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Credit Card Reconciliation

Intro – Credit Card Reconciliation #

Bank reconciliation is a crucial accounting process that compares a business’s accounting records with information on the bank statement. The goal is to identify and resolve any discrepancies between the two to ensure that both records are accurate and up to date.

How to get credit card statement

  1. Download credit card statement, in csv format, from your credit card provider.
  2. Import that csv file into acci.cloud. (see details below)

How to get credit card transactions

System automatically finds all transactions that you have recorded and referring to the credit card account. Those transactions include

  • Credit Card Charge
  • Credit Card Payment
  • Bill Payment
  • Payment
  • Prepayment
  • Daily Expense

Match transactions

Imported credit card statements are considered uncategorized transactions. You can either match them with transactions created in your Acci.cloud or categorize them. If a small discrepancy exists when matching, the system will record it as an adjustment.

Categorize if no matching transaction

If there is no matching transaction, you can categorize the bank statement instead. However, we encourage you to use the data-entry and matching approach, as the detailed information entered on dedicated applications like those for invoices or bills is very useful for sales and expense analysis. The categorization approach may be good for expenses, as the system will automatically create credit card charge transactions for you.

For charge or debit transaction, categories include

  • Expense
  • Vendor Payment
  • Prepayment

For deposit or credit transaction, categories include

  • Credit Card Payment
  • Credit Card Refund

Import Credit Card Statement #

  • Download credit card statement from your credit card provider. Make sure that the export format is csv (comma separated values).
  • Go to Bank / Credit Card on the left sidebar, and select Credit Card Reconciliation
  • Click or tap “Import” tab
  • Select credit card account from dropdown list.
  • Click “IMPORT CSV” button.
  • Select the downloaded file.
  • On the “Map CSV Column” page, fill in the following
    • First row in statement is a header row: Check this option for header row.
    • You need to look at your statement and specify which columns match the fields in Acci.cloud.
      • Date
      • Date Format: select date format of the date field
      • Description: if any
      • Number of Amount Column: Select 2 if you see pair of columns like “Charge – Payment” or “Debit – Credit”. Select 1 if you see only amount column.
      • Amount: specify amount column if the number of columns is 1
      • Payee: if any
      • Reference: if any
      • Transaction Id: if any
    • Click “Import” button
    • You’ll find all imported statement transactions on the Transactions -> Uncategorized tab.

Undo Last Import #

  • Go to Bank / Credit Card on the left sidebar, and select Credit Card Reconciliation
  • Click or tap “Import” tab
  • Select credit card account from dropdown list.
  • Click the dropdown icon next to the “IMPORT CSV” button.
  • Select “Undo Last Import“.
  • Click Yes to complete the action.
  • System unmatch all transactions that were previously matched with the imported statement lines and then delete the last imported credit card statement.
  • If any imported credit card statement line has been reconciled or cleared, the system will abort the undo operation and tell you to delete the reconciliation first. Note that system unmatch all transactions matched with credit card statement lines when deleting reconciliation.

Matching Transactions #

  • Make sure that you have entered all credit card transactions before you start matching.
  • Go to Bank / Credit Card on the left sidebar, and select Credit Card Reconciliation
  • Click or tap Transactions -> Uncategorized tab.
  • Select credit card account from dropdown list.
  • On this page, you’ll see list of all unmatched / uncategorized statement you have imported. There is an option to filter only the uncategorized transactions of the latest credit card statement if required.
  • When you click the Match button on any row, the system will display the best match.
    • If this is a correct transaction, click the Match button. You can undo this action later.
    • The amount on the statement may not match your transaction amount. You can still match the transactions by making an adjustment. Just click the Match button, the system will prompt you for additional information, such as which expense account to use.
    • If none of best match transaction is the correct one, click Show All Transactions button. Now you can find a matching transaction from all transaction you entered and have not been matched or categorized.

Match 1 Statement to Multiple Transactions (One-to-Many) #

  • Under Transactions -> Uncategorized tab, click Match Option button located in the top-right corner of the page. Then, a dropdown menu appears, with “One-to-One” as the default value.
  • Select match option to “One statement transaction to multiple company transactions“.
  • Select credit card account from dropdown list.
  • On this page, you’ll see list of all unmatched / uncategorized statement you have imported. There is an option to filter only the uncategorized transactions of the latest bank statement if required.
  • Click Match button on the statement transaction you want to match.
  • System shows all transaction you have entered and have not been matched or categorized along with a Select column located as the first column.
  • Pending amount is a difference between the amount on the statement and the total of the selected transactions.
  • Select transactions until the pending is zero, then click Match button located at bottom of the transaction list. If pending amount is not zero, then system will prompt you enter adjustment details.

Match Multiple Statements to Single Transactions (Many to One) #

  • Under Transactions -> Uncategorized tab, click Match Option button located in the top-right corner of the page. Then, a dropdown menu appears, with “One-to-One” as the default value.
  • Select match option to “Multiple statement transactions to single company transaction“.
  • Select bank account from dropdown list.
  • On this page, you’ll see list of all unmatched / uncategorized statement you have imported along with a Select column located as the first column. There is an option to filter only the uncategorized transactions of the latest statement if required.
  • Select bank statements you want to match, then click Match button located at bottom right corner of the page.
  • The system will display the best-matching transactions based on the total amount of the selected bank statements. If no transaction is found, click Show All Transactions button. Find the correct transaction and click Match button. System will then prompt you enter adjustment details if there is any discrepancy.

