We very recently acquired a credit card account and I am doing the account recs on the credit card account thus far without issue... until now (we only have at this point, 4 credit card statements.)
My question will be: should I just uncheck "Save Transactions for Account Reconciliations" for the credit card payable account and start the account recs again with corrected opening/closing balances?
The first two account recs went well. However, I'm now noticing that on the third credit card statement--which unfortunately has been reconciled--my closing balance was off by $100.00.
That is, for the third account rec, for the opening balance I used the previous month's closing balance -- all fine. But, for the third account rec's closing balance I used the amount of all the transactions... which I thought was correct. The $100.00 error comes in when I see that I missed a line entry elsewhere in the credit card statement saying that there was the additional charge of $100.00 for the annual fee... so the closing balance should have been all the transactions + the annual fee.
I'm thinking that because I missed this $100.00, that is also what's causing the interest charge I'm seeing on our most recent 4th statement, as I have been paying off the credit card account by the due date ("paying off" meaning I am paying off the transactions... the $100.00 wasn't even coming into play for me to pay that charge as I did not see that on the statement.)
Am I better off just starting again with the account recs since there are only four statements and not a lot of transactions? Or, is there a way to adjust (i.e. via general journal entry?) for the $100.00 that I am off by?
Thanks,
Kristine
