Erin has previously recorded all credit card activity manually using the Expense transaction screen and reconciled the account using the Reconciliation Tool. After connecting her credit card in the Banking Center, she doesn’t see any matches for the transactions she previously entered and reconciled.
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Erin needs to reconcile her account as she is unable to see the previous matches.
- Reconciliation is the method external entities, such as banks, evaluate internally reported transactions against the monthly financial statements
- Erin needs to follow the following steps -
- Comparing the deposits - This includes matching the deposits in the business records with those in the bank statement. ...
- Adjusting the banks statements which include adjusting the balance on the bank statements to the corrected balance.
- Adjusting the cash account to see the expenses
- Comparing the balances with previous balances.
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