Credit card reconciliation is an essential financial control process that ensures all business credit card transactions are accurately recorded in your accounting system. Regular reconciliation helps you verify that expenses charged to company credit cards match your financial records, identify fraudulent or unauthorised charges promptly and ensure accurate expense categorisation for tax purposes and financial reporting.
Unlike bank account reconciliation where you are matching your cash records, credit card reconciliation involves matching liability account transactions including purchases, payments, fees, interest charges and refunds. The process helps you track outstanding credit card balances, ensure timely payments to avoid interest charges and maintain accurate records of all business expenditure charged to company credit cards.
Exacc simplifies credit card reconciliation with automated transaction matching, expense categorisation suggestions and comprehensive reporting. The system handles multiple credit cards, tracks individual cardholder expenses and maintains detailed audit trails of all credit card activity. Monthly credit card reconciliation is recommended to catch errors quickly and maintain accurate liability balances.
Ready to reconcile your business credit card accounts? Follow our comprehensive guide below to match credit card transactions and maintain accurate expense records.
Match credit card statements with your accounting records to ensure accurate expense tracking and liability reporting
Your credit card reconciliation is complete - all charges, payments and fees are accurately recorded and your credit card liability balance is correct.