Credit card reconciliation - pre bank feeds & personal transactions?

Hi jhsg 

 

I'm sorry to see that no one has replied to you yet. Happy new year!

 

Bank feeds is a tool that makes reconciling your accounts easier. How it works is, the transactions on the left side of the Bank feeds window and brought into your file from your bank. The transactions on the right side are the AccountRight transactions, these are the transactions that are reconciled in Reconcile accounts and included in reports and balances. When a transaction is matched and approved in the Bank feeds window it is automatically ticked in the Reconcile accounts window.

 

So you're correct that if you have credit card transactions prior to bank feeds you would need to enter the AccountRight transactions in Spend money. You can then manually reconcile those transactions in the Reconcile accounts window by ticking them.

 

For the personal transaction, when an amount is a direct in and out of the account one way to handle this is to use the suspense account. In your situation you'd enter a Spend money>>select the credit card in the Pay from account field and allocate to the suspense account. Then record a Receive money>>select the credit card in the Deposit to field and allocate to the suspense account. The credit card will show the withdrawal and deposit, and the suspense account will be cleared back to zero. 

 

Typically, you'd use the Director loan account if you were paying for business purchases with personal funds. You could, however, use it in this situation. You just need to make sure you select the same allocation account for both transactions so that the account is cleared back to zero.

 

Please let me know if you need further help.

 

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