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How to make credit card collates

Adjusting your credit card is just as necessary as adjusting your checking account at the end of the month. If you carry a balance in your card, you may not notice additional charges due to identity theft or stolen card numbers unless you adjust. Mistakes also happen frequently. The seller can make a transaction twice if the card reader has trouble processing the card the first time. If you don’t reframe your statement, you’ll have to pay double.

How to Do a Credit Card Reconciliation
Unrecognizable person’s hand holding credit card in front of lap top at home

Step 1

Collect your credit card receipts for the month, last month’s statement, and the current statement.

Step 2

Compare the end-of-period balance on the previous month’s collated statement with the first balance on the current month’s statement. They should be fit. If they don’t match, verify the transactions. There may be a missed transaction or a fee that you forgot to record. If you can’t find a transaction, contact credit card customer service and ask them for help. You can also access your account online and see your transactions there.

Step 3

Compare the amount in the receipt with the charges on the statement. Check the statement next to the matching transactions. If you have a purchase receipt that isn’t yet on the statement, set them aside for the next statement. If you return something to the store, a credit will appear on the statement. Verify that you have received credit. A financial fee will also appear on the statement along with other charges.

Step 4

Add purchases, financial fees, and fees if you have one. Add this amount to the balance at the end of the previous month.

Step 5

Except for any payments you’ve made since last month’s statement. The amount must match the end-of-period balance on the statement. If you don’t match, compare the charges again. There may be a mistake in the money. If you see any errors, contact your credit card issuer immediately.

Step 6

Submit a statement and any receipts you want to keep. Retain receipts for large purchases, such as electronics, computers, household items, or clothing, in case you want to return or exchange them. Gas or grocery bills can be chopped up immediately.

Tip

If you see any charges you don’t allow, contact credit card fraud immediately. Always shred your old credit card statement. They contain information that identity thieves can use to their advantage. Keep receipts and credit card statements for up to seven years.

What you need

Credit card statement
Credit card receipts

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