Reconciling Japanese credit cards

[Derek Atkins]

Reconciliation doesn't have to necessarily match a register balance.
You can cherry-pick the transactions into a reconciliation.   When
you receive a statement you should reconcile on the statement date
using the statement balance, which should include the transactions
that are listed on the statement.   It shouldn't matter have far
in the future the statement arrives, the process is the same.

-derek

Quoting Chris Bracken <chris at cbracken.com>:

> I don't know if anyone has any experience with the way Japanese
> credit card billing works, but there may be other situations with a
> similar difficulty.
>
> In Japan, billing for credit cards works on a two-month delay.  So a
> bill for the charges you made in December will arrive mid-January,
> and be due at the beginning of February.  Here's an example, where I
> pay my balances in full each month:
>
> 											Charge/Payment	Balance
> 																18000¥
> 2006-12-01		Groceries					  1500¥			19500¥
> 2006-12-02		CC Payment (for Oct)		-10000¥			 9500¥
> 2006-12-15		Presents					 10000¥			19500¥
>
> 2006-12-17		== Bill for 2006-11 arrives: balance 15500¥ due on
> 2007-01-02 (stmt date 2007-01-15) ==
>
> 2006-12-31		Phone bill					 4000¥				23500¥
> 2007-01-01		Groceries					 2000¥				25500¥
> 2007-01-02		CC Payment (for Nov)		-8000¥				17500¥
> 2007-01-05		Electricity				 5000¥				22500¥
> 2007-01-10		Gas							 5000¥				27500¥
>
> 2007-01-17		== Bill for 2006-12 arrives: balance 18000¥ due on
> 2007-02-02 (stmt date 2007-02-15) ==
>
> 2007-01-20		Groceries					  2000¥			28500¥
> 2007-01-31		Phone bill					  4000¥			33500¥
> 2007-02-01		Groceries					  1000¥			34500¥
> 2007-02-02		CC Payment	 (for Dec)		-15500¥			19000¥
>
> How should this be reconciled?  If I enter the actual statement
> ending balance, there's no date where that balance actually exists in
> the register.  I could wait another month, and add two statement
> closing balances together, then reconcile the earlier one, but it's
> painful to track purchases from two months ago, and any mistake
> generally needs to be caught within 30 days.
>
> What's the best way to handle this sort of thing?
>
> Cheers,
> Chris
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-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
       warlord at MIT.EDU                        PGP key available