How to keep the credit card register in sync with GL

Sylvia Cook

How do you keep the credit card register in sync with its corresponding GL account? Right now our credit card register has a very different balance than the GL account. We reconcile the GL account to statements and that is all good.

I figured out there are some situations that cause differences in the register such as:

- CC statement payments that do not have the box checked for “use invoice to pay credit card account”.

- transactions that were recorded in the Vendor account instead of the CC feed.

So what can I do to adjust the register to actual and it not post to the GL as the GL is correct? I am wondering if I need to create an adjustment category that is marked as ‘do not post, but it still asks for account numbers. Is anybody else doing something to keep this in sync, or is everyone else just ignoring the register balance? If BB ever implements a reconciliation process for credit cards, like bank accounts, then the register balance would be important.

Sylvia

Roberta A. Gilbert

@Sylvia Cook:

How do you keep the credit card register in sync with its corresponding GL account? Right now our credit card register has a very different balance than the GL account. We reconcile the GL account to statements and that is all good.

I figured out there are some situations that cause differences in the register such as:

- CC statement payments that do not have the box checked for “use invoice to pay credit card account”.

- transactions that were recorded in the Vendor account instead of the CC feed.

So what can I do to adjust the register to actual and it not post to the GL as the GL is correct? I am wondering if I need to create an adjustment category that is marked as ‘do not post, but it still asks for account numbers. Is anybody else doing something to keep this in sync, or is everyone else just ignoring the register balance? If BB ever implements a reconciliation process for credit cards, like bank accounts, then the register balance would be important.

Sylvia

Hi Sylvia--

We don't use the credit card register balances at all. We have had so many months, over several years, where we had to expense CC transactions manually, because the feeds didn't work or the cards wouldn't link (or any number of problematic scenarios), and those manual entries don't hit the register. So we basically ignore it.

Instead, I created an Excel template a few years ago that reconciles what was purchased and credited each month on each credit card we have (10 cards right now, all using the same liability account), and what was expensed monthly as well. We reconcile each monthly statement to that sheet, and also to the total liability balance as of the cycle cutoff date. It's scalable so we can add or remove cards as necessary,. Our auditors have been fine with this, and the register is just not used.

If at some point we were forced to reconcile each statement using the Bank Rec function and the register balances, we would need a category for outstanding manual entries, and frankly it would be way more work than doing what we do right now, all on one spreadsheet.

Sylvia Cook

@Roberta A Gilbert Thanks for your response. Sounds like we are doing the same thing. We reconcile outside of NXT in excel as well. I will just ignore the crazy difference in the register even though it irks me to see it there.

Roberta A. Gilbert

@Sylvia Cook:

@Roberta A Gilbert Thanks for your response. Sounds like we are doing the same thing. We reconcile outside of NXT in excel as well. I will just ignore the crazy difference in the register even though it irks me to see it there.

I got over that irk a while ago - but never fear, other irks will take its place! :-)