Credit Card Reconciliation

Checking that all Credit Card Transactions are Captured

Ideally, you should have your employees or directors claim on your company so that they have the responsibility of checks and balances. A claim form with receipts attached is a common approach. There are many templates available online in spreadsheet formats that will aggregate several receipts into Accounts.

The three methods outlined below are commonly used. Method 1 is very quick but isn’t a thorough method to check that bad transactions haven’t hit your card. Method 2 and 3 are probably better. Your accountant and bookkeeper can advise you regarding the appropriate method for your business.

  1. Connect the employee or directors credit card to Saasu Bank Feeds and categorise all the transactions.
  2. Import your credit card transactions – As above, this way you won’t miss any but the negative side is that you may be importing bad transactions, eg double billings by Taxi companies or miss-keyed point of sale transactions.
  3. If you enter each credit card transaction you do individually into a Loan: Visa account or a Loan: Directors Loan account (as examples), then use the bank reconciliation report to reconcile against your credit card statement. Tick each item in your online accounting file against the email/paper statement you have.
  4. A better but more manual and thorough method is to keep all your card receipts and when you get your paper/email statement, tick each one off manually and see what’s remaining. The remaining transactions will either be errors, fraud, direct debits or payments you made where you lost your receipt. In any case, work out what these residual amounts are for and if they are legitimate. When you have completed this task, you can enter or import them into your online accounting file.