If you use QuickBooks, you likely already know how to use the Bank Reconciliation feature. However, did you know that you can also use this feature with credit cards and loans?
In the reconciliation screen simply select the account you want to reconcile and change the statement date as needed. You can reconcile the balance directly to your statement the same way you would with a regular bank account.
Another feature you can use with credit cards are sub accounts. If you allow five employees to use credit cards and receive one statement detailing all of the transactions you can set up sub accounts for each card and choose the main credit card account to use for the reconciliation. When reconciling credit cards this way you should make sure payments are being applied to the sub account so that the individual account balances will be accurate. Alternatively, you could also choose to reconcile each sub account individually.
For more information on QuickBooks bank reconciliations see our next post in the series: QuickBooks Bank Reconciliations: Part II
Another feature you can use with credit cards are sub accounts. If you allow five employees to use credit cards and receive one statement detailing all of the transactions you can set up sub accounts for each card and choose the main credit card account to use for the reconciliation. When reconciling credit cards this way you should make sure payments are being applied to the sub account so that the individual account balances will be accurate. Alternatively, you could also choose to reconcile each sub account individually.
For more information on QuickBooks bank reconciliations see our next post in the series: QuickBooks Bank Reconciliations: Part II
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