Ask Experts Questions for FREE Help !
Ask
    drsiuss's Avatar
    drsiuss Posts: 4, Reputation: 1
    New Member
     
    #1

    Jun 18, 2012, 04:17 PM
    Reconciling Similar Transactions
    My company is an agency that purchases items on behalf of clients. On one credit card, we have several transactions from the same vendor with no apparent way to distinguish which client the charge goes to on our monthly credit card statement. How do you reconcile the statement to keep track of which payments went through for each client?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
     
    #2

    Jun 18, 2012, 04:21 PM
    Quote Originally Posted by drsiuss View Post
    My company is an agency that purchases items on behalf of clients. On one credit card, we have several transactions from the same vendor with no apparent way to distinguish which client the charge goes to on our monthly credit card statement. How do you reconcile the statement to keep track of which payments went through for each client?
    You need to institute some discipline with the initiators of the transaction and surely you already have a form of project costing. When a transaction is initiated, if no supplier voucher is generated, an internal voucher should be generated for the transaction. The initiator should be required to note the relevant project and pass a reconciliation sheet monthly to your accounts section together with the vouchers. Essentially the initiators should be responsible for providing the necessary data to facilitate reconciliation signed off by a supervisor

    These principles are basic internal control
    drsiuss's Avatar
    drsiuss Posts: 4, Reputation: 1
    New Member
     
    #3

    Jun 18, 2012, 04:24 PM
    Quote Originally Posted by paraclete View Post
    you need to institute some discipline with the initiators of the transaction and surely you already have a form of project costing. When a transaction is initiated, if no supplier voucher is generated, an internal voucher should be generated for the transaction.

    these principles are basic internal control
    We have supplier invoice numbers on our end, but we can't force them to appear on the credit card statement. The credit card statement just lists the items without any distinction.

    What internal controls would you recommend to handle this situation?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
     
    #4

    Jun 18, 2012, 09:46 PM
    Quote Originally Posted by drsiuss View Post
    We have supplier invoice numbers on our end, but we can't force them to appear on the credit card statement. The credit card statement just lists the items without any distinction.

    What internal controls would you recommend to handle this situation?
    See the other thread

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Variance Flexing (reconciling) [ 0 Answers ]

http://i51.tinypic.com/5wi9f9.jpg Qs 6) Expected profit : 260000 100% right Question 7) Not sure! I got Total Material Variance = 0 Total Labour = £18000 FAV Question 8) 100% right Sales price = £36000 FAV

Reconciling bank account [ 1 Answers ]

The following information is available for use in reconciling the bank account for July: a.Cash balance according to the depositor's records at July 31, $10,840.82 b.Cash balance according to the bank statement at July 30, $9,675.24 c.Bank service charges, $34 d.Outstanding checks at July...

Reconciling father and daughter [ 6 Answers ]

I was a single parent. My daughters father was not in her life for 16 years, although I always left the door open for him to be in her life. Shortly before she turned 16 he finally decide he wanted to be in her life. Things were good for a few years between them. My daughter was even building a...

Reconciling with my Girlfriend [ 4 Answers ]

My girlfriend and I had been dating for 2.5 years. We dated long distance the first year of our relationship, as she was living in Canada and I was living in Viriginia. After a year of dating, my girlfriend decided to move down here and live with me with the promise that I wouldn't wait long to...


View more questions Search