The process of making payments to your credit cards and then reconciling the credit card accounts involves various steps. Click to watch this video or follow these steps.
1. Creating a Credit Card Vendor
First step is to create a vendor who is tied to the credit card. To do so:
- Open the Vendors screen from the side menu > Contacts.
- Click Create New and add a new vendor record, say Chase Credit Card.
- Save the information. Check CORE Help Center for details.
2. Cutting a Check to Pay the Credit Card
In order to properly reconcile the credit card account, you need to record a payment that will balance the credit card charges:
- Open the Checks screen from the side menu > Accounting.
- Click Create New and select the bank account from where the money will be withdrawn.
- Select the newly created credit card vendor 'Chase Credit Card' as the Payee.
- On the Accounts grid, select Chase Credit Card as the Account.
- Cut a check for the balance to pay, say $2500 (Amount) and save the transaction.
3. Reconciling the Credit Card Account
Follow these final steps to reconcile the credit card transactions:
- Open the Chart of Accounts screen from the side menu > Accounting.
- Select your credit card account, say Chase Credit Card, and then click the row action menu to select Reconcile.
- On the Reconcile Accounts dialog, enter your statement balance as well as any finance charge, say $0, and click Continue.
- Select any Checks/Payments to be cleared by checking the Clear box on the far right.
- Select the Deposits/Credits to be cleared, by checking the Clear box on the far right, in this case the payment applied for $2500.
- Click Save Reconciliation and select Final.