Dunners
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Joined 14 years ago
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Re: Credit card band feeds and reconciliation after a lost card
For anyone else who has the same credit card replacement and bankfeeds issue that we had. This is the way that we solved this issue to get our bankfeeds and chart of accounts with the correct balances. We needed to make a "transfer money" journal entry to move the credit card balance from the old credit card account to the new credit card account. Having an opening balance for the new card account didn't work as we needed to move the balance from the old to the new card. We could then went into the "reconcile accounts" function and reconciled this extra transaction for both credit card accounts. Now when we go into bankfeeds, the outstanding balances are now correct. And looking at the total credit card debt in the chart of accounts is also correct.475Views2likes0CommentsCredit card band feeds and reconciliation after a lost card
Hi, We are trying to solve a credit card reconcilliation issue. We have had a card for over 5 years and unfortunatly it was lost. The bank then reissued a new card which has a new number which means the bank feeds need to be reset up. To set up bank feeds for the new card we were forced to create a new account in our chart of accounts as it was not fesable to undo 5 years of reconcilliation so that we could combine feeds. The bank account statement just moved the balance from the old card onto the new card. So we tried to create a journal entry to move the balance from the old chart account to the new chart account, so that total credit card liability would remain the same. The problem is that when we recieve the new bank feed they now say that the closing balances are wrong. I can fix that by changing the opening balance of the new account, and removing the journal entry... but now the total credit card laibility is wrong. How can we have correct bank feeds and correct balances in the credit card accounts?987Views0likes2Comments