If needed, you can easily reconcile credit card statements with your records before making monthly payments. You can also make adjustments, such as adding finance charges and other purchases not previously recorded in Sage 50's general ledger.
- From the Tasks menu, select Account Reconciliation. Sage 50 displays the Account Reconciliation window.
-
Enter or select the credit card liability account as the Account to Reconcile.
All credit card purchases that have not been previously cleared appear.
Note: This is why using a good reference number system and proper descriptions when entering credit card purchases is important.
- Because the balance account is a liability, enter a negative statement amount.
- Clear each purchase listed on your credit card statement and note those that are not.
-
To add finance charges and other transactions listed on your statement that do not appear, select the Add New button. Select General Journal Entry to create a journal entry to add these items. After entering the journal entry, save it and close the window to return to Account Reconciliation.
- When finished reconciling your statement, click OK.