Credit Card Statement & Receipt Clearing - Help!

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abuss368
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Credit Card Statement & Receipt Clearing - Help!

Post by abuss368 » Sun Feb 11, 2018 7:29 pm

Bogleheads -

In an effort to always simplify life and our financial lives specifically I have a question about the monthly credit card statement and our form of processing. Specifically we retain all receipts in paper & electronic (if so purchased online). When the monthly statement arrives, we "clear" or "match" all receipts to the statement and then shred everything. This is very time consuming as we run practically 100% of transactions on the credit card (i.e. no debit card, and minimal cash or checks).

Risk: I know folks who simply wait for the receipt to clear and then they shred the receipt. To me that is fine with one implied risk: When the statement arrives how do you know that all transactions are yours and nothing fraudulent or an error is posted?

My thoughts and questions are:

1) Is this necessary or overkill?

2) We are former Quicken uses and have no desire to go back to entering transactions to reconcile or double check the monthly credit card statement.

3) Shredding - How many folks actually shred receipts? Is that needed? Receipts only show the last four digits of a credit card, if anything.
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DaftInvestor
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Re: Credit Card Statement & Receipt Clearing - Help!

Post by DaftInvestor » Sun Feb 11, 2018 7:34 pm

1) overkill in my opinion. With all the time you have been doing this have you ever found and error? Waste of time. Some one will say that restaurants may pad tips of you don't pay attention. Never happened to me but if that's a concern you can check online a couple of days after dining out.
3) no need to shred.

I check my online statements every few days - if something is amiss I will likely notice. All receipts go in a bag or computer filder that is later dumped (except for large purchases or home improvements which are saved)

TwstdSista
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Re: Credit Card Statement & Receipt Clearing - Help!

Post by TwstdSista » Sun Feb 11, 2018 7:36 pm

I track in Quicken and reconcile monthly. Receipts get filed for a few months (in case I need to return something) and then eventually shredded.

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Re: Credit Card Statement & Receipt Clearing - Help!

Post by Katietsu » Sun Feb 11, 2018 7:38 pm

I remember a discussion here about saving and matching receipts with the credit card receipt. My recall is that it was pretty well split between those that do and those that don’t. Another option is to get sent an email or text for each transaction as it occurs. That also allows you to pick up on a fraudulent transaction sooner. You would need to assume that the bank’s system did not go off the rails and add something to the statement that both was not yours and that you would not recognize as an error.


I wouldn’t bother shredding receipts. You can just throw them in your kitchen garbage with decomposing vegetables and coffe grinds as a precaution if you want.

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Re: Credit Card Statement & Receipt Clearing - Help!

Post by abuss368 » Sun Feb 11, 2018 7:45 pm

I agree the shredding of receipts is not needed even though we have been doing it. I will need to discuss. That in itself saves time and the shredder!
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Re: Credit Card Statement & Receipt Clearing - Help!

Post by abuss368 » Sun Feb 11, 2018 7:47 pm

DaftInvestor wrote:
Sun Feb 11, 2018 7:34 pm
1) overkill in my opinion. With all the time you have been doing this have you ever found and error?

Hi DraftInvestor -

That is just it. While one could always say never say never, we have never experienced an error with 20 years of receipt matching! OF our the financial world is much more electronic today than 20 years ago (at least at the individual level).
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Re: Credit Card Statement & Receipt Clearing - Help!

Post by livesoft » Sun Feb 11, 2018 7:52 pm

Our shredder is easier to reach than the trash can, plus it can shred card stock with ease. So practically everything gets shredded. We don't have to even empty the shredder.

We only print out credit card receipts if something is needed for a tax return and then it gets put with the tax return. Otherwise, we only have them online and don't care if they expire away from ever seeing them again. At least that stops the in-flow.
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Re: Credit Card Statement & Receipt Clearing - Help!

