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Explanation: ASI SmartBooks allows you to reconcile credit cards in the same manner as bank accounts with some minor differences. Reconciling should be done when the credit card statement is received. This is a separate procedure from recording the amount owed to the credit card company based on the statement balance.
 
Initial Setup:
1. Be sure a Vendor is entered for each Credit Card
 
 
 
Note: Refer to the Vendor section of the FAQ for more information on paying a Vendor with a credit card.
 
2. Be sure a General Ledger is created for each Credit Card Account.
 
 
NOTE: Type of account is a customer preference and will not affect how credit cards are processed. It will, however, affect filters in certain lists.

Reconcile process:
1. Make sure the beginning and ending balances for the credit card statement are entered as negative amounts in the reconciliation screen. A negative amount is used to represent the amount owed on the credit card statement. (This is different than the balances entered for a bank account, which is not owed, but instead available for use.)
 
 
2. Charges on the credit card statement that have been recorded in Bills-Pay will appear under the Checks expander. Each of these charges will have a check number assigned, although when reconciling credit cards these numbers are arbitrary and are not associated with any information on the credit card statement. Use the Date, Name, Pay to Name, and Amount information to determine the correct charges to mark as cleared.
 
 
3. The Payments credited to the credit card for this statement (those already appearing on the statement) appear under the General Ledger Entries expander.
 
 
4. Additional charges showing on the statement (not associated with an order) can also be entered under the General Ledger Entries expander.