Journal Entries & New Transactions on Credit Cards

Eddie Davis -

The way FINSYNC links credit card accounts on the banking tab with liability accounts on the Balance Sheet is the following:

1.  If you create a credit card account on the banking tab by either manual creation or syncing with a login and password, FINSYNC will automatically create a liability account on your balance sheet with the same name.

2.  Each transaction the system pulls in from the credit card sync will automatically impact the Balance Sheet as well.

3.  If you use the "New" button on the credit card on the Banking tab, you can create an entry by hand that impacts the balance on the banking tab AND the Balance Sheet.  NOTE: This is how you should enter any transactions that the credit card sync omits.

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4.  If you use the "New Journal Entry" button in the Journal Entries section of reports, you can choose your credit card liability account as part of the entry but that entry WILL NOT impact that credit card account on the banking tab.

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NOTE: Customers who have imported data from QuickBooks or other systems may have brought in credit card ledger data with corrections by Journal Entry for missing transactions.  The steps to get the credit card on banking tab and balance sheet credit card liability section to match are:

1.  Reverse or delete those corrective Journal Entries on the Journal Entries section of the "Reports" tab.

2.  Go to the bank tab, choose the credit card, and click "New" and create the missing transaction with a cleared date of where it should appear in reporting.  

3.  Once saved, it will impact the balance on the credit card portion of the banking tab and the balance sheet liability section for that credit card.


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