Issue:
- Unable to reconcile credit card because transaction inconsistency
Cause:
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.
- Changes to existing items or costs, after a Purchase Order, was closed and revised, will not apply to the credit card reconciliation stage.
- Partially receiving items is not supported by Credit Card
Resolution:
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.
5. Changes to existing items or costs, after a Purchase Order, was closed and revised, will not apply to the credit card reconciliation stage. Please note the differences between the PO and credit card statement, and account for the difference due to the updates made to the Purchase Order.
6. Avoid using credit cards as payment when partially receiving an item. If a partial order has been paid via a credit card, manually create an item in the reconciliation page to be added to a Bill, when you're ready to Bill the remaining amount.