New credit card
I have created a new account for a new credit card, however, I am not able to reconcile the account and all the figures add up but it is putting me out by thousands. have i maybe not created the ...
Forum Discussion
Hi Julie,
thank you so much for your response.
the account is in liabilities already, so i had done that part correctly.
im just wondering maybe should i have put the opening balance as something other than $0.00 is this why i can not reconcile?
thank you.
hi Astrid159
Did it start at nil?
You can't just enter it in opening balance on the card as that will then show in the balance sheet as historical balancing.
You need to tell me how come this account started with a balance other than nil if it is a new credit card.
Was it a private card one of the business owners was using for personal and has now decided to use for all business expenses? If so what is the structure of the business? Sole trader. partnership, Company or Trust?
Hi Julie,
the balance did start at nil.
so i believe i have done everything correctly and still can not reconcile the account.
Hi Astrid159,
I hope you are well today. Thank you for posting your concern in the forum.
I'm sorry to hear about your reconciliation not balancing. I understand that you mentioned in your previous responses that the credit card was set correctly as a liability account. If this is correct, the only two things that could affect your reconciliation are the opening balances and transactions recorded against that account. As mentioned by Julie_A_C, you will need to check all transactions and compare them to the actual credit card statement transactions for that period to see if all transactions are correct. If the credit card started as nil and the opening balances are recorded as 0, this is the only way forward to know what is causing the out-of-balance.
Let us know if you require any further assistance with this. We're happy to help.
Thanks,
Genreve
