Reconciling Credit Card Statements With or Without Importing Charges

You reconcile credit card statements with or without importing charges from a credit card company.

Using the Credit Card Reconciliation Application With the Import Feature

The following table lists the steps that apply if you import credit card charges from a credit card company into a statement. You specify whether or not to import charges for each primary credit card in Credit Card Settings. You can pay the credit card company at any time during this process.

Step	Action	Description
1	An Accounting employee creates a credit card statement.	You create a credit card statement in Cash Management > Credit Card Reconciliation.
2	An Accounting employee imports credit card charges.	You import credit card charges to a statement using the Import > Import Charges option on the toolbar of the Credit Card Statement Reconciliation form in Cash Management > Credit Card Reconciliation. The frequency of importing can be daily, weekly, bi-weekly, semi-monthly, monthly, or as needed. The imported charges prefill: On the Charges tab in the Credit Card Reconciliation application. In the Credit Card pane on the Expense Report form in the Expense Report application.
3	Alerts can be sent automatically to employees to notify them when a charge from their company-issued credit card has been imported from a credit card statement; it is now ready to add to an expense report.	You set up the New Credit Card Transaction Available alerts in Settings > Expense > Alerts. You can also set up a past due alert to send to employees (and optionally, their supervisors) when a certain number of days has passed and the imported charge has not been added to an expense report.
4	Employees add the imported charges to their expense reports. Expense reports are posted.	Employees add imported charges to their expense reports from the Credit Card Charges pane on the Expense Report form in My Stuff > Expense Report.
5	AP disbursements are entered and posted to record vouchers paid by credit card instead of a paper check or electronic payment.	When you create the AP Disbursement transaction in Transaction Center > Transaction Entry > AP Disbursements, set the Payment Method option to Credit Card. Only the secondary credit cards that have the Available to AP checkbox selected in Credit Card Settings are available for payments in AP Disbursement Transaction Entry.
6	An Accounting employee reconciles the credit card statement.	You clear and reconcile credit card charges on the Charges tab in Cash Management > Credit Card Reconciliation. You can automatically or manually clear the charges that have both an imported and posted amount. On the Summary tab, enter any credit card finance charges or monthly fees in the Additional Balance field. If you use cash-basis reporting, on the Create Journal Entry tab, create a cash-basis journal entry for all the company-paid charges on a credit card statement. After all charges are cleared and the statement is completely reconciled, on the Main tab, you specify that the statement reconciliation is closed.

Using the Credit Card Reconciliation Application Without Using the Import Feature

You can use the Credit Card Reconciliation application without importing charges from credit card statements. In this scenario, the posted expense report and AP disbursement transactions that are associated with a credit card automatically display for a statement on the Charges tab in the Credit Card Reconciliation application. You compare these with your paper credit card statement and manually select the Cleared checkbox for any charge that has a matching item on the credit card statement.