Keeping track of credit card transactions has several benefits. First, you will be able to keep track of what you are spending to keep yourself within the confines of your budget or at the very least, your credit limit. Second, maintaining a credit transaction record will help you quickly identify any unauthorized charges made to your account by a third party.
Instructions
- 1
Choose a recording method. There are many personal finance and accounting software applications that can be purchased for around $100, such as Quickbooks, Microsoft Money and Quicken. If you do not wish to purchase or learn how to use one of the consumer software applications, you may also opt to use a simple database, such as Microsoft Excel, or a word processing document such as Microsoft Word or Corel Word Perfect. If you are not computer savvy, you may use a check ledger or book ledger that can be purchased at most office supply stores. There are no right or wrong answers when it comes to choosing a financial recording method, however. Whichever method you choose should be conducive to your lifestyle and additional accounting needs.
2Set a time each week to enter credit card transactions into your ledger. Ideally, when you make a purchase with your credit card, you should obtain a receipt and keep it in your wallet or a folder at your home. Organize your receipts by date. Open a new input record in your financial program or write the date of your purchase on your paper ledger. Enter or write the amount of each purchase and where the purchase was made.
3Reconcile your ledger with your monthly account statement. When your credit card statement arrives at the end of the month, check it against your ledger to make sure that the charges are the same on both documents. If there is a discrepancy, contact your credit card company immediately to find out more information about the charge. If the charge is fraudulent or unauthorized, you may request to have your account frozen and have the charge removed.
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