Credit Card Reconciliations
Ohler Bookkeeping provides credit card reconciliations for both individuals and business owners.These reconciliations are just as important as bank reconciliations. They are similar to a bank reconciliation, but the main difference is that bank reconciliations deal with cash (asset) and credit cards deal with credit transactions (liabilities). Record the credit card transactions from your credit card statement into your accounting software or spreadsheet and reconcile the balance to make sure they match to the balance sheet.
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Tax professionals are going to require that all credit card accounts are reconciled between the books and the credit card statements. We can help you get these reconciliations done and ready for tax time. We are able to reconcile your credit cards in Quickbooks the same as other bank accounts. Businesses rely on credit to keep operations running in some cases, so keeping track of all these transactions is vital to the operations of your business. We recommend that a reconciliation is done each and every month you receive a statement. It is my experience that some business owners overlook the value of reconciling these accounts. There are ways this process can help keep these credit charges down. Some business owners or even individuals set up reoccuring charges for subscriptions or other items that constantly are hitting their accounts. These items or subscriptions may no longer be useful and tracking these charges and realizing that they need to be cancelled can help keep your credit card from constantly being charged, this has been a big money saver based on my experience. Quickbooks and other accounting softwares provide excellent tools for tracking and managing these charges for business owners. We are current a Quickbooks Pro Advisor and have several years experience with these reconciliations.