RECONCILIATION QUESTIONS

[Dione Clagg]

I am having problems with my reconciliation being off the exact amount of the credit card transactions for the week that wasn't on Aug statement. The bank will have it on the next statement but what do I do with this now? Appreciate so much your help!

[NeilZ]

I am having problems with my reconciliation being off the exact amount of the credit card transactions for the week that wasn't on Aug statement. The bank will have it on the next statement but what do I do with this now? Appreciate so much your help!

I'm not sure I understand. Are you reconciling the checking account or a credit card account ??

[Dione Clagg]

The checking account. We take credit cards for tithes and offerings, but the one in Aug 30 th didn't get on the Aug. statement. So I show that my deposit posted by PC is 194, too much to balance.

[NeilZ]

The checking account. We take credit cards for tithes and offerings, but the one in Aug 30 th didn't get on the Aug. statement. So I show that my deposit posted by PC is 194, too much to balance.

Then you're going to have to reverse that deposit transaction, and re-enter that deposit without that credit card entry.

[tborgal]

I don't understand. If it is not on the statement just don't reconcile that transaction. Or am I missing something.

[Dione Clagg]

The complete transaction is $1528, less the 194 credit cards debits so its 1300+. So should I just reverse the credit card part or reverse the whole entry and repost as two different entries for the same day. Sorry accounting is not my main talent!

[tborgal]

I understand now. In such case it would seem that Neil's solution would resolve the problem.

[NeilZ]

The complete transaction is $1528, less the 194 credit cards debits so its 1300+. So should I just reverse the credit card part or reverse the whole entry and repost as two different entries for the same day. Sorry accounting is not my main talent!

First off, reverse the entire deposit since (I'm assuming) that it was all entered together. Then re-enter the deposit as a new transaction in Funds Accounting with everything but the $194 credit card entry.

Then enter the remaining $194 as a separate deposit transaction so you'll be able to clear that on the next month reconciliation.