Post by abuss368 » Sun Feb 11, 2018 8:05 pm

livesoft wrote:
Sun Feb 11, 2018 7:52 pm
Our shredder is easier to reach than the trash can, plus it can shred card stock with ease. So practically everything gets shredded. We don't have to even empty the shredder.

We only print out credit card receipts if something is needed for a tax return and then it gets put with the tax return. Otherwise, we only have them online and don't care if they expire away from ever seeing them again. At least that stops the in-flow.
Thanks livesoft. What about specifically matching receipts to the statement? What is your process?
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skylar
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Re: Credit Card Statement & Receipt Clearing - Help!

Post by skylar » Sun Feb 11, 2018 8:08 pm

We keep receipts for a year, separated by month regardless of credit card. We have 12 folders hanging in a drawer (one for each month), with the current month in front. Every month, the rear folder gets its contents dumped and moved to the front. I shred receipts by hand (no mechanical shredder yet) only if they have personal information (SSN, DOB, medication, etc.) but if it's just groceries or a restaurant, it goes in the recycling intact. As we make purchases, we try to add the transactions to a ledger (we use Gnucash), and then reconcile the ledger when we get the statement at the end of the month.

As for electronic receipts, I have a folder in my email account to keep them.

I don't know that we've caught any problems this way (the CC companies seem to do a pretty good jobs these days at catching fraud), but it does mean that both of us are aware of our spending, and also means we have receipts for far longer than we probably will need them.

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Re: Credit Card Statement & Receipt Clearing - Help!

Post by livesoft » Sun Feb 11, 2018 8:09 pm

Matching? We don't have many charges, so we look at the statement(s) and say, "Fine." We don't hold up a receipt to see if the numbers match exactly. We (actually the Card Company) do catch fraudulent charges once every couple of years that are easy to catch, but amounts of legit charges are never off.
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Re: Credit Card Statement & Receipt Clearing - Help!

Post by pokebowl » Sun Feb 11, 2018 8:16 pm

abuss368 wrote:
Sun Feb 11, 2018 7:29 pm
My thoughts and questions are:

1) Is this necessary or overkill?

2) We are former Quicken uses and have no desire to go back to entering transactions to reconcile or double check the monthly credit card statement.

3) Shredding - How many folks actually shred receipts? Is that needed? Receipts only show the last four digits of a credit card, if anything.

1) Unless your credit card company has a long history of not only exposing you to fraud but leaving you with the bill, very much overkill.

3) I still shred, but usually only financial documents or anything with PII/PHI. The rest gets ripped up by hand and thrown away. If someone wants to go through my trash and see I spent way too much on food and drink this month, they are more than welcome to.

Honestly going through your credit statements is good form, however I've never not been able to eyeball suspicious transactions. Receipt matching is not really needed unless you suspect fraud from where you bought something. Another issue you run into is your receipts will not always match the name of the vendor/store that appears on the card. The rest is overkill. :beer

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Re: Credit Card Statement & Receipt Clearing - Help!

Post by TravelforFun » Sun Feb 11, 2018 8:19 pm

I match my receipts to the statement then throw the receipts away. Since I keep track of my spending and I frequently find transactions on the statement for which I don't have receipts, I would confirm those are legit charges and update my expense spreadsheet accordingly.

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CFM300
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Re: Credit Card Statement & Receipt Clearing - Help!

Post by CFM300 » Sun Feb 11, 2018 8:29 pm

Wife and I save receipts and match against statement. Have caught a few errors over the years, including tip-padding by restaurant and failure to receive credit for merchandise returned through the mail. I also just like to go through the charges and get a sense of our monthly spending. It's also a time for us to discuss purchases we made individually but may not have shared with the other. (Nothing devious; we have plenty of money. :beer)

Then, any receipts that we don't need to save for tax purposes or potential returns, we do shred. Occasionally, I 'll see receipts with our full credit card number (from small, independent gas stations / convenience stores, I think?). Probably no big deal, but shredding is easy. Takes 30 seconds.

Upshot: We treat our personal finances like a business. What would a business do?

