Create a simple procedure (120–150 words) that can be used to reconcile credit card transactions.

Expert Solution

A procedure to reconcile credit card transactions will be as below:

Current statement: A recent statement should be obtained which may be mailed to him, or retrieve it online if the account is set up with online banking.

Current receipts: All receipts for transactions made with the credit card should be saved. Accountants go through each transaction on the credit card statement and match it to transactions in the company’s internal systems. This is inclusive of both outbound credit card payments to service providers and suppliers, and inbound credit card payments from customers.

System for reconciliation: When errors are found, an investigation follows to determine the appropriate steps to take the discrepancies. It may involve disputing transactions with the credit card processor, making journal entries to correct errors or timing items, or other actions to address transaction concerns.

ekkarill92 answered 1 year ago

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Create a simple procedure (120–150 words) that can be used to reconcile credit card transactions.

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