Armanino Blog

Reconciling the Corporate Credit Cards

December 14, 2008

I recently had a client call me wondering if there was some easier way to reconcile his corporate credit cards. Sales people had one credit card (Visa) and the executives used another (American Express.) A total of 16 people using two cards - reconciling monthly was giving him a headache. I shared with him, what I consider, the easiest solution to this monthly migraine:

  • Set up a Checkbook for every credit card along with a corresponding GL control account
  • Setup a GL Credit Card Clearing Account
  • Enter all purchases through Bank Transaction Entry (Transactions > Financial>Bank Transactions as a decrease adjustment to post the expense
  • Enter the Credit Card Statement through Account Payable (Transactions > Purchasing > Transaction Entry) and post the statement payment to the Credit Card clearing Account.
  • Pay the credit card statement as normal, hitting your cash account and AP.
  • Enter the payment as a decrease adjustment in the Credit Card Checkbook hitting the credit card clearing account. This will post the payment to the bank account allowing for reconciliation and zero out the clearing account.
Reconciling Corporate Credit Card through Bank Managment>

Reconciling through Bank Managment has made his monthly credit card reconciliations much quicker and is a whole lost easier then using an excel spreadsheet.

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