error through that time frame.

In case your card statement closes late when you look at the month and you also require the books wrapped up prior to the latest statement is available, you can even spot check the unreconciled days to make sure nothing looks amiss.

Easier Than Bank Reconciliations

Generally reconciling credit card accounts is much simpler than bank accounts since you don’t have to deal with outstanding checks. Sometimes you have a transaction or two that crosses the termination of the statement cycle, but that’s about any of it for outstanding transactions. If you see old outstanding transactions on credit cards reconciliation, you understand you have accounting errors to wash up.

A Standard Mistake

One common mistake we see is going into the charge card payment made from the bank account twice – once from the bank side and again from the credit card side. If you add the charge card payment through the downloaded bank transactions, make sure to match the transaction in the credit card bank feed, or vice versa. To prevent confusion, you may want to manually enter the transfer of money from the bank into the bank card account, then match the transaction within the operating account bank feed and match it again when you look at the credit card bank feed. For any help about QuickBooks Desktop Payments Are Not Showing Up In QuickBooks, get connect with us.

Multiple Employee Cards

Some of our clients use credit cards where several folks are assigned unique cards. In this instance it is important to link each card separately in online banking to a different account in the chart of accounts. For instance, you may possibly have credit card type accounts in your chart of accounts that appear to be this:

In this example, the master card account administrator is Maya. Each person’s card purchases flow through to the individual card account. Payments on the card, however, only flow through to Maya’s card. You'll see an adverse balance commence to develop on Maya’s card since that card is getting credit for all your payments. You can either edit the payment to spread it towards the various accounts, or do a journal entry to reallocate the in-patient card balances.

In a case similar to this with multiple cards linked using one master account, we suggest reconciling the parent account, Wells Fargo charge card, in the place of doing a reconciliation on each individual card.

Steps To Reconcile A Charge Card

To do credit cards reconciliation making use of the card statement, first agree total card credits (payments from the card and credits from vendor refunds) per the card statement into the total payments and credits showing per the sum total when you look at the reconciliation window in QuickBooks.  In the event that two amounts try not to agree, compare each card payment and credit in QuickBooks into the statement to make sure you have all the cleared transactions checked off.

Next agree total purchases per the card statement to total charges per the financial institution reconciliation in QuickBooks.  If the two amounts do not agree, look at transactions that were held at the very end regarding the month per the statement to make sure all transactions are entered.

Every now and then for whatever reason a charge card charge will not download. If you need to add a card purchase manually, you can enter a new transaction or double click to open a current card purchase, then duplicate the transaction. (In QuickBooks desktop, right click on a transaction to obtain the duplicate option, in QuickBooks Online click More in the bottom regarding the transaction window, then Copy.)

Also occasionally a card purchase will download twice. You may see a description on the first entry of “pending” while the second download occurrence may be the final transaction. If this happens, simply delete one of many entries. Deleting a transaction that was added through the bank feed will put it back in the lender feed, and that means you may also need to go back into the lender feed and choose the transaction, then under Batch Actions select to exclude the transaction.

Once cleared credits and card charges in QuickBooks consent to the card statement, you can easily complete the reconciliation. The only real outstanding transactions, if any, should always be transactions that cross the statement end date. Anything dated earlier is an error and may be cleaned up before you finalize the reconciliation.

That’s it! Reconciling bank card accounts should really be a quick and simple process, particularly if you’ve followed the steps within the prior post, A Right Way and an incorrect method to Enter Credit Card Purchases, to import your credit card transactions.

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