Credit Card Reconciliation Entry

The Credit Card Reconciliation Entry screen is used to reconcile the company accounts with credit card records.

Use this screen to clear charges and credits shown on a monthly credit card statement against purchases, credit adjustments, direct transactions, remittance, and other entries entered into Spectrum.

When tracking your credit card balance using this screen, the total deductions should agree with the total dollars subtracted from your credit card statement. You will not be allowed to update the credit card reconciliation until the statement is in balance (difference between calculated and actual ending statement balance equals zero).

Tip: If your credit card statement date is mid-month instead of the end of the month, you may want to deselect the "Force G/L balance before next reconciliation" option in the Cash Management Installation screen because the G/L goes by period end. Alternatively, you can create reversing journal entries for each of your credit cards.