A Better Way to Manage Your Everyday Money - Book - Page 101
2. Back home, Lois takes the credit card receipts from her wallet and puts them on my desk
next to the computer.
3. When it’s convenient, I enter the charges and
refunds in PerNetFlow. I then adjust the
scheduled credit card payments to include
the new activity.
4. I save the receipts in a ragged folder that
I’ve been using longer than I can remember.
I rarely need the receipts for reconciling
statements, but I prefer to hang on to them in
case of a discrepancy or one is needed for a
return.
When I buy something online, I enter the charge in
PerNetFlow at the same time as I place the order.
Reconciling statements
Reconciling a monthly credit card statement is the process of comparing the transactions on the
statement with your record of your charging activity to:
●
●
●
●
find and enter fees,
account for interest charges,
identify fraud, and
generally keep your cashflow's charging activity and scheduled payments in sync with the
credit card company.
In PerNetFlow, credit card statements are reconciled either:
● manually with a paper or online statement, or
● semi-automatically with a downloaded transaction file.
Reconciling a cashflow's credit card activity once a month takes a few minutes. Not reconciling
could become very expensive, frustrating, and self-defeating.
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