Categorize Statement Transaction #

  • If there is no matching transaction, you can categorize the statement instead. System will create transaction and associate with the selected statement line.
  • Click Categorize button on the statement transaction instead of Match button.
  • The Categorize page appears. Fill in the following fields
    • Date: The default date is today.
    • Amount: This is the amount on the statement line. It is not editable.
    • Category: Select the appropriate account to which the transaction should be assigned. For example, Expense, Vendor Payment, Credit Card Payment.
    • Expense Account: Select expense account when categorizing payment transaction.
    • Pay from Account: Select cash/bank account used to pay the credit card.
    • Vendor: for vendor payment
    • Description: optional
    • Reference: optional
  • Click Save button.

Exclude Credit Card Statement #

  • If there are any duplicate transactions in your credit card statement, you may choose to exclude those duplicate statement lines.
  • Under Transactions -> Uncategorized tab, looking for a duplicate statement line, then click Exclude button.
  • The system will prompt you for confirmation. Click Yes to complete the action.
  • All excluded statements have been moved to the Exclude tab. You can restore any statement by clicking the Undo button.

Unmatch a Matched/Categorized Credit Card Statement #

  • If you accidentally match a credit card statement to the wrong transaction or categorize it incorrectly, you can unmatch it.
  • Under Transactions -> Categorized tab, looking for such statement line, then click Undo button.
  • System will prompt you for confirmation. Click Yes to complete the action.
  • System will move the statement back to the Uncategorized tab.

Unmatch Last Import #

  • Go to Bank / Credit Card on the left sidebar, and select Credit Card Reconciliation
  • Click or tap “Import” tab
  • Select bank account from dropdown list.
  • Click the dropdown icon next to the “IMPORT CSV” button.
  • Select “Unmatch Last Import“.
  • Click Yes to complete the action.
  • System unmatch all transactions that were previously matched with the imported statement lines.
  • If any imported statement line has been reconciled or cleared, the system will abort the unmatch operation and tell you to delete the reconciliation instead. Note that system unmatch all transactions matched with credit card statement lines when deleting reconciliation.

 

Create a New Credit Card Reconciliation #

  • Go to Bank / Credit Card on the left sidebar, and select Credit Card Reconciliation
  • There are 2 ways to initiate credit card reconciliation
    1. In the Summary tab, you will see a list of all credit card accounts. Click or tap the Reconcile button on the row for the account you wish to reconcile.
    2. Go to History tab. Select credit card account from dropdown list. Then click or tap “Initiate Reconcile” button.
  • System will prompt you to enter
    • start and end date of the period you want to reconcile.
    • ending balance of your credit card statement
    • Click Start Reconciliation button
  • Credit card reconciliation page.
    • Page header:
      • Account Id and account name
    • Summary line:
      • Statement Ending Balance: This is a closing balance you previously entered.
      • Beginning Balance: This is the account balance at the start of period.
      • Cleared Charge: This is the total amount of charge or credit transactions which you mark as cleared.
      • Cleared Payment: This is the total amount of deposit or credit transactions which you mark as cleared.
      • Difference: This is the difference between your credit card statement balance and your account balance.
    • Details: System shows list of your transactions of reconciliation period.
      • Category column: Value in this column can be
        • Match: This indicates that the transaction has been successfully matched with an entry on your credit card statement.
        • Category Name such as Expense or Credit Card Payment.
        • Blank: This indicates that the transaction has not been matched or categorized.
      • Clear column:
        • Mark the transaction as “Cleared” if it appears on the credit card statement. If a transaction was matched with discrepancy, you should see an adjustment line next to it.
        • If you find a statement line that you cannot match to an existing transaction, we suggest you record it as an appropriate transaction type, such as Credit Card Charge, Credit Card Payment, Daily Expense, Payment or Prepayment. Avoid using a Journal Entry unless it is for a specific double-entry debit-credit purpose. You can then resume reconciling with the newly created transaction.
        • For any transactions that have not been matched or categorized, please recheck for any remaining statements.
        • If the difference is zero and all statement lines are matched, but there are still unclear transactions.
          • Verify the remaining transactions for duplicates and delete them accordingly.
          • Pending transaction is a transaction that show on your online account as pending but not on your statement. If the difference in your reconciliation is zero, you can ignore these pending transactions by leaving the “Clear” checkbox unchecked. After you click the Reconcile button, the system will carry these transactions over to the next reconciliation period.
    • Save and Reconcile Later button: You can save your pending reconciliation with this button. You may find pending reconciliation under Pending tab.
    • Reconcile button: System save your reconciliation as reconciled and move it to History tab only when difference is zero.

Delete Credit Card Reconciliation #

  • You cannot delete a bank reconciliation for a past month without also deleting the one for the subsequent month. This is because the ending balance of the past month is the beginning balance of the subsequent month. For this reason, you are only able to delete the most recent reconciliation.
  • Go to Accounts on the left sidebar, and select Credit Card Reconciliation
  • Select History tab.
  • Click or tap trash icon on the most recent reconciliation.
  • Click Yes for confirmation.

 

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