Community Forum Portal/Portail du forum communautaire
In my current set of books I have a visa. It has been suggested that i reconcile it just like I have been my chequing account since there are more and more purchases on my visa. my Visa entries date back to 2011 . Is there anyway for me to zero this off by reconciling without going back and doing it month by month? so that i can reconcile this years statements month by month ?
With a credit card that should be fairly straightforward as typically the moment a purchase is completed it is recognized by the bank. In the bank rec window, set the date as the first day of your current fiscal year and then enter the appropriate bank statement balance. Then check all transactions. If everything was perfect since 2011 then you will have a $0.00 difference and you can record. If not then you will need to make a balance adjustment to get the difference to zero for the start of the fiscal year and then record the bank rec. After that you can then reconcile monthly by statement ending date just like your chequing account.