Uploading Credit Card Statements

Uploading and processing credit card statements in Tax-Time-Saver (TTS) follows a similar process to uploading bank statements, with a few key differences. Here's how to proceed:

1. Navigate to the Bank Statements Tab:

   • Ensure you are in the "Bank Statements" tab for the selected client.

2. Select the Credit Card Upload Option:

   • Click "Import Credit Card Statement" to upload credit card statements.

3. Choose Files to Upload:

   • Click "Select Files" and choose one or more files to upload.
   • After selecting the files, click "OK" to begin the upload process.

4. File Processing and Data Conversion:

   • TTS will read the data from the credit card statement and convert the transactions as follows:
     • Expenses (debits): Presented as negative amounts (e.g., -100 for a purchase).
     • Payments, refunds, or credits (credits): Presented as positive amounts (e.g., +100 for a credit or payment).

5. This conversion aligns with the preparation of data for a Profit & Loss (P&L) statement in cash-based accounting, where expenses and costs are shown as negative numbers and revenues or credits as positive numbers.

6. Verification:

   • After importing the statement, verify the accuracy of the data.
   • Note that a positive opening balance on the credit card statement will be displayed as a negative number in TTS, reflecting the outstanding balance owed to the credit card issuer.
   • Similarly, the closing balance will also be presented as a negative value.

7. Adjusting Transactions:

   • If you find discrepancies or errors, you can adjust the transactions.
   • Hover over the statement in the Statements Table and click the "Bank Transactions" button.
   • In the Bank Transactions view, you can edit, add, or delete transactions to reconcile the data with the original credit card statement.

8. Additional Information:

   • For more details on uploading and verifying statements, refer to the article "Import Bank Statements".

By following these steps, you can ensure the accurate and efficient processing of credit card statements in TTS.