J295
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Re: Credit Card Statement & Receipt Clearing - Help!

Post by J295 » Sun Feb 11, 2018 8:37 pm

You asked so .... it's overkill

Really want to simplify .... don't take receipts and fly speck your credit card statement for errors when it arrives

Want to drill down and justify it from some type of analytical perspective ....
Consider:
The chances of an error are very small
The chances of you overlooking an error in your fly speck is small
The chances of you overlooking an error of any significant amount is very very small
So, the risk is very very small .... the reward for all the work that goes into tracking is thus very very small
What's the cost? Your time ... we decided it isn't worth this "cost" for a potentially very small reward [Even if only an hour a month, I have no interest in spending 12 hours a year on this or similar type activities].

Good luck

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Watty
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Re: Credit Card Statement & Receipt Clearing - Help!

Post by Watty » Sun Feb 11, 2018 8:41 pm

pokebowl wrote:
Sun Feb 11, 2018 8:16 pm
Honestly going through your credit statements is good form, however I've never not been able to eyeball suspicious transactions. Receipt matching is not really needed unless you suspect fraud from where you bought something.
+1

I do review the statements and at least 90% of my charges are at local stores, gas stations, and restaurants that I would know and any others are easy to recognize. While there is a chance of an error on the local charges there is very little chance of me missing some other bogus charge.

I rarely charge anything that is less than about $20 so that limits the number of transactions each month.

When I am traveling I will normally pay cash for anything that is less than about $50 to reduce the chance of my credit card being compromised while I am on the road.

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Re: Credit Card Statement & Receipt Clearing - Help!

Post by tomd37 » Sun Feb 11, 2018 8:42 pm

I started using credit cards back in the mid-70s in the days when they imprinted the card info by a hand machine after writing in the purchase description and amounts. In those 43 years I have only found one error and it was only for one cent. Now in our early 80s, we charge virtually everything to credit cards at about $28,000 per year to obtain the cash rebate (just claimed $1,000 earlier today). We use the original AMEX Blue Cash card for 99+% of those charges. AMEX allows me to set a dollar limit of $10 above which an email message will be sent to me reflecting the charge. I just go online daily, if needed, to check the charges to that card. My other card is a VISA card with Navy Federal CU but they do not offer messaging service. I also check that card online periodically. With the credit card information being readily available I no longer reconcile my receipts to my monthly billing statement.

I do keep copies of all card receipts batching them together by month and placing them in a small box in my desk drawer. Eventually end up disposing of them when no longer needed. Don't shred receipts any more as credit cards receipts only show a truncated account number.
Tom D.

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Re: Credit Card Statement & Receipt Clearing - Help!

Post by seawolf21 » Sun Feb 11, 2018 8:50 pm

Overkill. The unmatched rate is less than 0.00001%.

If you use check mint on every couple of days instead of waiting for monthly statement, it is easier to review and spot unknown charges when recent transactions are fresh in your mind with the added benefit for finding recognized charges earlier than waiting for the statement.

If you are literally charging everything I would guess you have have hundreds of charges a month; which makes it extremely difficult to remember a charge from 25 days ago. My advise is to check mint every couple of days.

scrabbler1
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Re: Credit Card Statement & Receipt Clearing - Help!

Post by scrabbler1 » Sun Feb 11, 2018 9:38 pm

I keep credit card receipts for one full calendar year plus the current year. So I just shredded the 2016 receipts when the 2017 calendar year ended. If I need the receipt for tax purposes, then it goes into the income tax folder.

I don't charge too many thing per month, maybe 3-6 charges, so there aren't too many receipts to keep around.

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Re: Credit Card Statement & Receipt Clearing - Help!

Post by Iliketoridemybike » Sun Feb 11, 2018 9:45 pm

Couple thoughts:

I check my receipt against our online account, if they match, out it goes. No need to wait until the month end since credit card charges are posted almost instantly.

I toss receipts, no shred, since they do not contain your account number.

