If you run a business that takes credit cards, reconciling your credit transactions at the end of the day is an important part of ensuring that you’re getting the money that you’re supposed to each day. While this is often done as a part of the end-of-day routine, it can sometimes be put off. At Vilardi & Co, we offer credit card reconciliation services in NJ to help businesses that need assistance with the process. If you’d like to learn more about credit card reconciliation and why it’s important, read our short guide below.
What is credit card reconciliation?
The process of credit card reconciliation is when you balance your credit card transactions with the receipts from credit transactions. This is done by matching the ledger against what your daily report shows for credit card transactions. If you catch a mistake in your reconciliation, it can often be fixed with the help of your point of sale provider or working with the credit card company directly.
Why do I need to do it?
Three main advantages come with reconciling your credit card transactions and they are:
- Catching wrong posting amounts
- Identification of fake and illegal charges
The sooner you catch any of these discrepancies in your credit card transactions, the easier it will be to rectify them. Read more about each of these problems to learn more about what they mean and why they can be major issues for your company.
Catching wrong posting amounts
When you’re working through credit card reconciliation, you’ll find that not every credit card transaction goes through as it’s supposed to. This is especially true if your point of sale uses a terminal that requires the cashier to put in the cost of the transaction. These units are common at convenience stores, restaurants, and hotels. It’s not uncommon for a key to stick or a cashier gets fat-fingered and a number is inputted incorrectly with these types of units. You can catch these mistakes with credit card reconciliation.
Identification of fake and illegal charges
It doesn’t happen often but there are times when an employee will make a fraudulent charge with a credit card or simply go without charging a customer. Whether this was done intentionally or by accident as the transaction was never pushed through, that makes no difference when it comes to balancing your books and reconciling your credit card transactions. You can easily identify these transactions with the help of credit card reconciliation services.
Even if you’re not able to perform credit card reconciliation daily as a cash register is closed out, you can take advantage of our services by performing regular audits. We’ll help you identify inconsistencies and irregularities within your credit card transactions so you can verify them with your bank. Running regular internal audits is a great way to ensure that errors are managed early and often.
Contact us to learn more
If your business needs assistance with our credit card reconciliation services in NJ, please get in touch with our team. At Vilardi & Co, we specialize in serving businesses like restaurants, hotels, and even real estate companies. We want to help you make sure that everything you do adds up in the end so you don’t have issues with bookkeeping and accounting in the future. Give us a call at 973-594-9912 or send a message through our online contact form. We look forward to handling your company’s accounting needs.