My client does not have customers as they are paid by one company for their fee's. They had a credit card balance of $644.03 but paid $692.02 which included 2 entries that were not in the total amount due as they were on the next statement cycle. This results in a credit of $47.99 showing when I try to reconcile. How do I resolve this? Do I reconcile with the credit balance showing? Do I create a journal to clear the balance and then reverse it once I've reconciled? She has done this with a few different months so I want to be clear on what I need to do. FYI - I have already told her to set up auto payments.
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Thanks for reaching out to the Community forum, @Revitalize_Bookkeeping.
When doing reconciliation, you can enter the ending balance as a negative amount so that it will carry over to the beginning balance on the next month. Doing so will offset the transaction on the following month when payment is applied.
To split banking transaction, here's how:
- In the left menu, click Banking.
- Go to the Banking menu at the top.
- Tap For Review section.
- Click the transaction you need to assign multiple Payees and select Split.
- For each part of the split, enter a Category, a Payee, and the Amount. Click Save and add once finished.
For additional guidance on the best thing to do in this kind of situation, I suggest reaching out to your accountant. This is to ensure correct tracking of your account.
Should you need further assistance, let me know by commenting below. I'm always around to help. Have a great day!