The main responsibility is to maintain, strengthen and grow the ongoing relationship with Commercial Card Clients . for use of our website. These cookies will be stored in your browser only with your consent. Credit card specialists are responsible for credit card operations management, including the administration, coordination, and management of routine and ad hoc operational activities. Description: Credit Card - Reconciliation Coordinator Part time position - 30 hours per week Remote with 2 days a month in Reston office location Responsibilities: This position is responsible for coordination and reconciliation of the Travel Meetings & Events department credit cards. This is a helpful process because it helps to prevent errors and fraud and ensures that the records are accurate. Download your credit card statements for the period you wish to reconcile. Make sure that all transactions are recorded accurately in both sets of records. You also have the option to opt-out of these cookies. Spend management software itemizes and categorizes spend, and a simple export sends it to your accounting tools. Banks and credit card processors can make mistakes. Do you know what credit card reconciliation is? Company: KARL STORZ Endoscopy-America, Inc. (KSEA) Job Code: 13107. If youve downloaded it as PDF, you can convert it into a CSV using the. Optimize your business performance, save costs and boost growth with Nanonets. hbspt.cta.load(7800846, 'a2908869-a678-4b83-9762-986f50a2f725', {"useNewLoader":"true","region":"na1"}); Both types of credit card reconciliation use the same basic process: checking the transactions on a statement or from a download against the transactions in your financial records. Published on www.monsterindia.com 27 Dec 2022. Instead, we recommend employee debit cards. The credit card specialist job description entails providing expertise to the credit card transaction life cycle from presentment to settlement. Degree in Accountancy and qualifications from professional accounting bodies would be an added advantage, Possess knowledge of general accounting principles and workings of the banking systems, Demonstrate the required skill to perform detailed work accurately and promptly too, Exemplify good communication skill and ability to communicate professionally with others both verbally and in writing, Display problem-solving skill even under stressful conditions and deadlines, Proficiency in Microsoft Office applications like Microsoft Word, Excel, and PowerPoint, Able to manage own time and that of others effectively. A best practice is to ask your credit card processor to charge that fee once per month instead of with every transaction. Relying on physical paper is usually a red flag. But opting out of some of these cookies may have an effect on your browsing experience. But opting out of some of these cookies may have an effect on your browsing experience. ), Responsible for carrying out a thorough review of employee corporate and purchasing card transactions, analyzing spending trends, and consulting with employees on transactions to generate a detailed report on spending patterns and policy exceptions, Responsible for identifying violations to the corporate T&E Policy, Responsible for the daily liaison with credit card companies regarding accounts and product updates, Responsible for the provision of cardholder training, including quarterly presentations, and assisting with developing training aids, Render support to cardholders, data and technology department, human resources, and credit card administrators, and other groups to assist them with questions and concerns relating to corporate and purchasing card transactions and policies, Collaborate with relevant teams in performing corporate account reconciliation administration (monthly reconciliation, addition of new users, etc.). This serves as a proof to the recruiter that you sure have the experience needed to excel on the job. This will allow you to reconcile your credit card statements when they come in so that you don't have to pay unnecessary fees or overdrafts on your account. Bank reconciliation accountants perform different functions in ensuring proper and accurate reconciliation of an organizations actual bank balance with cash amounts in the ledger. Job description : Purpose of the role : Accounts Receivable Support. If not, don't worry, you're not alone. Separate payment methods mean separate data sources. Reconciling credit card transactions can be a lot harder than reconciling a bank account. Business credit and charge cards can do much more than facilitate business purchases, they can make account reconciliation much easier.. Victoria Haas, CPA, says when she works with clients, one of the first questions she asks is if they have a business card."From an accounting standpoint, it is important and really it helps to create a more organized, better, faster, more efficient way of . For many organizations, the credit card reconciliation process has become more complex but failed to evolve with the times and remains reminiscent of how reconciliation was handled before electronic payments were the norm. Salary Range: $67,600 - $107,800. Reconciling credit cards is difficult because of the way that merchants and banks report transactions. Only thats pretty risky too - if everyone has access to credit, you can easily find yourself with a hefty bill at the end of the month. Which means more places for controllers to look when identifying problems. Good accounting is not only crucial for a thriving business - its also a legal requirement. Using Zetadocs Expenses can ease this pain. This is important for tax purposes and financial reporting. They are also responsible for carrying out general client services such as responding to phone calls and emails, and data entry for setting up new clients; verifying and updating merchants business information within the firms CRM and managing work-flow related to a call queue and day to day time management. Enter the Report Description as "Card Type - Month Year" (e.g. You have the document long before it can get lost or damaged. Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated. The reconciliation process for credit cards begins with a comparison of transactions noted on credit card or merchant provider statements with those recorded in your business' chart of accounts. Assisting with audit support as necessary. N Relocation? Position: Customer Account Specialist (CAS) / Transaction Services Sr Analyst - Hybrid<br><u>Key Responsibilities:</u><br><br>The Customer Account Specialist serves as the Clients' primary contact. In a perfect world, general ledger accounts and credit card statements would match 100% of the time. This process is important for businesses and individuals, ensuring that all expenses are properly accounted for and reported. Looking to automate manual data entry & your reconciliation process? Reconciling these transactions is a bit trickier than reconciling the expense side, but with a few tweaks, its certainly doable. Learn more. Reconciling your credit card is just as necessary as reconciling your checking account at the end of the month. Read more about credit cards here. Preparing payment runs, credit cards & reconciliation,. The documentation method determines if the amount captured in the . What you do is, sit with your bank statement and your expenses log (if you maintain one) and see if there are any mismatches. Depending on what accounting system you use, the credit card reconciliation process may be built into the software, as it is in QuickBooks, or you may need an external tool to help out. Perform the reconciliation and verification of accounts regarding cash at hand and cash at bank Reconcile and process transactions that are complex in nature Maintain required files, reports, and data Reconcile and rectify all ledger accounts belonging to customers Reconcile accounts that fall into receivable records with the sales invoices Finally, we'll provide instructions on how to do credit card reconciliation in Excel and manually. Step 5: Create a bill or make a payment. The major requirements applicants may be expected to meet to gain employment for the position of a credit card specialist are shown below: If you are a recruiter or employer needing to hire for the credit card specialist role in your organization, you will need to make a comprehensive description of the position posted along with the job advert. The last thing you need to do is compare the purchases listed on the statement to those recorded in the general ledger. Credit card specialists may also be required to review and provide business requirements for system design, process flow, and solutions for credit card processing. Handling bank reconciliation differences This will help to ensure that the records are kept up-to-date and accurate. Job Description For Finance Executive (Credit Card Reconciliation) Job Number 23010703 Job Category Finance & Accounting Location The Westin Mumbai Powai Lake, #2 & 3B Near Chinmayanand Ashram, Mumbai, Maharashtra, India VIEW ON MAP Schedule Full-Time Located Remotely? Job Description: Apple, Inc. Payment Accounting Credit Card Team seeks a degreed and experienced accountant for Credit Card Reconciliation for global Retail and Online stores using an automated reconciliation tool and working with both internal and external partners to identify and resolve issues. Individuals seeking this job must also possess collaboration skills, communication skills, and customer service skills to perform the job successfully. If receipts are missing, its hard to know who to chase; and. Responsible for carrying out random transaction audits to ensure policy compliance. The other thing that makes reconciling merchant account transactions tricky is that your sales transactions appear in detail, but the bank deposits are lump sum amounts. Description. Did you find this article helpful in learning about what credit card specialists do? Job Description - Collection & Reconciliation Analyst - Fast Hire We are looking to hire an expert Collection & Reconciliation Analyst to join our stellar team at Smart in Makati. This position is responsible for coordination and reconciliation of the Travel Meetings & Events department credit cards. This website uses cookies to improve your experience while you navigate through the website. That way, when you do your bank reconciliation, you have a transaction that matches the lump sum deposit that will appear on your bank statement. This article will define credit card reconciliation and discuss the two types of reconciliation. If every payment in the ledger matches one in the statement, the ledger is accurate and the books can be closed. Nanonets can fast-track your financial close processes with. Credit card specialists perform various functions managing different areas of job specialization, so their job description may vary. Pay Grade: US-C15. Credit card reconciliation is similar to bank account reconciliation. To begin, check that the interest charges associated with credit cards are also recorded in the general ledger. Share your experience using accounting software. Do you want us to integrate with your ERP software? If you have a high volume of purchases running through your credit card processor your accounting team may want to reconcile those transactions daily. Things go wrong in these processes occasionally, so you need to be sure that the transactions on their end match what shows up in the general ledger. Performing various other administrative and clerical tasks as assigned. 3.3 Girl Scouts Louisiana East Property and Facilities Specialist - St. Francisville, LA Saint Francisville, LA $42K - $47K (Employer est.) Which sounds like complete madness, but well explain how its possible (and why its your best bet) in the next section). Reconciling your merchant services account is a bit trickier than reconciling your credit card statement because of the way credit card processors handle transactions. Resolve issues with delinquent accounts through contacting and working . Without reconciliation, it would be not easy to know if all transactions had been accounted for and recorded correctly. The Definitive Guide To Effective Close Management, Read about FloQast's business model and successful round of series D funding. Try Nanonets AI-based OCR solution to automate reconciliation in your organization! May vary define credit card transaction life cycle from presentment to settlement amp ;,! 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