Credit Card Reconciliations

The ending balance on your business credit cards will match the balance in Quickbooks.

 

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Karen Pepe Comprehensive Accounting Business Credit Card Reconciliations Trumbull CTCredit Cards--The Good, The Bad and The Ugly:

In any new business, these can be your best friend. They can also be your worst enemy! The one thing all new businesses need is 'start up' cash to get things up and running. Unless you start a business with sufficient capital behind you, you won't have that 'start up' cash until you start making money. But you need computers. Office supplies. Phone systems. Software. Inventory. The list can go on and on.

New businesses often rely on their personal monies to fund business 'start up' costs, including charging items on their personal credit card. And it doesn't stop there. Once your business is established, most will apply for a company credit card to be used for business purchases only.

Where Things Get Off Track

But....are those business and personal credit card charges being booked as legitimate expenses for your business? Are you sure if merchandise being charged on your personal card is passed onto the customer via an invoice? Not properly booking these expenses and failure to pass the cost (and markup!) will result in an understatement of expenses and income.

Reconcile Your Credit Card Accounting Now

Comprehensive Accounting & Business Services, LLC will ask you to detail what business expenses have been paid for personally (either by cash, check or credit card) and be sure they are booked as an expense to your business. We will also keep track of company card purchases (included dreaded finance charges, late fees and interest) and will flag any purchases made which are billable to the customer. When done properly, each month the ending balance on your credit card should match the balance in Quickbooks.