With the credit card reconciliation, you can assign the corresponding posting to each transaction and thus ensure that all transactions are correctly and completely reflected in your accounting. You can find more information about this in the article "How does a credit card payment work and what does it mean for accounting". The article "Credit card reconciliation" explains how the reconciliation can be done.
In practice, you may not find a matching receipt for every transaction. Below you will find some tips and tricks on how to proceed with such a situation.
Returns / (partial) credit notes
Did you order goods and did not keep them all or did your merchant grant you a discount afterwards? Depending on the timing of the credit note and your merchant's process, you may be debited the final invoice amount, or you may receive a credit note. Post the invoice you receive from your merchant. If the merchant sends you a corrective invoice, the first invoice can be deleted and the corrective invoice can be registered. If the merchant sends you a credit note, you can register it as negative income.
As soon as you reconcile your credit card transactions, you can check whether your accounting entries match the debit. Please note that transactions may be spread over several statements. You may not see the credit on your bill until next month. If the return is made shortly after the sale, your supplier may only debit the reduced amount. If you return the entire order, your merchant may debit you for the goods and then refund you at a later date, or there may be no debit at all. Record the movements on your account in the accounting system.
No matching receipt available for the transaction
If it is a VAT-relevant transaction, for example a national purchase, you need the appropriate receipt to claim the input tax from the FTA. In this case, it probably makes sense to check again whether the cardholder can find the receipt in his or her documents. If you use Swissbankers cards in your company, we recommend installing the MyKLARA app. KLARA will remind you to scan the receipt for every card transaction.
For transactions without receipts, such as fees, separately charged expenses or similar movements, you have the option in the credit card reconciliation, similar to the bank reconciliation, to make a posting directly and save it as a template if required.
Does the receipt have been posted incorrectly? Unfortunately, not all receipts show how they have been paid. Check whether the receipt has perhaps been posted with a different means of payment. With Business Relax you have the option to register in KLARA all credit, debit and prepaid credit cards of your company and to assign them to a user. When submitting the receipt via MyKLARA app, the cardholder can specify how the payment of the receipt was made, avoiding misinterpretations.
If you treat your credit card invoice via the posting process or top up your Swissbankers card in KLARA, you will also find these postings in the credit card reconciliation, and you can reconcile them with the matching transactions.
No matching transaction available for the posting
If a receipt is posted in your system but you do not have a matching transaction, the following situations may apply:
- Your merchant has not yet collected the reserved amount. The transaction will be sent to KLARA in the next few days or will be included in one of your next credit card statements.
- Not all transactions are available in KLARA. If you register your transactions manually, check whether you have transferred all transactions. KLARA supports you by entering the total amount of your statement and subsequently the sum of the partial amounts is reconciled to this amount. Have you processed all credit card statements?
- Account does not match the card. As already described in the chapter above, we recommend using the MyKLARA app to submit the receipts. Here you have the option of specifying which card was used to pay an invoice (if you use a Swissbankers credit card, KLARA recognises this automatically).
- Returns/credit notes: See section "Returns/(partial) credit notes".
- The posting is a card load / payment of a credit card invoice. KLARA automatically posts the card loads of your Swissbankers card or the posting of the credit card statement and generates a payment record. Check whether you have transferred the payment contribution to your bank and released it there.
Notifications when shopping with the Swissbankers credit card
Should you not have a signal, delete your notification or get your receipt at a later time (for example, when ordering online)? No problem, you can upload the receipt at any time with the MyKLARA app and specify that you paid for it with your Swissbankers card.
If you generally do not receive a notification, make sure that you have installed the latest version of the MyKLARA app and are logged in. Also check whether the credit card used is assigned to your user.
Does your message show a different amount than your receipt? This is because the message is based on the reservation made. Do you remember the example with the petrol station? The posting in KLARA is established on the basis of the receipt. This receipt will then be matched with the actual debit. Your merchant is not authorised to debit a higher amount than actually incurred.
Do you receive a push message even though you are not shopping at the moment? Either the message is sent to you later because you did not get a signal, a merchant has made a credit note, you have been charged a recurring fee (subscription) or your merchant does not work online and has only made the reservation now.