I am having issues reconciling our credit card statement even though all of our corporate card transactions are entered. . A little background:
1. In the past before I started, we used adjusting journal entries twice a month to capture the total amount of the credit card transactions to pay off which we used in "Merchant Cards".
2.) Once I started, we created a new account "Visa Cards" that had several sub-accounts broken up by cardholder, which we would then use to reconcile with the total amount of each monthly statement.
I was told from someone in the workplace that we would have to zero out the "Merchant Cards" account with a partial payment for the remainder (since our statement doesn't go by month to month evenly, it starts and ends in the middle of each month). We also entered an adjusting journal entry by Debiting "Opening Balance Equity" and Crediting "Visa Cards" for the amount to open the PNC Visa Cards, which we also zeroed out "Visa Cards" with the reconciliation.
With the "Merchant Cards" closed out, we now have a remainder credit for the new account "Visa Cards" that we are unable to get rid of on the reconciliation screen. For some reason we don't have to use that remainder credit to reconcile moving forward. We enter our ending balance for the following statement, and reconcile and zero out the account. Then we capture each following transaction each statement period and reconcile with no issues. We did this for several months with the remainder credit just sitting there on the payment/credit side of the Reconcile page. We don't know how to incorporate the credit for the "Visa" account without relinquishing the ability to reconcile the transactions.
If there can be more insight that can be given into this (if I gave enough information) that would be appreciated. For summary:
We did an adjusting journal entry and debited "Opening Balance Equity" and credited "Visa Cards" for the opening balance of the charges for a period of time. We split our normal statement payment amount by paying off "Merchant Cards" and applying the rest to "Visa Cards". "Merchant Cards" are now zeroed out, and the PNC Visa Opening Equity also zeroes out when reconciling, yet we are left with that remainder credit that comes from the partial payment.