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Re: Credit Card Statement & Receipt Clearing - Help!

Post by student » Sun Feb 11, 2018 9:47 pm

Just a data point. I do not check receipts against statements. However, I do log on to the accounts to do a quick check every now and then.

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Re: Credit Card Statement & Receipt Clearing - Help!

Post by darrvao777 » Sun Feb 11, 2018 10:04 pm

abuss368 wrote:
Sun Feb 11, 2018 7:29 pm
Bogleheads -

In an effort to always simplify life and our financial lives specifically I have a question about the monthly credit card statement and our form of processing. Specifically we retain all receipts in paper & electronic (if so purchased online). When the monthly statement arrives, we "clear" or "match" all receipts to the statement and then shred everything. This is very time consuming as we run practically 100% of transactions on the credit card (i.e. no debit card, and minimal cash or checks).

Risk: I know folks who simply wait for the receipt to clear and then they shred the receipt. To me that is fine with one implied risk: When the statement arrives how do you know that all transactions are yours and nothing fraudulent or an error is posted?

My thoughts and questions are:

1) Is this necessary or overkill?

2) We are former Quicken uses and have no desire to go back to entering transactions to reconcile or double check the monthly credit card statement.

3) Shredding - How many folks actually shred receipts? Is that needed? Receipts only show the last four digits of a credit card, if anything.
1) I don't think it's necessary, I did this for 3 years and never found a discrepancy. That being said, my dad has been doing this for 30+ years and has found numerous erroneous charges and swears by doing this.

2) I try to funnel every charge through a single Amex card. The Amex app will give me a notification with every transaction (if you allow it to). If you link your card to Samsung Pay, the Samsung Pay app will do the same. Between those notifications and occasionally checking the credit card app, that is all the monitoring I need to do. I don't have a lot of $100+ charges either on my credit card so I'll take a quick scan of my monthly statement for any triple digit or greater charges just to make sure I'm not missing the big charges.

3) I don't shred the receipts. They only show the last 4 digits of the number and I trust Amex to make things right if my account ever gets compromised.

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Re: Credit Card Statement & Receipt Clearing - Help!

Post by Katietsu » Mon Feb 12, 2018 9:01 am

darrvao777 wrote:
Sun Feb 11, 2018 10:04 pm



1) I don't think it's necessary, I did this for 3 years and never found a discrepancy. That being said, my dad has been doing this for 30+ years and has found numerous erroneous charges and swears by doing this.
I would like to hear more specifics about the errors your father has found. Or more specifics about errors that anyone on this board has found.

I no longer check receipts. In all the time I did check receipts I found a few errors. However, they fell into three types: 1) Duplicate charges which are obvious just by scanning the statement. 2) Clearly fraudulent charges, like a restaurant bill from a town I have never been to, which are obvious just by scanning the receipt. And 3) Charges for the wrong amount back in the day when credit card receipts were filled out by hand. Therefore, I do think it important to review each credit card statement but I no longer feel that saving and comparing receipts are necessary. It is possible someone could pad a tip by $10 and I might not notice. But given the number of hours I would have to spend for that once in a decade, maybe, event, that fear does not make receipt checking worth it to me. I will do an online review of charges daily when traveling since that would be harder for me to later pick up on an error.

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Re: Credit Card Statement & Receipt Clearing - Help!

Post by Sheepdog » Mon Feb 12, 2018 9:31 am

abuss368 wrote:
Sun Feb 11, 2018 7:47 pm
DaftInvestor wrote:
Sun Feb 11, 2018 7:34 pm
1) overkill in my opinion. With all the time you have been doing this have you ever found and error?

Hi DraftInvestor -

That is just it. While one could always say never say never, we have never experienced an error with 20 years of receipt matching! OF our the financial world is much more electronic today than 20 years ago (at least at the individual level).
I have found errors 3 times, 2 were for changed restaurant gratuities and the 3rd was a purchase which I did not do at the same time a correct purchase was made. (This does not account for purchases which my wife made which I knew nothing about.) Yes, I reconcile all. For me it is not too time consuming if kept up to date on my Msft Money
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Re: Credit Card Statement & Receipt Clearing - Help!

