Making credit card payments and reconciling them

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:

  1. Open the Vendors screen from the side menu > Contacts.
  2. Click Create New and add a new vendor record, say Chase Credit Card.
  3. 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:

  1. Open the Checks screen from the side menu > Accounting.
  2. Click Create New and select the bank account from where the money will be withdrawn.
  3. Select the newly created credit card vendor 'Chase Credit Card' as the Payee.
  4. On the Accounts grid, select Chase Credit Card as the Account.
  5. 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:

  1. Open the Chart of Accounts screen from the side menu > Accounting.
  2. Select your credit card account, say Chase Credit Card, and then click the row action menu to select Reconcile.


  3. On the Reconcile Accounts dialog, enter your statement balance as well as any finance charge, say $0, and click Continue.
  4. Select any Checks/Payments to be cleared by checking the Clear box on the far right.
  5. Select the Deposits/Credits to be cleared, by checking the Clear box on the far right, in this case the payment applied for $2500.
  6. Click Save Reconciliation and select Final.


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