Set up the Credit Card account in the Bank account maintenance. As many
as you have cards. The Bank GL account should be a credit card liability
account.
Enter the invoice as normal.
If wanted, you could set up a credit card A/P using Accounts Payable G/L
Account and use that during Invoice Entry. This would give you a
separate payables from your trade payables. During Invoice Entry, select
the CC A/P account.
Pay the invoice using the CC Bank account using a manual check.
When the statement comes in, enter the statement as an invoice with the
previously entered invoices against the liability account as a line item
and then any other expenses as you wish against the appropriate expense
account. This invoice would be entered using the normal trade payables.
Pay the credit card as normal.
What does this do for you?
* Expenses on the supplier show up as any other invoice would.
Invoice Entry: Expense -> A/P
* Payment using the CC Bank Account creates a credit card
balance. Cash Disbursements: A/P -> CC Liability
* Credit Card Statement entered as invoice. Invoice Entry: CC
Liability, Other Expenses -> A/P
* Payment of the Credit Card: Cash Disbursements: A/P -> Cash
Charlie Smith
Smith Business Services / 2W Technologies LLC
www.vistaconsultant.com <http://www.vistaconsultant.com/> /
www.2WTech.com
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Charles Carden
Sent: Sunday, June 13, 2010 9:43 PM
To: vantage@yahoogroups.com
Subject: [Vantage] Paying Suppliers With Credit Card
I know this subject has probably been discussed before and I found some
information on it but not enough to understand all of the options
available.
Won't Work for us:
I know one solution is to set the Supplier up as a Purchase Point under
the credit card account. However, that does not work for us because we
don't necessarily know who we are going to pay with a credit card in
advance. Consequently, the invoice has already been entered under the
Supplier of the services and/or goods.
Preferred Method if can make it work:
I also read something about setting the credit card company up as a
bank. What I don't understand is this a bank under Bank Account
maintenance or a bank for the individual Supplier. I would guess the
latter but I am not sure. If so what are the parameters? Do I enter the
credit card number as the Bank Account Number? I don't know enough about
how it would work to make an educated guess. I would rather make this
option work if possible since it only involves entering a single
invoice.
Alternative:
I know that we can create a dummy invoice for the supplier to rid
ourselves of the received not invoiced after we have paid the supplier
with a credit card. I would rather not have to do this since it is
double entry and I would rather the invoice amount match the PO/Receipt
if possible.
I want to find a solution to this that is acceptable to all parties,
however, I don't want to present options to our Controller until I am
sure of what I am talking about.
Thanks in advance.
Charles Carden
IT Manager
Manitex, Inc.
Georgetown, Texas
[Non-text portions of this message have been removed]
[Non-text portions of this message have been removed]
as you have cards. The Bank GL account should be a credit card liability
account.
Enter the invoice as normal.
If wanted, you could set up a credit card A/P using Accounts Payable G/L
Account and use that during Invoice Entry. This would give you a
separate payables from your trade payables. During Invoice Entry, select
the CC A/P account.
Pay the invoice using the CC Bank account using a manual check.
When the statement comes in, enter the statement as an invoice with the
previously entered invoices against the liability account as a line item
and then any other expenses as you wish against the appropriate expense
account. This invoice would be entered using the normal trade payables.
Pay the credit card as normal.
What does this do for you?
* Expenses on the supplier show up as any other invoice would.
Invoice Entry: Expense -> A/P
* Payment using the CC Bank Account creates a credit card
balance. Cash Disbursements: A/P -> CC Liability
* Credit Card Statement entered as invoice. Invoice Entry: CC
Liability, Other Expenses -> A/P
* Payment of the Credit Card: Cash Disbursements: A/P -> Cash
Charlie Smith
Smith Business Services / 2W Technologies LLC
www.vistaconsultant.com <http://www.vistaconsultant.com/> /
www.2WTech.com
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Charles Carden
Sent: Sunday, June 13, 2010 9:43 PM
To: vantage@yahoogroups.com
Subject: [Vantage] Paying Suppliers With Credit Card
I know this subject has probably been discussed before and I found some
information on it but not enough to understand all of the options
available.
Won't Work for us:
I know one solution is to set the Supplier up as a Purchase Point under
the credit card account. However, that does not work for us because we
don't necessarily know who we are going to pay with a credit card in
advance. Consequently, the invoice has already been entered under the
Supplier of the services and/or goods.
Preferred Method if can make it work:
I also read something about setting the credit card company up as a
bank. What I don't understand is this a bank under Bank Account
maintenance or a bank for the individual Supplier. I would guess the
latter but I am not sure. If so what are the parameters? Do I enter the
credit card number as the Bank Account Number? I don't know enough about
how it would work to make an educated guess. I would rather make this
option work if possible since it only involves entering a single
invoice.
Alternative:
I know that we can create a dummy invoice for the supplier to rid
ourselves of the received not invoiced after we have paid the supplier
with a credit card. I would rather not have to do this since it is
double entry and I would rather the invoice amount match the PO/Receipt
if possible.
I want to find a solution to this that is acceptable to all parties,
however, I don't want to present options to our Controller until I am
sure of what I am talking about.
Thanks in advance.
Charles Carden
IT Manager
Manitex, Inc.
Georgetown, Texas
[Non-text portions of this message have been removed]
[Non-text portions of this message have been removed]