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Peachtree Quantum Tips & Tricks |
Credit Card Reconciliation
Before you start the reconciliation, make sure that you are in the period that you are reconciling. You can check the period you are in by looking in the bottom right hand corner of the screen.
| 1. |
From the Tasks menu, select Account Reconciliation. The Account Reconciliation window displays. |
| 2. |
Enter or select the credit card account you want to reconcile. |
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Enter the closing date from the bank statement as the Statement Date. Use the month end date even if that Statement Date is different. |
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Before you enter the Statement ending balance, make sure that the unreconciled difference is the Statement Beginning balance. If not, you need to review last month reconciliation. |
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Enter the Statement ending balance in the lower-right section of the window. Enter the balance as a negative number. |
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Transactions that are available to be cleared are listed in two groupings-Checks and Credits, Deposits and Debits. For each transaction, reference information such as check numbers, amounts, dates, and vendor/payees or descriptions display. Checks are sorted by check number. |
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Select the Clear check box next to each item that is included on the bank statement. In the top section, you will clear all of the charges that are on your statement. In the bottom section will be all the payments that you have made. |
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Select the Adjust icon to enter adjusting journal entries for the finance charges and cash advances on the statement. Select OK when done. |
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Peachtree keeps track of how many transactions recorded in the General Ledger are cleared, how many are not, and the associated totals. |
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When all transactions listed on the credit card are entered and cleared in Peachtree Accounting and outstanding transactions have been accounted for, the unreconciled difference should be zero (0.00). If not, check the statement to make sure that each transaction listed is also entered in Peachtree Accounting. For example, a finance charge listed on the statement may need to be entered in Peachtree Accounting. |
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If you have successfully reconciled the account (the unreconciled difference is zero), select OK to close the window. |
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Hint: If you are interrupted during the middle of reconciling or need to record a transaction, select OK and exit the window. Later, while still in the same accounting period, you can resume where you left off. All your cleared items and other reconciliation information for the account will remain. You can also change accounting periods to edit previous account reconciliations, if necessary. |
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Report Sections
There are a variety of reports in the system. Go to reports and select the Group that contains your reports.
Accounts Receivable:
This is where you are going to find reports that deal with customers, invoicing and cash receipts from customers. Some examples of the reports in this section are Customer list, Deposits for the month, sales journal, Customer ledger (detail for each customer) and aged receivables.
Accounts Payable:
This is where you are going to find reports that deal with vendors, payables, and checks. Some examples of the reports are vendor list, check registers, vendor ledger, and aged payables.
Payroll:
You can find reports regarding employees in this section.
General Ledger:
This section is going to give you information regarding the accounts. Some examples of the reports in this section are the chart of accounts (listing of all the accounts), general ledger (detail of all the transactions in each account) and trail balance reports.
Financial Statements:
In this section you are going to find financial reports, for example the balance sheet and income statement.
Job Reports:
This section will contain reports dealing with the job. The reports you will find are Job list, job ledger (detail transaction for each job), and estimated revenue and expenses report.
Account Reconciliation:
In this section are going to be the reconciliation reports for the bank accounts and the credit card statements.
Company:
The only report in the company section is the audit trail report.
Report Groups:
This section is where you can setup a group of reports that you are always printing. For example, your month end reports.
Note: Once you have selected one of the sections, you can switch between the sections by just highlighting the section in the left hand box. When you highlight a section, the right hand box will list the reports that are in that group. This is an easy way to go through the reports to find what you are looking for.
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