Pay AP Invoice by check or credit card

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1
Thanks Vic, does this work even though we dont use the CC processing module?
Â
I guess I can use the credit card bank to pay the AP Invoice, then I would make another payment to the credit card bank through AP Payment entry as a misc payment?


________________________________
From: Vic Drecchio <vic.drecchio@...>
To: vantage@yahoogroups.com
Sent: Friday, July 13, 2012 12:26 PM
Subject: RE: [Vantage] Pay AP Invoice by check or credit card


Â
Mark, I had this email saved from prior research. It may help.

It's fairly simple:

Set up your credit card as a Bank Account in Vantage. Make sure you input
the appropriate GL accounts and other Accounting Information on the Bank
Account Maintenance Screen.

You cannot wait until you receive your credit card statement before posting
all of your credit card transactions into the GL. You must first post all
the credit card charges as payments using Payment Entry. And then process
prior to receipt of the CC statement.

AnswerBook #:


5208MPS

Product:

Vantage




Added:


07/05/2005

Version:

8.00.711




Changed:


03/31/2009

Module:

Accounts Payable






Summary:



AP How do I process a credit card for Vendor payment ?





Details:





PROBLEM DESCRIPTION:
How do I process a credit card for Vendor payment ?

PROBLEM RESOLUTION:

1. Purchase order has been created for Job or Inventory.
2. Receipt of purchase order (Shipping and Receiving - Receipt Entry).
3. Vendor was paid with a corporate credit card.
4. Add a GL Account for "Credit Card Reconciliation"
Financial Management > General Ledger > Setup > Chart
File > New > Enter New Credit Card Reconciliation chart number > Choose
Category
Select the Normal balance for this account (debit)
Financial Management > General Ledger > Setup > Chart of Accounts
Maintenance
File > New > Search and locate the chart number just created > Search for
the proper Division and Search for the proper Department.
Subject the Supplier of the Credit Card to the Expense account created for
"Credit Card Reconciliation"

5. Enter Invoice for Supplier in AP Invoice Entry.
Financial Management > Accounts Payable > General Operations > Invoice Entry

New > New Group > Enter and ID > Fiscal Year and Period > Save
New > New Invoice > Search and Select the Credit Card Supplier > Enter the
Invoice Number > Date > Enter a Description > Enter an Amount > Select Terms
and the AP Account.
New > New Misc Line > Enter a Part ID and Part Description "Credit Card
Payment" > Tax Category = Exempt, Supplier Qty = 1 > Unit Cost should equal
the header value entered. Save.
Once the line has been saved you may move to the Lines > GL Analysis Tab to
review the impact to the GL.
Debit = Credit Card Reconciliation Account from the Credit Card Vendor Setup
Credit = AP Account

AFTER THE RECEIPT:
6. Add a different AP Invoice for a "dummy" invoice for the purchase order
receipt referenced on the Supplier Invoice making sure the amount showing as
the Invoice Amount equals the amount on the Credit Card Payment.
Financial Management > Accounts Payable > General Operations > Invoice Entry

New > New Group
Enter and ID > Fiscal Year and Period > Save
New > New Invoice > Enter Invoice Number and Invoice Date
New > New Receipt Line > Select the Line > Create Lines
Under the Lines Tab enter the qty received and the amount showing as the
Invoice, making sure the amount equals the amount on the Credit Card
Payment.
Save
Once the line has been saved you may move to the Lines > GL Analysis Tab to
review the impact to the GL.

Debit AP Clearing
Credit AP Account

7. Remove the "dummy" invoices from the Open Accounts Payable by entering AP
Adjustments. Financial Management > Accounts Payable > General Operations >
Adjustments
Select the supplier and invoice number entered in step 6 > 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.

GL Impact:
Debit AP Account related to the invoice
Credit Credit Card Reconciliation Account

VERSION:
8.00



From: mailto:vantage%40yahoogroups.com [mailto:mailto:vantage%40yahoogroups.com] On Behalf Of
Mark Wagner
Sent: Friday, July 13, 2012 12:20 PM
To: Vantage User Group
Subject: [Vantage] Pay AP Invoice by check or credit card

We have several suppliers where they invoice us for receipts and at the
payment comes due we may pay with a credit card or with a check. We dont
know at the time of the AP Invoice how it will be paid.

Anyone have a process for this they could share?

