How do I reconcile credit card income?

Although you can do as you wish when reconciling income received from credit card payments, we have found that the following setup works very well for our customers.

In Bookstore Settings, you can choose particular asset accounts for credit card payments. While you may pick any asset account, we recommend creating a unique asset account reserved for credit card payments. Open this account at your bank and list it on your Populi Chart of Accounts. And, of course, choose this account in Bookstore Settings.

When you receive credit card payments, they will debit this asset account (both in Populi and in the "real world").

For reconciliation:

  • Check the CC payment asset account balance in Populi and compare that to the bank account. They should match.
  • If they don't match, research it in Populi and your processor's merchant terminal to figure out the issue.
  • Once the two accounts are reconciled, transfer money from the bank account to wherever it needs to go.
  • If you use financial software like Quickbooks, note the transfer with a journal entry.
  • Likewise, record the transfer with a journal entry in Populi. You'll then start the next month/reporting period with a zero balance.
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