Post by Sheepdog » Mon Feb 12, 2018 9:34 am

abuss368 wrote:
Sun Feb 11, 2018 7:47 pm
DaftInvestor wrote:
Sun Feb 11, 2018 7:34 pm
1) overkill in my opinion. With all the time you have been doing this have you ever found and error?

Hi DraftInvestor -

That is just it. While one could always say never say never, we have never experienced an error with 20 years of receipt matching! OF our the financial world is much more electronic today than 20 years ago (at least at the individual level).
I have found errors 3 times, 2 were for changed restaurant gratuities and the 3rd was a purchase which I did not do at the same time a correct purchase was made. (This does not account for purchases which my wife made which I knew nothing about :x :happy .) Yes, I reconcile all. For me it is not too time consuming if kept up to date on my Msft Money.

Oh, I do not shred my receipts. I used to, but stopped some years ago as I felt it was not necessary.
People should not say everything they think. They should think about everything they say.

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Re: Credit Card Statement & Receipt Clearing - Help!

Post by Jags4186 » Mon Feb 12, 2018 9:36 am

We pay off our cards every week so we don't bother with any of this. We have less than 10 charges a week so it's not hard to remember what we spent (especially since we use mint.com to track everything in more or less real time). I guess if we get taken for an extra $1 tip it's worth it not to have to spend hours matching receipts.

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Re: Credit Card Statement & Receipt Clearing - Help!

Post by darrvao777 » Mon Feb 12, 2018 12:41 pm

Katietsu wrote:
Mon Feb 12, 2018 9:01 am
darrvao777 wrote:
Sun Feb 11, 2018 10:04 pm



1) I don't think it's necessary, I did this for 3 years and never found a discrepancy. That being said, my dad has been doing this for 30+ years and has found numerous erroneous charges and swears by doing this.
I would like to hear more specifics about the errors your father has found. Or more specifics about errors that anyone on this board has found.

I no longer check receipts. In all the time I did check receipts I found a few errors. However, they fell into three types: 1) Duplicate charges which are obvious just by scanning the statement. 2) Clearly fraudulent charges, like a restaurant bill from a town I have never been to, which are obvious just by scanning the receipt. And 3) Charges for the wrong amount back in the day when credit card receipts were filled out by hand. Therefore, I do think it important to review each credit card statement but I no longer feel that saving and comparing receipts are necessary. It is possible someone could pad a tip by $10 and I might not notice. But given the number of hours I would have to spend for that once in a decade, maybe, event, that fear does not make receipt checking worth it to me. I will do an online review of charges daily when traveling since that would be harder for me to later pick up on an error.
Tip padding was the big item my dad noticed. He enjoys high end Japanese cuisine with expensive alcohol tabs to boot so a 5% increase on one of those bills is significant.

He's also had numerous problems with contractors charging more than they said they would on their initial invoice (lawn maintenance, house renovations etc).

He's also had problems with retailers slipping in additional product charges (e.g. He bought a computer from Staples back in the day and the charge for a printer was added on)

His policy is that he will pay cash for any charges $10 or less. Everything else goes on a credit card, receipts are matched monthly, and then they get saved for the year before being shredded.

I fortunately /unfortunately did not inherit his paranoia gene ☺️

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Re: Credit Card Statement & Receipt Clearing - Help!

Post by runner3081 » Mon Feb 12, 2018 1:04 pm

Sounds like a waste of time. I use a browser extension "Morning Coffee" and do a quick check of all bank and CC accounts (not investment) on a daily basis.

If something looks weird, I act. Otherwise, I can quickly recognize all recent transactions as being correct and move on.

I have been using this strategy for 10+ years and have only found errors twice, fraudulent charges that totaled less than $5 (8 charges, all .15-.30 each) from some online game in Japan.

