Sai Teja Rampalli

CREDIT CARD RECONCILIATION

1. Gather Required Documents

• Obtain the company credit card statement for the reconciliation period.

2. Download Transaction Data

• Download the credit card statement from the bank's website, usually in CSV or PDF format.

3. Match Transactions

• Match each transaction from the credit card statement with corresponding entries in the company's accounting records.

4.Identify Discrepancies.

• Investigate any discrepancies between the credit card statement and accounting records.

5. Adjust the Accounting Records

• Make any necessary adjustments in the accounting system to correct errors.

6. Reconcile the Balance

• Ensure that the ending balance on the credit card statement matches the balance in the accounting system.
• The final step is confirming that the total credit card balance in the accounting system reflects the actual credit card liability.

7. Approval and Documentation

• Once reconciled, have the reconciliation reviewed and approved by a supervisor or the accounting department head.

8. Periodic Reconciliation

• Perform the reconciliation regularly, usually monthly, to stay on top of credit card activity and ensure all transactions are accurately accounted for.