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Reconcile Credit Card Statements that Contain Imported Charges

Compare your credit card statement charges that have been imported into Vantagepoint with the charges entered through employee expense reports and AP disbursements to reconcile discrepancies and missing charges.

Prerequisites: These instructions apply if you import charges into Vantagepoint for a credit card. Before you can reconcile a credit card statement, you must create a new credit card statement for it and import charges from your credit card statement into Vantagepoint; post expense reports for which employees added imported charges; and post AP disbursements that pay a voucher by credit card.

To reconcile a credit card statement that contains imported charges:

  1. In the Navigation pane, select Cash Management > Credit Card Reconciliation.
  2. At the top of the Credit Card Reconciliation form, enter a partial or complete name or number in the Find statement lookup field to find and select an in-progress credit card statement.
  3. If you want to automatically clear any charge posted in Vantagepoint that has a corresponding imported charge, on the Credit Card Statement Selection dialog box, click Autoclear in the grid toolbar of the Charges grid, on the Charges tab of the Credit Card Reconciliation form.
    The Cleared checkbox will be selected automatically on the Charges tab of the Credit Card Reconciliation form for these items.
  4. On the Summary tab of the Credit Card Reconciliation form, enter fees and review details:
    1. In the Additional Balance field, enter any finance charges or monthly fees for a credit card statement.
    2. Review the cleared and uncleared totals to determine if any entries are missing in Vantagepoint and which secondary credit cards need attention to make the values reconcile.
    3. Verify that there is no difference between the statement ending balance (from the credit card statement) and the cleared balance plus the additional balance amount.
      A difference of 0 means that your credit card statement balanced with the entries in Vantagepoint.
  5. On the Charges tab, review the charges in the Credit Card Charges grid and select the Cleared checkbox for any charge posted in Vantagepoint that has a matching charge on the credit card statement.
    Compare the amounts in the Imported Amount and Posted Amount fields in the grid. If a charge has been imported into Vantagepoint and it also has a posted transaction entered in Vantagepoint for it (from an expense report or AP disbursement) it will have the same amount in the Imported Amount field and the Posted Amount field.

    If a charge has been imported, but it has not been added to an expense report or AP disbursements, there will be an amount in the Imported Amount field, but no amount in the Posted Amount field.

    You can click Details on the grid to view more information about the charge transaction if the charge has been entered on an expense report or AP disbursement. You can also use the Details dialog box to enter a missing transaction ID if a charge was imported into Vantagepoint after it was entered and posted without a transaction ID on an expense report. (This applies if you import transactions IDs for a credit card.) You can determine the missing charges that are associated with an in-progress expense report by looking at the Status field and the details that display on the Details dialog box for a charge.
  6. If you use cash-basis accounting: After all credit charges on the Charges tab have been cleared, click Other Actions > Create cash Journal Entry to create a journal entry for the company-paid expenses on the Cash Journal Entry dialog box.
  7. After all credit card charges on the Charges tab have been cleared and the reconciliation is complete, click Other Actions > Close Statement.
    You can reopen a closed statement by selecting Other Actions > Reopen Statement