It is important to keep records for Credit Card Accounts in agreement with those of the credit card company. Reconciling Credit Cards is important because errors can sometimes be made by the credit card company or Design Manager users upon recording credit card transactions and to be alerted for possible fraudulent transactions. For this reason, it is recommended to reconcile the Credit Card Accounts with each monthly statement that is received.
To reconcile Credit Card Accounts, the most recent credit card statement will be required. On the left side menu, click on Accounts Payable and then Credit Card. Next, click on the Reconcile button in the top right. Select the Credit Card Account you want to reconcile, enter the Statement Date and Statement Ending Balance. Finally, click the Start Reconcile button.
You'll see a list of all the charges and payments that you have entered into Design Manager that were dated on or before your Statement Date and were not listed previously Cleared or already reconciled.
Above the list of charges and payments that you have entered into Design Manager, you'll see:
Outstanding Charges: charges that have not been marked as cleared
Payment in Transit: payments you have entered towards your Credit Card that have not been marked as cleared
Balance: the sum of the statement ending balance and outstanding charges less payment in transit
Computer Balance: the net amount of the Credit Card Account as of the Statement Date
Difference: the difference between Balance and Computer Balance
Your credit card statement will list each transaction that was processed according to the credit card company. Find each of these transactions in the reconciliation grid and select by clicking the box in the far left column. As you select transactions as cleared, you'll see the Total Selected field change with your selections.
If there are charges that are not on the list and should be, enter the missing charges through Accounts Payable - Vendor Deposits & Invoices page. Click here to learn how to enter a Vendor Deposit, Vendor Invoice or General/Misc Bill. Design Manager will save your progress for any transactions you have already cleared.
Once all transactions have been selected, click the Mark Cleared button on the right side above the transactions grid to indicate that the transactions present on the statement.
As the transactions are marked as cleared, you can see the Total Cleared field change to reflect the new amount. Once cleared, you can review these transactions by clicking on the Cleared tab at the top left. In the Cleared tab, you can mark any transaction as Uncleared in case you made a mistake. This will move the transaction back to the Outstanding tab.
As you clear transactions, you can review the top panel to see the Totals. Design Manager will then deduce the Balance by adding any Outstanding Charges and subtracting Payment in Transit to indicate the amount that should be on your Credit Card according to the bank.
The Balance will be compared to the current balance of the Credit Card in Design Manager in the Computer Balance field. Any difference will be shown in the Difference field.
When the difference shows as $0.00, everything is in agreement and you are finished.
You can get create a Credit Card Reconciliation Report which will can show all cleared entries by clicking on Get PDF.
Finally, you can click the Accept Reconciliation button at the top right to indicate that the reconciliation is complete and correct.
If there is a difference, you will need to review your work and, if needed, enter missing charges through Accounts Payable - Vendor Deposits & Invoices. Click here to learn how to enter a Vendor Deposit, Vendor Invoice or General/Misc Bill. Design Manager will save your progress for any transactions you have already cleared.
After you have accepted the reconciliation, you can view past reconciliations by clicking on the Reconciliation History button at the top of the page. You'll see a list of reconciliations and can view the Credit Card Reconciliation Report by clicking on PDF or deleting the reconciliation by clicking on Void. When you void the reconciliation, you can go back and reconcile the period again. Note: You can only void the most recent reconciliation period. If multiple periods need to removed, just void each one in turn.
