Credit Card Purchases: Best practice on capturing details in Va

Yahoo Archive
1
To answer my own question, I believe what Manasa meant by "code" is to decide which GL account each line will be booked to and create the miscellaneous invoice lines accordingly. This is what we do now. It works ok as far as giving us the ability to see the credit card sales in the GL report. The problem is that the expense is tied to a credit card company -- not the actual vendor.
Â
Somebody suggested setting up vendors as purchase points under each credit card company.  We're experimenting with this now to see how it might work.  If anyone else is using purchase points in this way, I'd love to hear how it's working for you.
Â
Ahmet Erispaha Â

--- On Fri, 7/25/08, ahmeterispaha <ahmeterispaha@...> wrote:

From: ahmeterispaha <ahmeterispaha@...>
Subject: [Vantage] Re: Credit Card Purchases: Best practice on capturing details in Vantage. HELP
To: vantage@yahoogroups.com
Date: Friday, July 25, 2008, 10:41 AM






Hi Manasa,

Thanks for your response.

Can you explain what you mean by "code"?

Regards,

Ahmet Erispaha

--- In vantage@yahoogroups .com, "Manasa Reddy" <manasa@...> wrote:
>
> We take our credit card statement and "code" each line item. The we
> create a miscellaneous invoice to American Express and each
> miscellaneous line gets the right GL account on it (because you can
do
> this manually!) so that the money goes to the right accounts.
>
> The owner does this because he does not want to do it any other
> way...and I am not about to argue with him!
>
>
>
> M. Manasa Reddy
> manasa@...
> P: 630-806-2000
> F: 630-806-2001
>
>
> ____________ _________ _________ __
>
> From: vantage@yahoogroups .com [mailto:vantage@yahoogroups .com] On
Behalf
> Of Ahmet Erispaha
> Sent: Thursday, July 24, 2008 2:36 PM
> To: vantage yahoogroups
> Subject: [Vantage] Credit Card Purchases: Best practice on capturing
> details in Vantage. HELP
>
>
>
> I'm looking for best practice in entering details of credit card
> purchases into Vantage.
>
> Let's say you use your American Express card to buy office supplies
> throughout the month from several vendors. When you get the invoice
> from American Express at the end of the month, how do you record the
> details in Vantage so that you can later report on how much you paid
> each vendor for office supplies?
>
> I don't think we can associate the invoice from American Express
with
> the PO to Staples (let's say), because Staples already got their
money.
>
> One option seems to be to create a miscellaneous line and use the
notes
> field to capture details for each invoice line, but I'm hoping
there is
> a better way.
>
> Please help.
>
> Ahmet Erispaha
>
> [Non-text portions of this message have been removed]
>
>
>
>
>
>
> [Non-text portions of this message have been removed]
>


















[Non-text portions of this message have been removed]
2
I'm looking for best practice in entering details of credit card purchases into Vantage.
Â
Let's say you use your American Express card to buy office supplies throughout the month from several vendors. When you get the invoice from American Express at the end of the month, how do you record the details in Vantage so that you can later report on how much you paid each vendor for office supplies? Â
Â
I don't think we can associate the invoice from American Express with the PO to Staples (let's say), because Staples already got their money.Â
Â
One option seems to be to create a miscellaneous line and use the notes field to capture details for each invoice line, but I'm hoping there is a better way.
Â
Please help.
Â
Ahmet Erispaha  Â




[Non-text portions of this message have been removed]
3
We buy via credit card on an infrequent basis. We set up the seller (i.e.
Staples) as a purchase point under the vendor which is the credit card.



Edward F. Fox, Jr., CPA

Controller

Maxson Automatic Machinery Company

Phone 401-596-0162 a Fax 401-596-1050

www.maxsonautomatic.com

_____

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of
Ahmet Erispaha
Sent: Thursday, July 24, 2008 3:36 PM
To: vantage yahoogroups
Subject: [Vantage] Credit Card Purchases: Best practice on capturing details
in Vantage. HELP



I'm looking for best practice in entering details of credit card purchases
into Vantage.

Let's say you use your American Express card to buy office supplies
throughout the month from several vendors. When you get the invoice from
American Express at the end of the month, how do you record the details in
Vantage so that you can later report on how much you paid each vendor for
office supplies?

I don't think we can associate the invoice from American Express with the PO
to Staples (let's say), because Staples already got their money.

One option seems to be to create a miscellaneous line and use the notes
field to capture details for each invoice line, but I'm hoping there is a
better way.

Please help.

Ahmet Erispaha

[Non-text portions of this message have been removed]





[Non-text portions of this message have been removed]
4
If you don't match an invoice to the PO doesn't your purchase order stay
as uninvoiced? We create a zero dollar invoice and match it to the PO
but our accounting people would also like to find a better way.



Mark



________________________________

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Ahmet Erispaha
Sent: Thursday, July 24, 2008 2:36 PM
To: vantage yahoogroups
Subject: [Vantage] Credit Card Purchases: Best practice on capturing
details in Vantage. HELP



I'm looking for best practice in entering details of credit card
purchases into Vantage.

