USA Accounting for Credit Card Transactions

[drsiuss]

My company's general ledger software does not handle credit cards, so we reconcile credit cards using an excel spreadsheet. How do you advise that we reconcile our credit cards?

How do you handle credit card refunds? For example, we were charged twice for a purchase - We expect a refund for one of the charges. How should we keep track of that future credit?

 

[mackwaa]

I'm pretty sure your software can handle a credit card. Set it up in exactly the same way you would a bank account.

If you've been charged twice and the refund is pending over an accounting period then record this in the same way you would an unpresented cheque or unlodged deposit.