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

No virus found in this message.
Checked by AVG - www.avg.com
Version: 2012.0.2195 / Virus Database: 2437/5129 - Release Date: 07/13/12

-----
No virus found in this message.
Checked by AVG - www.avg.com
Version: 2012.0.2195 / Virus Database: 2437/5129 - Release Date: 07/13/12

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




[Non-text portions of this message have been removed]
2
We have several suppliers where they invoice us for receipts and at the payment comes due we may pay with a credit card or with a check. We dont know at the time of the AP Invoice how it will be paid.
Â
Anyone have a process for this they could share?

[Non-text portions of this message have been removed]
3
Mark, I had this email saved from prior research. It may help.



It's fairly simple:



Set up your credit card as a Bank Account in Vantage. Make sure you input
the appropriate GL accounts and other Accounting Information on the Bank
Account Maintenance Screen.



You cannot wait until you receive your credit card statement before posting
all of your credit card transactions into the GL. You must first post all
the credit card charges as payments using Payment Entry. And then process
prior to receipt of the CC statement.









AnswerBook #:


5208MPS


Product:


Vantage





Added:


07/05/2005


Version:

8.00.711





Changed:


03/31/2009


Module:


Accounts Payable






Summary:



AP How do I process a credit card for Vendor payment ?





Details:





PROBLEM DESCRIPTION:
How do I process a credit card for Vendor payment ?

PROBLEM RESOLUTION:

1. Purchase order has been created for Job or Inventory.
2. Receipt of purchase order (Shipping and Receiving - Receipt Entry).
3. Vendor was paid with a corporate credit card.
4. Add a GL Account for "Credit Card Reconciliation"
Financial Management > General Ledger > Setup > Chart
File > New > Enter New Credit Card Reconciliation chart number > Choose
Category
Select the Normal balance for this account (debit)
Financial Management > General Ledger > Setup > Chart of Accounts
Maintenance
File > New > Search and locate the chart number just created > Search for
the proper Division and Search for the proper Department.
Subject the Supplier of the Credit Card to the Expense account created for
"Credit Card Reconciliation"

5. Enter Invoice for Supplier in AP Invoice Entry.
Financial Management > Accounts Payable > General Operations > Invoice Entry

New > New Group > Enter and ID > Fiscal Year and Period > Save
New > New Invoice > Search and Select the Credit Card Supplier > Enter the
Invoice Number > Date > Enter a Description > Enter an Amount > Select Terms
and the AP Account.
New > New Misc Line > Enter a Part ID and Part Description "Credit Card
Payment" > Tax Category = Exempt, Supplier Qty = 1 > Unit Cost should equal
the header value entered. Save.
Once the line has been saved you may move to the Lines > GL Analysis Tab to
review the impact to the GL.
Debit = Credit Card Reconciliation Account from the Credit Card Vendor Setup
Credit = AP Account

AFTER THE RECEIPT:
6. Add a different AP Invoice for a "dummy" invoice for the purchase order
receipt referenced on the Supplier Invoice making sure the amount showing as
the Invoice Amount equals the amount on the Credit Card Payment.
Financial Management > Accounts Payable > General Operations > Invoice Entry

New > New Group
Enter and ID > Fiscal Year and Period > Save
New > New Invoice > Enter Invoice Number and Invoice Date
New > New Receipt Line > Select the Line > Create Lines
Under the Lines Tab enter the qty received and the amount showing as the
Invoice, making sure the amount equals the amount on the Credit Card
Payment.
Save
Once the line has been saved you may move to the Lines > GL Analysis Tab to
review the impact to the GL.

Debit AP Clearing
Credit AP Account

7. Remove the "dummy" invoices from the Open Accounts Payable by entering AP
Adjustments. Financial Management > Accounts Payable > General Operations >
Adjustments
Select the supplier and invoice number entered in step 6 > 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.

GL Impact:
Debit AP Account related to the invoice
Credit Credit Card Reconciliation Account


VERSION:
8.00







From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of
Mark Wagner
Sent: Friday, July 13, 2012 12:20 PM
To: Vantage User Group
Subject: [Vantage] Pay AP Invoice by check or credit card





We have several suppliers where they invoice us for receipts and at the
payment comes due we may pay with a credit card or with a check. We dont
know at the time of the AP Invoice how it will be paid.

Anyone have a process for this they could share?

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



No virus found in this message.
Checked by AVG - www.avg.com
Version: 2012.0.2195 / Virus Database: 2437/5129 - Release Date: 07/13/12




-----
No virus found in this message.
Checked by AVG - www.avg.com
Version: 2012.0.2195 / Virus Database: 2437/5129 - Release Date: 07/13/12

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