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Re: Credit Card Statement & Receipt Clearing - Help!

Post by Neffles » Mon Feb 12, 2018 1:44 pm

We generally do not keep receipts unless its something big we might need to return. Most places we shop these days have pretty generous return policies and/or can track it via the store loyalty card/your CC number anyway.

We use the EveryDollar app to track all of our expenses, We will always enter our purchases either at the time of sale or typically that evening or week if we are being lazy/busy.

I will typically review the card activity on the bank app or online when I have downtime once or twice a week and can compare to our entered budget then.

We have had 2 instances in last 2 years or so of compromised cards. Both times the CC company caught it and informed us, and we were able to ID the fraudulent purchases easily.

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Re: Credit Card Statement & Receipt Clearing - Help!

Post by TravelGeek » Mon Feb 12, 2018 2:37 pm

darrvao777 wrote:
Mon Feb 12, 2018 12:41 pm

He's also had problems with retailers slipping in additional product charges (e.g. He bought a computer from Staples back in the day and the charge for a printer was added on)
How did that happen? Did the retail cashier scan a random item and your dad didn’t notice it, or was a second charge put through on a second receipt that your dad never signed for?

Receipts go in the trash. Statements get reviewed weekly or so. I stopped reconciling when I stopped using Quicken 10 years ago. Too much work, not enough gain.

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baconavocado
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Re: Credit Card Statement & Receipt Clearing - Help!

Post by baconavocado » Mon Feb 12, 2018 2:59 pm

We do it all on Quicken. Re: errors by the bank, I've found restaurants and hotels padding receipts and a fairly large number of outright fraudulent charges. The bank has replaced my own card about 3 or 4 times in the last 15 years due to fraudulent charges. I found at least three fraudulent charges on my card last year alone (one for > $300), but the bank didn't replace the card, they only reversed the charges.

Another thing I've started to notice is that the charges can change during the time they're posted as "pending" on my online account, and the time the paper/PDF statement is produced. It's like the business posts and then corrects the charge during the first week or two after it's made. A couple months ago, a local coffee shop where I always use my debit card (and never accepted or kept the receipt) started posting charges to my account that were higher than the actual amount. After that, I started using my credit card instead and keeping the receipts.

That said, most of the errors I find when reconciling my accounts are my own - and that's what reconciliation is for!

kriskd
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Re: Credit Card Statement & Receipt Clearing - Help!

Post by kriskd » Mon Feb 12, 2018 3:10 pm

Similar strategy to some of the others.

We charge nearly everything except for very small purchases (like a cup of coffee).

We both keep the receipts in our wallet/purse and then when I have time I get the receipts from each of us, enter it in Quicken, log onto the credit cards website, and if there aren't too many pending transactions, tie it out, or if it's "messy" just make sure everything looks reasonable.

Then when the credit card cycle closes I tie it out to the penny and submit an online payment (in full of course) scheduled for a couple days before the due date.

Credit card receipts get clipped and sit in a pile on my desk. When the pile gets too big, I give it and the shredder to hubby, he digs out the latest statement and shreds anything on the statement or older. This also gives him the opportunity to pull out any receipts he deems important. He used to match them up on the statements, but we decided that wasn't necessary since as part of my process I've "blessed" them anyway. We also maintain this system as sort of a "check and balance" between us. We are definitely on the same page financially, but he should still be aware of what our spending habits are since technically I could probably find a way to hide stuff financially since I do the majority of the finances.

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Re: Credit Card Statement & Receipt Clearing - Help!

Post by darrvao777 » Mon Feb 12, 2018 7:41 pm

TravelGeek wrote:
Mon Feb 12, 2018 2:37 pm
darrvao777 wrote:
Mon Feb 12, 2018 12:41 pm

He's also had problems with retailers slipping in additional product charges (e.g. He bought a computer from Staples back in the day and the charge for a printer was added on)
How did that happen? Did the retail cashier scan a random item and your dad didn’t notice it, or was a second charge put through on a second receipt that your dad never signed for?

