We recently set up two new, MasterCard credit cards, one for each owner, and I guess I'm now wondering how to reconcile the credit cards.
I do the account reconciliation for our chequing account without issue, however, credit cards do not seem to be as straightforward.
We have received our first MasterCard statement and I guess I was expecting a separate statement for each MasterCard. Instead what I have received is one statement with a summary itemizing: (i) the opening balance, (ii) the purchases/returns, and (iii) the final, new balance owing.
On page 2 of the MasterCard statement, there is detail given for the section 'purchases/returns' and those items are 'grouped' according to the MasterCard owner.
So instead it would seem I should do an account reconciliation for the one statement??? (Basically ignoring the fact that we have two credit cards?)
My questions are:
- Maybe I'm completely barking up the wrong tree--do I even do an account rec for the MasterCard(s)?
- If I do do an account rec, do I do that on the account "2134 MasterCard Payable"?
- Maybe I should not have set the MasterCards up per owner? That is, just have ONE MasterCard (basically assuming that whichever owner uses their credit card is in essence, not relevant?)
I'm hoping there is someone here who can get me started by pointing me in the right direction.
Thanks in advance!
Best,
Kristine
