- Unable to reconcile credit card because transaction inconsistency
There may be a number of underlying issues why there may be a variance in the credit card reconciliation. They are:
- Purchase Order (PO) items don't include taxes and credit card transactions do.
- Different currencies on the PO and credit cards.
- Purchase Orders left open and not yet complete.
- Items are missing from the credit card statement
1. Step A: POs have a field called Tax. Revise the PO and add the tax amount from the credit card statement to the PO field Tax.
Step B: Alternatively, add an item to the PO manually, by selecting +ADD A NEW ITEM, to represent taxes during reconciliation. It is possible to do it during reconciliation and matching. View the image below.
2. Add an item to the PO manually to reconcile the currency difference. Follow the steps listed in #1 Step B.
3. If you notice a variance amount left over, check for Purchase Orders that may still be left open and not yet completed. The order will need to be fully received and closed in order for it to be ready to reconcile.
4. Check the credit card statement dates in case any items are missing from the statement. They may be on the prior one or the upcoming statement.