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 2 years ago

In 120 to 150 words (at least 120 but not more than 150), describe how the...

In 120 to 150 words (at least 120 but not more than 150), describe how the responsibilities and expectations from Financial Analysts have evolved from 2000 to 2020 In 120 to 150 words (at least 120 but not more than 150), contrast the two occupations (a) Securities, Commodities, and Financial Services Sales Agents and (b) Financial Analysts Tell us which of the (a) Securities, Commodities, and Financial Services Sales Agents, (b) Financial Analysts, and (c) Personal Financial Advisors (as defined...

1) In 120 to 150 words (at least 120 but not more than 150), describe how...

1) In 120 to 150 words (at least 120 but not more than 150), describe how the responsibilities and expectations from Financial Analysts have evolved from 2000 to 2020. 2) In 120 to 150 words (at least 120 but not more than 150), contrast the two occupations (a) Securities, Commodities, and Financial Services Sales Agents and (b) Financial Analysts 3) Tell us which of the (a) Securities, Commodities, and Financial Services Sales Agents, (b) Financial Analysts, and (c) Personal Financial...

Question What are two common methods used when accepting deposits for credit card and debit card transactions?

Create a stored procedure that can be used to add a student to the school and...

Create a stored procedure that can be used to add a student to the school and a section of a course. 1. If the student already exists, then just add him to the section (do not update information like address). 2. The procedure will require the following arguments (see table definition for types): A. Salutation B. First Name C. Last Name D. Street Address (including City) E. ZIP Code F. Phone Number G. Employer Name (if any) H. Course Number...

What can financial reports be used for? (100–150 words)

What are two reports that can be used to reconcile a cash register? Explain (50–80 words)...

What are two reports that can be used to reconcile a cash register? Explain (50–80 words) the distinguishing features of each.

Create an Excel spreadsheet that can do the calculations for the credit card below. Using formulas...

Create an Excel spreadsheet that can do the calculations for the credit card below. Using formulas and the drag function of Excel (see the notes), find the values for 1 year of charges. You can start this by taking the finance charge in month 1. With a beginning balance of $2500 and no additional charges, there is no grace-period, you will just pay the minimum payment each month for the next year. The APR is 24.99% and the minimum payment...

Question

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

Solutions

Expert Solution

Related Solutions