Credit Card Reconciliation

Hi ZevoAdmin 

The opening balance of a credit card would be the opening balance of the account as of the date you first wish to use the company file. For example, if you wish to start using the file as of 1st January you would need to work out the balance of that card as of that date and enter that as the opening balances as of that date.

In terms of the reconciliation, typically users would reconcile against the credit card statement so it is more common to do it based on the statement period rather than a calendar schedule. In theory, you could do it based on a calendar schedule you would just to reconcile against something i.e. internet banking or the individual hard copy transactions.