Receipts go in the trash. Statements get reviewed weekly or so. I stopped reconciling when I stopped using Quicken 10 years ago. Too much work, not enough gain.
The latter

It's also one of the reasons he's such a diehard Amex fan, been with them for a while, they always side with the customer. He's OK skipping over the more rewarding newer cards just for Amex's dispute system

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Re: Credit Card Statement & Receipt Clearing - Help!

Post by Dead Man Walking » Mon Feb 12, 2018 8:35 pm

I'm old-fashioned. I reconcile my statements manually and shred receipts. I still receive paper statements for all my bills even though I have established web site access to them. I keep statements until the previous month's payment has been recorded on the next bill. I don't have that many charges on my monthly statements because I pay cash in restaurants, etc.

I've had fraudulent charges on credit cards in the past. I haven't had any since I stopped using the cards in establishments that take the card from my hand. I use the cards everywhere that has a terminal that allows me to swipe them myself. I really like the terminals that use chip technology.

I received a bill today that I have auto paid via a credit card. The statement indicated that they had not received payment for last month's bill. I checked my credit card statement online and found that the bill had been paid. I'll have to call customer service to straighten out the problem.

DMW

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Re: Credit Card Statement & Receipt Clearing - Help!

Post by MikeG62 » Tue Feb 13, 2018 10:07 am

I do not maintain CC receipts. I shred them usually when I get home.

I review all CC statements every month. Rarely have I found anything amiss. I now have alerts on my CC’s so anything charged not authorized be me or my DW would get flagged immediately.

Ticking and tying to individual receipts seems like overkill to me and time not well spent. Having said that, both my brother and father tick and tie to receipts, despite my efforts to convince them it is a waste of their time.

dbr
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Re: Credit Card Statement & Receipt Clearing - Help!

Post by dbr » Tue Feb 13, 2018 10:23 am

The majority of our credit card transactions and the vast majority of our credit card spend are on line. All of those automatically get a "receipt" in the sense of a transaction confirmation of some kind that is saved. It usually comes in e-mail. Aside from that I am not sure what this "receipt" you mention is. I don't usually get one at all for point of sale transactions, save perhaps restaurants and grocery stores.

I can't remember even one credit card transaction in, what, it might be fifty years of using credit cards, that needed reconciliation with a receipt. There have been fraudulent charges. I think that comes out at maybe two or three in that time period. I have also had a dozen or so calls for legitimate charges questioned by the card company.

UpperNwGuy
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Re: Credit Card Statement & Receipt Clearing - Help!

Post by UpperNwGuy » Tue Feb 13, 2018 10:48 am

I formulate my budget and track my expenses in a standalone version of Moneydance that I do not connect to the internet (my choice). Most of my expenses are with credit cards, and I record them into Moneydance every day or two while they are still fresh in my mind. Then I set the receipts on a shelf next to the shredder. I log into my credit card accounts several times a week. Once a charge has moved from pending to posted, I shred the receipt unless it is for an item that might be returned or requires proof of purchase to exercise a warranty. It's a pretty easy system, requiring no more than 5 minutes a day.

Gnirk
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Re: Credit Card Statement & Receipt Clearing - Help!

Post by Gnirk » Tue Feb 13, 2018 11:29 am

I check my CC statement online every few days. Plus I have our CCs set up to notify by email any purchase over $1.00. BTW, this has alerted me to fraudulent charges three times.

bayview
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Re: Credit Card Statement & Receipt Clearing - Help!

Post by bayview » Tue Feb 13, 2018 9:11 pm

Iliketoridemybike wrote:
Sun Feb 11, 2018 9:45 pm
Couple thoughts:

I check my receipt against our online account, if they match, out it goes. No need to wait until the month end since credit card charges are posted almost instantly.

