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Bank Reconciliation adjustment

Mark256

When I got my recent credit card I found a charge made in error. I called the company and they issued a credit. This credit will appear in May, but the original charge was made in April. When I do my banc rec as of period ending 4-27-22 do I use the full balance ber my statement or do I use the full balance less the erroneous charge? Thanks for your help.

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Comments

Tom Young

You'd use the full balance as of 4/27/22 for that reconciliation and then the 5/XX/22 balance for the subsequent reconciliation. The effect of that on any Spending reports you run is that the charge will show up for 4/30/22 reports and then the reversal issued by the credit card company will show up on your 5/31/22 reports, for a "net" over the two months of $0.

Sherlock

If the erroneous charge appears on the credit card statement, you should include the erroneous charge in the Quicken account register.