Let's say you use your American Express card to buy office supplies
throughout the month from several vendors. When you get the invoice
from American Express at the end of the month, how do you record the
details in Vantage so that you can later report on how much you paid
each vendor for office supplies?

I don't think we can associate the invoice from American Express with
the PO to Staples (let's say), because Staples already got their money.

One option seems to be to create a miscellaneous line and use the notes
field to capture details for each invoice line, but I'm hoping there is
a better way.

Please help.

Ahmet Erispaha

[Non-text portions of this message have been removed]





[Non-text portions of this message have been removed]
5
We take our credit card statement and "code" each line item. The we
create a miscellaneous invoice to American Express and each
miscellaneous line gets the right GL account on it (because you can do
this manually!) so that the money goes to the right accounts.

The owner does this because he does not want to do it any other
way...and I am not about to argue with him!



M. Manasa Reddy
manasa@...
P: 630-806-2000
F: 630-806-2001


________________________________

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Ahmet Erispaha
Sent: Thursday, July 24, 2008 2:36 PM
To: vantage yahoogroups
Subject: [Vantage] Credit Card Purchases: Best practice on capturing
details in Vantage. HELP



I'm looking for best practice in entering details of credit card
purchases into Vantage.

Let's say you use your American Express card to buy office supplies
throughout the month from several vendors. When you get the invoice
from American Express at the end of the month, how do you record the
details in Vantage so that you can later report on how much you paid
each vendor for office supplies?

I don't think we can associate the invoice from American Express with
the PO to Staples (let's say), because Staples already got their money.

One option seems to be to create a miscellaneous line and use the notes
field to capture details for each invoice line, but I'm hoping there is
a better way.

Please help.

Ahmet Erispaha

[Non-text portions of this message have been removed]






[Non-text portions of this message have been removed]
6
Hi Manasa,

Thanks for your response.

Can you explain what you mean by "code"?

Regards,

Ahmet Erispaha

--- In vantage@yahoogroups.com, "Manasa Reddy" <manasa@...> wrote:
>
> We take our credit card statement and "code" each line item. The we
> create a miscellaneous invoice to American Express and each
> miscellaneous line gets the right GL account on it (because you can
do
> this manually!) so that the money goes to the right accounts.
>
> The owner does this because he does not want to do it any other
> way...and I am not about to argue with him!
>
>
>
> M. Manasa Reddy
> manasa@...
> P: 630-806-2000
> F: 630-806-2001
>
>
> ________________________________
>
> From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On
Behalf
> Of Ahmet Erispaha
> Sent: Thursday, July 24, 2008 2:36 PM
> To: vantage yahoogroups
> Subject: [Vantage] Credit Card Purchases: Best practice on capturing
> details in Vantage. HELP
>
>
>
> I'm looking for best practice in entering details of credit card
> purchases into Vantage.
>
> Let's say you use your American Express card to buy office supplies
> throughout the month from several vendors. When you get the invoice
> from American Express at the end of the month, how do you record the
> details in Vantage so that you can later report on how much you paid
> each vendor for office supplies?
>
> I don't think we can associate the invoice from American Express
with
> the PO to Staples (let's say), because Staples already got their
money.
>
> One option seems to be to create a miscellaneous line and use the
notes
> field to capture details for each invoice line, but I'm hoping
there is
> a better way.
>
> Please help.
>
> Ahmet Erispaha
>
> [Non-text portions of this message have been removed]
>
>
>
>
>
>
> [Non-text portions of this message have been removed]
>
7
Yes it does.
We do the zero dollar invoice sometimes too. Not pretty.
Â
Ahmet Erispaha

--- On Thu, 7/24/08, Mark Tellefson <mtellefson@...> wrote:

From: Mark Tellefson <mtellefson@...>
Subject: RE: [Vantage] Credit Card Purchases: Best practice on capturing details in Vantage. HELP
To: vantage@yahoogroups.com
Date: Thursday, July 24, 2008, 3:49 PM






If you don't match an invoice to the PO doesn't your purchase order stay
as uninvoiced? We create a zero dollar invoice and match it to the PO
but our accounting people would also like to find a better way.

Mark

____________ _________ _________ __

From: vantage@yahoogroups .com [mailto:vantage@yahoogroups .com] On Behalf
Of Ahmet Erispaha
Sent: Thursday, July 24, 2008 2:36 PM
To: vantage yahoogroups
Subject: [Vantage] Credit Card Purchases: Best practice on capturing
details in Vantage. HELP

I'm looking for best practice in entering details of credit card
purchases into Vantage.

Let's say you use your American Express card to buy office supplies
throughout the month from several vendors. When you get the invoice
from American Express at the end of the month, how do you record the
details in Vantage so that you can later report on how much you paid
each vendor for office supplies?

I don't think we can associate the invoice from American Express with
the PO to Staples (let's say), because Staples already got their money.

One option seems to be to create a miscellaneous line and use the notes
field to capture details for each invoice line, but I'm hoping there is
a better way.

Please help.

Ahmet Erispaha

[Non-text portions of this message have been removed]

[Non-text portions of this message have been removed]


















[Non-text portions of this message have been removed]