Steps in checking a credit card statement with one’s accounts

Steps in checking a credit card statement with one’s accounts

  1. Each transaction on the credit card statement is  matched to transactions in the company’s internal systems.  
  2. If any amount is not matched with made accounts, we should check unauthorized charges
  3. Corrective action may involve disputing transactions with the credit card processor, making journal entries to correct timing items or errors, or other actions to address transaction issues.
  4. Making note of double entries being made and cancellation of the same.
  5. Ledger has to be matched with bank statement  from the beginning of the year so as to match the outstanding balance.
  6. Make journal entries where required

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Sanjiv Swarup editor

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