AP Question

For version 3.0, below is a procedure suggested by Epicor that we use. You
basically enter an invoice to the credit card getting all the $ to the right
g/l accounts and pay that invoice. You then enter invoices for all the po
receipts to each of the vendors that were on the credit card (the receipts
get the costs to the jobs). Then you do invoice adjustments to each of
these vendor receipts to adjust them to zero.
From epicor:

Summary AP Credit card statement for multiple vendor PO receipts
Book Vantage General Information
Page 266MPS

PROBLEM DESCRIPTION: 266MPS

How do I enter credit card statements for payment?

PROBLEM RESOLUTION:

Vantage Support recommends the following procedure for entering credit card
statements for a payment.

***NOTE: Try this procedure in you TRAINING DATABASE before attempting it in
your live database.

The charges on the statement include purchase order items from multiple
vendors as well as purchases made without a purchase order.

1. Purchase order has been created.

2. Receipt of purchase order.
Debit Expense
Credit AP Clearing

3. Vendor was paid with a corporate credit card.

4. Credit card statement arrives.

5. Add a GL Account for "Credit Card Reconciliation".

6. Enter credit card statement into AP Invoice Entry. Invoice/Add/Select
credit card vendor/Add Miscellaneous Line/Enter data in part and description
fields/Enter Qty 1/Enter Unit Cost with the total amount on the statement/GL
Distribution - enter the total of all purchase order purchases to the
"Credit card reconciliation" GL Account/Enter the appropriate GL Accounts
for all miscellaneous purchases / Post
Debit Credit Card Reconciliation Account
Debit GL Accounts for miscellaneous purchase
Credit AP Account

7. Add a different AP Invoice Entry Group/Invoice/Add/Enter a "dummy"
invoice for each purchase order receipt referenced on the Credit Card
Statement making sure the amount showing as the Invoice Amount equals the
amount on the Credit Card Statement/Post
Debit AP Clearing
Credit AP Account

8. Remove the "dummy" invoices from the Open Accounts Payable by entering AP
Adjustments. AP/Gen Ops/Adjustment/Select the vendor and invoice number
entered above/Enter a minus sign and the full amount of the invoice in the
Adjustment field/Enter the "Credit Card Reconciliation" GL Account number in
the GL Account field/Enter data in the Description and Comments fields if
desired/Click Okay.
Debit AP Account related to the invoice
Credit Credit Card Reconciliation Account


ADDITIONAL INFORMATION:
Version: 3.00


Hope this helps,
Nora Story
Spectra Technologies, Inc.

> -----Original Message-----
> From: mad5479 <mad5479@...> [mailto:mad5479@...]
> Sent: Friday, December 27, 2002 2:38 PM
> To: vantage@yahoogroups.com
> Subject: [Vantage] AP Question
>
>
> Has anyone had to deal with purchasing ordering and receiving product
> from a vendor but paid for it with the Company credit card. Now the
> A/P person is trying to set up the batch to pay the bills and she
> can't clear the receivers for vendors paid with a credit card that we
> also have to set up and pay??? Any Suggestions?
>
> Thanks
>
>
>
> Useful links for the Yahoo!Groups Vantage Board are: ( Note: You
> must have already linked your email address to a yahoo id to
> enable access. )
> (1) To access the Files Section of our Yahoo!Group for Report
> Builder and Crystal Reports and other 'goodies', please goto:
> http://groups.yahoo.com/group/vantage/files/.
> (2) To search through old msg's goto:
> http://groups.yahoo.com/group/vantage/messages
> (3) To view links to Vendors that provide Vantage services goto:
> http://groups.yahoo.com/group/vantage/links
>
> Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
>
>
>
Has anyone had to deal with purchasing ordering and receiving product
from a vendor but paid for it with the Company credit card. Now the
A/P person is trying to set up the batch to pay the bills and she
can't clear the receivers for vendors paid with a credit card that we
also have to set up and pay??? Any Suggestions?

Thanks
One idea is to set up the Vendor as a Purchase Point for the Credit Card
Vendor. This way you can proceed as normal. The only problem is you bury
your vendor inside the credit card vendor id.

Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com


-----Original Message-----
From: mad5479 <mad5479@...> [mailto:mad5479@...]
Sent: Friday, December 27, 2002 3:38 PM
To: vantage@yahoogroups.com
Subject: [Vantage] AP Question


Has anyone had to deal with purchasing ordering and receiving product
from a vendor but paid for it with the Company credit card. Now the
A/P person is trying to set up the batch to pay the bills and she
can't clear the receivers for vendors paid with a credit card that we
also have to set up and pay??? Any Suggestions?

Thanks



Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links

Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/