How to Reconcile the Sage 100 Credit Card Clearing Account to the General Ledger
Description
This article will give you more information how to reconcile your Sage 100 Credit Card account to the General Ledger.
As with any reconciliation, you may encounter situations where the Credit Card Recap reports do not balance to the corresponding Accrual account in the General Ledger.
Notes:
- Could be a timing of posting or settlement
- Credit card transactions do not post directly to the Bank Reconciliation module. An AR Cash Receipts Entry must be done to move it from the Clearing Account to the Bank Account.
Resolution
Use the following steps to assist in reconciliation.
- Obtain the accrual account(s) for all credit card type payment in Payment Type Maintenance.
- The Credit Card Recap reports from the S/O and/or A/R Sales Journal update and/or the A/R Cash Receipts Journal.
Note: The Credit Card Recap reports should reconcile with the accrual account in General Ledger. Any S/O Deposit transactions that have not converted to an invoice will not show in this account although payment (settlement) may have been received.
- An AR Cash Receipts can be processed to move funds from the accrual account to the bank account.
- A General Ledger General Journal entry can be processed to move funds from accrual account to bank account or a B/R Check, Deposit and Adjustment Entry for the deposit can be processed to post to G/L accrual account and bank.