When funds are transferred to pay credit card accounts, some banks do not process the transactions on the same day if the payment was made on a weekend or public holiday.
- I make a payment from my main bank account on Monday 07/02/2022 (Monday is Waitangi Day, a public holiday)
- On Wednesday 09/02/2022, I import Tuesday’s bank statement and post and reconcile the funds transfer. This is dated Tuesday 08/02/2022 as no transactions are processed in a standard bank account on a public holiday.
- When I import my credit card statement, the date on the transaction is 07/02/2022 — two days earlier than the main account transaction.
You will not be able to reconcile the funds transfer in the credit card account because it is future dated.
To resolve this, choose one of the following options.
- Use a credit card clearing GL Account. Create a GL code as a liability with GST Exempt, and post and reconcile cashbook payments/receipts to and from this GL Code.
- Post and reconcile the funds transfer from the credit card account first. Then you will be able to reconcile the funds transfer in the main bank account because it is in the past, not future. Note that you may need to reverse the funds transfer you posted from your main account first.