How to Reconcile Credit Card Statements in Excel – 4 Steps

The dataset below showcases bank and the accountant’s cash book statements. There are discrepancies in these statements.

Step 1 – Prepare the dataset to perform Credit Card Reconciliation

• Include the differences between the statements.

Step 2 – Find Mismatches Between Statements

• Insert a helper column in the cash book statement.

• Enter the following formula in F15.

Formula Breakdown:

• COUNTIF($D$6:$D$11,D15)→ This is the logical test. If the value in D15 is present in D6:D11, the condition is TRUE. Otherwise, FALSE.
• Output: TRUE.
• IF(COUNTIF($D$6:$D$11,D15),””,”Mismatched”)→ If the condition is TRUE, the output will be a blank. Otherwise, “Mismatched”.
  IF(TRUE,””,”Mismatched”)
• Output: “”
  

• Drag down the Fill Handle to see the result in the rest of the cells.

Step 3 – Record Mismatches in a Reconciliation Statement

Adjust mismatches in the reconciliation statement.
Here, the Electricity Bill and Salary Expenses are mismatched. The Electricity Bill is $20 less than the original payment. Due payment was $200, but $220 was paid. In the cash book balance, deduct $20.

The mismatch for Salary Expense is $100. Here, add it to your cash book balance.

Step 4 – Calculate the Adjusted Balance

• Go to E14 and enter the following formula

This is the output.

Read More: How to Reconcile Data in Excel

Things to Remember

• Your cash book balance should match the bank statement

Download Practice Workbook

Download the workbook and practice.

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