Credit Card Bookeping

[STEPHAN]

FL.

Company credit card statement ends with "New Balance 58,123.03".

Next statement two month later starts with "Previous Balance 0.00"

I call chase to ask for the missing statement. They did not generate one, as there were no transactions. I told them that obviously there was a payment. They say it is their policy to not generate one if there is a zero balance.

Do I not have to be consistent in our bookkeeping?

 

[Zigner]

FL.

Company credit card statement ends with "New Balance 58,123.03".

Next statement two month later starts with "Previous Balance 0.00"

I call chase to ask for the missing statement. They did not generate one, as there were no transactions. I told them that obviously there was a payment. They say it is their policy to not generate one if there is a zero balance.

Do I not have to be consistent in our bookkeeping?

Check the online transactions - print them out in lieu of that statement.

 

[adjusterjack]

Agree. A print out or screen shot of your payment activity is all you need for your records. And you may be able to go online to your checking account and get a copy of your cancelled check, both sides.

Your cc company is correct. I've many occasions where I haven't used the card since my last payment and I don't get a statement for several months. No big deal. I have plenty of ways of documenting my financial activity. So should you.

 

[STEPHAN]

Yes, that is how I did it.

I have no problems to get no statement when there is no transaction.

Just, this time there was one, our payment.

It is just strange for me to end with a balance and start with zero. But then, I am Germany and maybe to correct.

 

[adjusterjack]

I find it strange that somebody had a credit card balance of $58,123.03 in the first place.

 

[Taxing Matters]

I find it strange that somebody had a credit card balance of $58,123.03 in the first place.

It's more common than you might think. While often credit cards are far from the best loan solution, people that find themselves in dire financial straits may turn to credit cards as a stop gap measure, hoping they'll turn things around soon enough that they can pay off their cards before it gets overwhelming. And, of course, there are also those that simply can't avoid impulse buying and see their cards as easy money to pay for stuff they want. I have some sympathy for the former group; not so much for the latter.

 

[STEPHAN]

These are multiple company cards on one account and we use them for renovations. Our contractors buy building materials with them. We usually pay it in full every month or when the project is finished and refinanced.

 

[PayrollHRGuy]

My wife is in a business where the company credit card is the most often used method used to pay for the product they purchase to sell. 70K a month isn't rare. They write one check a month instead of 50.

 

[Mass_Shyster]

Overpay them by a penny. That way you'll get a statement showing a credit balance.