How to Do a Credit Card Reconciliation

Woman with credit card and paper statement.
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Reconciling your credit card is just as necessary as reconciling your checking account at the end of the month. If you carry a balance on your card, you may not otherwise notice extra charges resulting from identity theft or a pilfered card number unless you reconcile it. Mistakes happen regularly as well. A merchant may run a transaction twice if the card reader has trouble processing the card the first time. If you don't reconcile your statement, you will end up paying double.


Step 1

Collect your credit card receipts for the month, the previous month's statement and the current statement.

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Step 2

Compare the ending balance on the previous month's reconciled statement to the starting balance on the current month's statement. They should match. If they do not match, verify the transactions. There can be a missed transaction or a charge that you forgot to record. If you can't find the transaction, contact the credit card customer service and ask them to help. You can also access you account online and view your transactions there.


Step 3

Match the amounts of the receipts to the charges on the statement. Put check marks on the statement next to the transactions that match. If you have the receipts for purchases that are not on the statement yet, set them aside for the next statement. If you returned something to the store, a credit should appear on the statement. Verify that you received the credit. A finance charge will also appear on the statement along with other charges.



Step 4

Add up your purchases, finance charges and fees if you have any. Add this amount to the previous month's ending balance.

Step 5

Subtract any payments you have made since the previous month's statement. The amount should match the ending balance on the statement. If it doesn't match, compare the charges once again. There can be a mistake in the amounts. If you see any mistakes, contact your credit card company immediately.


Step 6

File the statement and any receipts you want to keep. Keep the receipts for major purchases, such as electronics, computers, appliances or clothes, in case you want to return or exchange them. Receipts for gas or groceries can be shredded immediately.


If you see any charges you did not authorize, contact the credit card's fraud department immediately. Always shred your old credit card statements. They contain information that identity thieves can use to their advantage. Keep the credit card receipts and statements for up to seven years.

Things You'll Need

  • Credit card statement

  • Credit card receipts

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