Credit Card Receipts & Reconciliation

The Credit Card Charges window is used to review and report on Credit Card transactions processed through the Receipts screen. Any authorization activity performed through AcctVantage via Authorize.net will be recorded here. An Action Menu item is provided to allow for reconciling transactions.

1. Open the Credit Card Charges window.

Open the Credit Card Charges window.

2. View (and reconcile) the Credit Card Charges.

This is a read only window. Credit Card Charges can not be entered here. They are entered either through the Receipts window or through the Payments tab on a Sales Order.

From this window you can:

  1. Reconcile Credit Card Charges. (This is the focus of this article.)
  2. View the summary or detail of a Credit Card Charge.
  3. Print a report on these items.

3. Credit Card Reconciliation

1. Enter Bank Charges

  • Selected Items: This is the total of the transactions that you have checked.
  • Bank Charges: If the bank will charge you a fee to process the batch of credit card transactions you can enter the fee in the Bank Charges field.
    • This fee will be deducted from the amount that is debited to your Cash GL Account (i.e. AV will debit the Bank Charge GL Account for that amount).
  • Total Deposit: This is the amount that will be debited to the Deposit To Account (see next section).
    • This will typically be your Cash GL Account.

2. GL Accounts

  • Bank Charges Account Name & Code: The GL Account that will be debited if you enter an Amount in the Bank Charges field (see previous section).
  • Deposit To: The GL Account that the Total Deposit Amount will be debited to (see previous section).
  • Reconcile Date: Enter the date you are reconciling these Credit Card transactions here.

3. Unreconciled Credit Card Charges

  • You can select the transactions you want to reconcile in two different ways. (You will see a check mark in the far right column for the transactions you have selected to reconcile.):
    • Highlight individual transactions and click the Check Selected button OR
    • Check all listed transactions by clicking the Check... button.
    • You can clear selected transactions using the same two methods.
  • When the transactions to reconcile have a check in their respective far right columns, click the OK button to proceed.
    • If you have not entered an amount for Bank Charges, you will be prompted to confirm: "You have not entered bank charges. Is this correct?"
    • If everything is ready to complete, you will be prompted: "Create an adjusting entry for the selected items?" - You must allow this to finish the reconciliation.

No Bank Charges?

No Bank Charges?

Confirmation

Confirmation

4. The Credit Card Reconciliation is now complete.

The Credit Card Reconciliation is now complete.

5. Credit Card Reconciliation Journal Entry

As stated in Step #3, the final step of the Credit Card Reconciliation process is for AV to create a Journal Entry. This entry has not yet been posted. You can post it now, or open the Journal Entry to view or modify its details.

Credit Card Reconciliation Journal Entry

Journal Entry detail