Credit Card Reconciliation in Sage 50
Credit card reconciliation in Sage 50 is the process of matching the transactions recorded in your Sage 50 accounting software against the transactions recorded by your credit card company. This process ensures that all credit card transactions have been recorded accurately and completely in your accounting system, and that you have not missed any payments or incurred any unauthorized charges.
Credit Card Reconciliation in Sage 50 provides you with a secure passage to the employees to input all the entries and accounts in a correct manner. It provides a right knowledge of service fees to the user along with interest and unauthorized transactions.
What is Credit Card Reconciliation
Credit card reconciliation is the process of verifying that the transactions recorded in your accounting system match the transactions recorded by your credit card company. The purpose of credit card reconciliation is to ensure that all transactions are recorded accurately and completely in your accounting system, and to identify any discrepancies that need to be corrected.
Read More-: How to Reset the Bank Reconciliation in Sage 50
Step to Create Credit Card Reconciliation in Sage 50
Follow the step by step instructions for reconciliation:
- Click on the credit card that needs to be reconciled.
- From the statement, enter the last date
- Now, check beginning balance in the statement for any disparity or not.
- Now, enter statement ending balance
- If you get an incorrect result, you need to review the reconciliation of the last month.
- Enter the negative number for the balance in the down-right corner of the windows for Credit Card.
- Enter statement’s ending balance.
- By Credit, Debits or Deposits
- For all the transactions, some credentials will appear on the screen: Amount, Date, Check numbers, payees/retailers and description.
Steps for Transaction via Credit Card in Sage 50
- You will see the checkbox right next to the Bank Statement. It is basically divided into two parts.
- The top section will show you charges in your statement
- The lower division will show you the payments you are making or have made.
- It also helps you keep check on the records whether they are cleared in general ledger or not.
- If you get all the transactions in the credit card, it will show you no disparity in un-reconciliation.
- Make sure you verify all the transactions by keeping a check on the statement so that you can see the listed transaction in your Sage 50 Accounting Software.
- Now, click on the right icon in the cash advances to navigate to the adjusting journal or any transaction that is lost in the statement.
Also Read-: Sage 50 Bank Reconciliation Discrepancy
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💠Frequently Asked Questions💠
What is the Purpose of Credit card Reconciliation in Sage 50?
The purpose of credit card reconciliation in Sage 50 is to ensure that all credit card transactions have been recorded accurately and completely in your accounting system, and to identify any discrepancies that need to be corrected. This helps to prevent errors or discrepancies that could impact your business’s financial health.
How often should I reconcile my credit card accounts in Sage 50?
It’s recommended to reconcile your credit card accounts in Sage 50 at least once a month, or as often as you receive credit card statements from your credit card company. This ensures that your accounting records are up-to-date and accurate.
Can I Reconcile Multiple Credit cards in Sage 50?
Yes, you can reconcile multiple credit cards in Sage 50. Simply repeat the reconciliation process for each credit card account in your accounting system.
Can I Import Credit Card statements directly into Sage 50 for reconciliation?
Yes, you can import credit card statements directly into Sage 50 if your credit card company supports it. This can save time and reduce the risk of errors or discrepancies.