Create a Cash-Basis Journal Entry After You Reconcile a Credit Card Statement

If you use cash-basis accounting, you can automatically create a journal entry for company-paid expenses after you reconcile a credit card statement.

Prerequisites: Completely reconcile a credit card statement before you create the cash-basis journal entry. If you create and post a journal entry before all charges are reconciled, it will be missing some amounts for the journal entry. If you then create and post additional journal entries for a statement, this produces duplicated amounts because the repeated journal entry includes all cleared charges, not just the previous uncleared charges.

To create a cash-basis journal entry after you reconcile a credit card statement, complete the following steps:

1. From the Vision Navigation menu, click Accounting > Credit Cards > Credit Card Reconciliation.
2. On the Credit Card Statement Selection dialog box, select an in-progress statement and click Select.
3. On the Credit Card Statement Reconciliation form, click the Create Journal Entry tab, and complete the information in the fields on the tab.
4. Click the Create Cash Journal button to generate the journal entry. If you have uncleared items for the credit card statement, you receive a message warning you that they exist. It is recommended that you click No to not continue. Proceed with creating the journal entry after you clear all items on the statement.
5. On the dialog box that tells you the active period in which the journal entry will be created, click Yes to continue.
6. On the dialog box that tells you the transaction batch file name that was created, click Yes to continue. You are returned to the Create Journal Entry tab, and the journal entry has been created and saved.
7. From the Vision Navigation menu, click Transaction Center > Transaction Lists, select the transaction file for the journal entry, and review it.
8. From the Vision Navigation menu, click Transaction Center > Transaction Posting.
9. In the Transaction Type field on the Transaction Posting form, select Journal Entries.
10. Select the transaction file for the credit card statement journal entry from the list, and click Post on the toolbar of the Transaction Posting form.
11. On the dialog box that tells you that posting causes permanent changes to the database, click Yes to continue.
12. On the dialog box that confirms that the journal entry was posted, click OK. The journal entry is posted, and you are returned to the Transaction Posting form.