I have 3 credit cards for our business, i took over the cc reconciling for the girl that left. When i went to reconcile the credit card payable account, it had not been reconciled since June 30,2020 so i'm trying to figure out how to do this. For example, the statement date on one is 22nd of the month, but the payment on one card comes out in the month its billed and the other 2 come out the follwing month. i.e. statement date is 4/8 the payment is coming out on 4/23, since its automatic. Nothing seems to matching and the beginnng balance is off. Not sure what to do. If someone could guide me that would be great. Working on this all day to figure it out. Thank you for any help
It's my priority to get this working for you, donnac2.
Thank you for the detailed information. These are the most common causes for a beginning balance discrepancy are:
The amount or account of a previously-reconciled transaction was changed.
A previously-reconciled transaction was deleted.
The amount or account of a transaction that was connected to a previously-reconciled transaction was deleted or changed. For example, if you reconcile your credit card statement, including last month's payment from your current account, but, in your current account, you accidentally delete the payment to your credit card, the next time you reconcile your credit card statement, your beginning balance will be off by the amount of the payment.
A transaction's reconciliation status was changed in the register. This can be caused either when the reconciliation status of a previously-reconciled transaction was changed from reconciled (R) to cleared (C) or neither (blank), or when the status of an unreconciled transaction was changed to reconciled (R).
Also, you may not be able to automatically find a match for a number of reasons, if the transaction is outside of the date range you are searching, the difference to resolve is too large, the transaction is over 90 days old, etc.
To learn more about reconciliation process, here's an articles you can read to learn more about it:
The biggest problem i have is trying to figure out how they came up with the beginning balance. I have taken the 3 different cards balance due, but they don't add up to what is showing in the beginning balance. So i' m not sure how to figure this out.