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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 2309
Experience:  Certified Public Accountant
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My credit card was hacked and I had 20 transactions on my

Customer Question

My credit card was hacked and I had 20 transactions on my business account that my credit card has reimbursed. How do I account for the debit and credits in my accounting software?
Submitted: 1 year ago.
Category: Finance
Expert:  Mark Taylor replied 1 year ago.

Hi, my name is Mark. I will be happy to help you with your questions.

Expert:  Mark Taylor replied 1 year ago.

Have you been reimbursed for all of the activity?

Expert:  Mark Taylor replied 1 year ago.

For the unauthorized transactions you could prepare a journal entry.

Expert:  Mark Taylor replied 1 year ago.

Unauthorized Transactions $5,000

Credit Card Payable $5,000

Expert:  Mark Taylor replied 1 year ago.

The formatting changed when I hit send.

Unauthorized Transactions $5,000

Credit Card Payable $5,000

Expert:  Mark Taylor replied 1 year ago.

The credit card payable is a credit of $5,000 and the unauthorized charges is a debit of $5,000. When I hit send the format changes.

Expert:  Mark Taylor replied 1 year ago.

Are you reimbursed these charges or do they just reverse them on the credit card statement? Assuming they are reversed you would do the opposite entry.

Credit Card Payable $5,000 (debit)

Unauthorized Transactions $5,000 (credit)

Expert:  Mark Taylor replied 1 year ago.

If you are reimbursed for everything then the balance in unauthorized transactions at the end should be zero.

Expert:  Mark Taylor replied 1 year ago.

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Expert:  Mark Taylor replied 1 year ago.

Please let me know if you have any other questions or need clarification. I am happy to help.