Credit card reconcilliation difficulty

Im struggling to reconcile my credit card statement automatically as the payments to suppliers run over the month end and the payment goes out of the bank at a completely different date .is there a way of manually reconciling the bank account .im trying to compile yr end accounts but seem to be few pounds out on the final balance ive got about a thousand entries to reconcile and i cant seem to download all the years transactions in one report ? thats 2 questions I know !!

You need to treat your credit card like a separate (overdrawn) bank account on QuickFile. Don’t try to split up all the items on your primary business account as you will run into the exact problem you described in regards to date discrepancies.

So essentially you have the separate Credit Card bank account on QuickFile with all payment activity specific to that card, tag it up against all your purchases. Then when you pay down your card balance at the month end, treat this as a bank transfer from your current bank account to the Credit Card account.

It’s the same way in which you handle payment providers like PayPal. We have a guide on managing credit cards in QuickFile here:

Ive got the set up just fine ,my issues are
1)is there a way of manually reconcilling the bank ?..i.e ticking off payments which relate to the payment out os the bank made the following month .this auto thing is a bit cumbersome it doesnt actually reconcile anything it just tells you whether the figures match . Ive worked with loads of accounting packages over nearly 30 years and they all (except for SAP ) have a reconcilliation programme .

  1. Another way round for me is if i could download all the years transactions in one go ,and do a V look up with the downloaded excel from the bank .I only seem to be able to export one page at a time and i have over 20 pages to download

I should have said with the credit card its difficult to know what range of dates to enter ? as the payment from the back is into the next month …

You’re correct, it’s not a tick box and lock-down reconciliation that you’d typically find on traditional accounting applications. We designed it this way from the onset to be more flexible, and with the increased use of bank feeds we find that the reconciliation process is becoming less relevant as the statement is usually always correct. I appreciate this is not always the case though!

Regarding point 2, if you run an instant backup of your account you should receive a CSV file for each bank account for an “all time” period. This may help you to perform the look up.

ive had to do a retrospective accounting for the year from another package so its been tricky… im going to try the instant back up way !! is that straight forward …? by the way I really do like your system im working online 4000 miles away from my client !! it works so well for him

That’s great to hear, I hope you’re enjoying some better weather than here in the UK :slight_smile:

For the instant backup, you can find this option in Account Settings >> All Settings >> Weekly/monthly backups.

You need to first create a schedule and then you’ll see an option to request an instant backup. Let me know if you need any further assistance.

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