I toss receipts, no shred, since they do not contain your account number.
Saturday mornings, feet up in the recliner, run through the accounts, match and toss the receipts. :beer

Almost as exciting as my other Saturday morning ritual: balancing the checkbook. Yes, I keep a paper check register, and I add and subtract each transaction and compare it to what the bank says I have. I've never caught a bank error, but as one of the tactics for postponing dementia, I find it far more entertaining than Sudoku.

--almost all transactions are electronic; very few paper checks. When I pay online, I write down the confirmation number. easy-peasy
The continuous execution of a sound strategy gives you the benefit of the strategy. That's what it's all about. --Rick Ferri

kaudrey
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Re: Credit Card Statement & Receipt Clearing - Help!

Post by kaudrey » Wed Feb 14, 2018 9:51 am

I don't even take receipts, unless I think I might have to return an item. I don't take receipts for gas, groceries, restaurants, etc.

I just look at my credit card charges online once a week or so and make sure nothing weird pops up. Plus, if there is anything strange, they email/text me to ask if I made a specific purchase.

I have had to get new cards a few times over the years, but actually the card company was always faster than me in seeing something unusual.

skylar
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Re: Credit Card Statement & Receipt Clearing - Help!

Post by skylar » Wed Feb 14, 2018 7:45 pm

Another reason I'm in the habit of keeping receipts is that I travel occasionally for government-sponsored work (either as my day job, or as a consultant). Depending on what budget the money comes out of, I might have different reporting requirements - sometimes I need food receipts, sometimes I need kiosk receipts (not boarding passes) from an airline, etc. It's always easier to keep and then recycle later once I know I won't need it, than try to get reimbursed without it.

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samsoes
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Re: Credit Card Statement & Receipt Clearing - Help!

Post by samsoes » Wed Feb 14, 2018 8:02 pm

I keep all receipts in an envelope for an entire year. At the end of the year, I seal the envelope and put it on the shelf for a year. I take the prior year's envelope of receipts and burn it in the wood stove the next time I have a fire.
"Happiness Is Not My Companion" - Gen. Gouverneur K. Warren. (Avatar is the statue of Gen. Warren at Little Round Top @ Gettysburg National Military Park.)

MandyT
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Re: Credit Card Statement & Receipt Clearing - Help!

Post by MandyT » Thu Feb 15, 2018 2:13 pm

MikeG62 wrote:
Tue Feb 13, 2018 10:07 am
I do not maintain CC receipts. I shred them usually when I get home.

I review all CC statements every month. Rarely have I found anything amiss. I now have alerts on my CC’s so anything charged not authorized be me or my DW would get flagged immediately.

Ticking and tying to individual receipts seems like overkill to me and time not well spent. Having said that, both my brother and father tick and tie to receipts, despite my efforts to convince them it is a waste of their time.
Whether something is a waste of time is subjective. Is watching TV a waste of time? How about doing crossword puzzles or sudoku?

People seem to divide into two categories when it comes to routine tasks such as reconciling checkbooks/credit card statements and alphabetizing papers: either they hate it or they enjoy it in the same way one might enjoy solving a puzzle. I'm in the latter category, and your brother and father might be, also. Even when I was very busy with work, I would check my checking and credit card balances online a couple of times a week and reconcile the receipts after the statement closed. Now that I'm retired, I have no reason to stop. It's relaxing.

It has been very rare to find discrepancies in my credit card billing--an occasional duplicate charge, mainly--but I enjoy the process so there's no reason not to do it.

trigger08
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Re: Credit Card Statement & Receipt Clearing - Help!

Post by trigger08 » Fri Feb 16, 2018 6:17 pm

Guess I'm one of those who enjoys it... we charge almost everything to CC and I enter the receipts into our finance software for budget/tracking purposes every couple of days. Reconcile those with the CC statements when they come out and set up a transfer from checking to pay in full. I only keep the paper receipts for items that could potentially need warranty service/replacement, and even there you might as well scan them in and trash the physical receipts.

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