Hi. Can anyone help me? Putting a credit card refund through as a bank receipt (it is listed as a bank account) will not balance when trying to reconcile so I am wondering this is not the right procedure. Am completely stuck and would be very grateful for any advice.
Yes, assuming that you're talking about an item on the credit card statement being refunded, it would be posted as a 'bank' receipt to the credit card nominal code (or equally, you might ignore both the initial payment and the refund if they were both on the same statement). Is the difference when you try to reconcile the account equal to the size of the refund?
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Pearce & Co - Chartered Accountant and Chartered Tax Adviser
Hello Robert. Thanks for replying. It was a partial refund for a payment £231.00 made in June . I attach a print screen of the attempted reconciliation.
I see the refund and the bank payment into the account add up to the balance from the previous statement and the items paid for add up to the amount that should be the statement balance but this ends up as a double negative instead of cancelling out and I am very novice.
You have your "End balance" set incorrectly - you've entered it as a positive amount (a debit balance) when it should be a minus amount (a credit/overdrawn balance). Remember, that a credit card account usually involves you owing money to the provider - so it's like an overdraft or loan.
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
Of course, thank you very much, Vince. I had considered something like this but my previous reconciliations had balanced when I didnt put a negative figure on the end balance. Should I be worried about this?
I can only speculate, but if the latest one (with the balance corrected) reconciles - which I know it does having seen the screenshot - that suggests previous ones were reconciled okay.
However, it's *possible* that the reason the previous ones reconciled okay is that you posted an adjustment at the final stage of the reconciliation - in which case they're incorrect, but any such adjustments hide that fact.
On the other hand, it's also possible that a positive balance was correct: If a refund had been received (just as this time) that exceeded any payments on the card in the month.
It's also possible that you did put a negative balance in, and just think you didn't. :)
You should be able to check this, though: If you go into the reconciliation screen, look at the bottom - there's a button marked (I think) "History"; this contains PDFs of each reconciliation you've done - take a look at those and compare them with the actual statements.
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
