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Reconciling Credit Cards in Sage

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  • # 111815

 

Hi there,

I have taken on some bookkeeping for a small but growing business, the books are in a bit of a mess but I am gradually working my way through the fog!

The two credit cards haven't been reconciled since 2012 but I have been advised by the accountant to just reconcile from July this year (phew!) The problem I have is that the credit cards always have a mix of a few personal transactions. How do I reconcile the credit cards in this situation as obviously the balances won't match in the reconcile function?

Many thanks

Laura

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  • # 111816

Lauraks said:

 

Hi there,

I have taken on some bookkeeping for a small but growing business, the books are in a bit of a mess but I am gradually working my way through the fog!

The two credit cards haven't been reconciled since 2012 but I have been advised by the accountant to just reconcile from July this year (phew!) The problem I have is that the credit cards always have a mix of a few personal transactions. How do I reconcile the credit cards in this situation as obviously the balances won't match in the reconcile function?

Many thanks

Laura


 Hi Laura

Post all the transactions you find on the credit card, so that it will reconcile to statement, posting the personal items to Directors Loan account or a Drawings code, I think it would be 2301 in Sage Line 50.  That way, the personal items will not become part of the expenses of the business but will be treated by your accountant as money taken from the business by the director/proprietor.

Best regards,

Graham

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