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Brenda H

Simply Accounting 2010

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Hello.

 

Can anyone help me with a Simply Accounting question? I took on a new client and his back up drive is faulty so I have to start from scratch. I have input the necessary information, etc., but I can't get the account reconciliation for the chequing account to balance or the Visa statement to balance. Can I input an adjustment to the retained earnings account for the chequing account? I have input the opening and closing balances, inserted outstanding amounts, etc. What am I doing wrong?? The discrepancy and unresolved are showing the same amount, which isn't 0.

 

Any advice would be helpful.

 

Thanks.

 

Brenda

Just Ask Virtual Assistant Services

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Brenda

 

I am making the assumption that you have created the "Checking account" as an income account and the "Visa" as a credit card (liability account) account.

 

I would double check your beginning and ending balances to make sure that you did not transpose a number or incorrectly enter either of these numbers.

 

Then check your entries. All charges will be entered on the Visa credit card account using the appropriate chart of account number/name. For example, a Visa charge at Lowe's for $103.00 for plumbing supplies would be entered on the Visa credit card as "Cost of Goods Sold -Plumbing supplies -$103.00 (Lowe's). When you make a payment on the Visa account, you would go into your Checking account, write a check to "Visa" for 75.00 (payment amount) and then enter the account as "Visa Credit Card account" (liability account). So when you open the Visa credit card account you would see the monthly charges and any payments made to the Visa credit card.

 

Depending on how your Chart of Accounts are set will determine how you name your accounts. I just used these names for simplicity, yours may be different.

 

I hope this helps.

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Brenda

 

I am making the assumption that you have created the "Checking account" as an income account and the "Visa" as a credit card (liability account) account.

 

I would double check your beginning and ending balances to make sure that you did not transpose a number or incorrectly enter either of these numbers.

 

Then check your entries. All charges will be entered on the Visa credit card account using the appropriate chart of account number/name. For example, a Visa charge at Lowe's for $103.00 for plumbing supplies would be entered on the Visa credit card as "Cost of Goods Sold -Plumbing supplies -$103.00 (Lowe's). When you make a payment on the Visa account, you would go into your Checking account, write a check to "Visa" for 75.00 (payment amount) and then enter the account as "Visa Credit Card account" (liability account). So when you open the Visa credit card account you would see the monthly charges and any payments made to the Visa credit card.

 

Depending on how your Chart of Accounts are set will determine how you name your accounts. I just used these names for simplicity, yours may be different.

 

I hope this helps.

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Thanks Linda for the advice. I was able to get the bank account reconciled, but am still struggling with the credit card. I am out the amount of the prior outstanding amounts $89.24. I started this account with a 0 balance, inserted the outstanding amounts, and posted the visa transactions. The resolved equals the amount of the credit card statement, $30,000.00, but the unresolved and discrepancy are at $89.24 - the amount of the entries from the prior month. Any idea what I am doing wrong.

 

Brenda

Just Ask Virtual Assistant Services

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Brenda

 

I am making the assumption that you have created the "Checking account" as an income account and the "Visa" as a credit card (liability account) account.

 

I would double check your beginning and ending balances to make sure that you did not transpose a number or incorrectly enter either of these numbers.

 

Then check your entries. All charges will be entered on the Visa credit card account using the appropriate chart of account number/name. For example, a Visa charge at Lowe's for $103.00 for plumbing supplies would be entered on the Visa credit card as "Cost of Goods Sold -Plumbing supplies -$103.00 (Lowe's). When you make a payment on the Visa account, you would go into your Checking account, write a check to "Visa" for 75.00 (payment amount) and then enter the account as "Visa Credit Card account" (liability account). So when you open the Visa credit card account you would see the monthly charges and any payments made to the Visa credit card.

 

Depending on how your Chart of Accounts are set will determine how you name your accounts. I just used these names for simplicity, yours may be different.

 

I hope this helps.

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Do you have any suggestions as how to adjust this so that I can move on? I have a lot of entries to make and a short time to do it in.

 

Brenda

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I did get this figured out. I had posted oustanding cheques to insert as last year's date and you can't do this. Once I changed date to the year I was working on everything worked fine. Perseverance!

 

Brenda

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