Our company is 2 years into EPICOR10 and we have been processing the corporate credit cards by manually downloading the monthly statement into excel, manually assigning all the GL codes to every transaction and processing the monthly statement through AP as a miscellaneous invoice.
Copying the information from excel and pasting the insert to download each GL transaction. We have approximately 200 line items each month for all corporate cards. Can anyone shed some light on how you process your corporate card expenses?
We are currently looking to track/have history of the purchasing departments purchases every month.
Thank you,
Susan
Hi Bryan,
We were told the purchasing department will need to issue PO’s for each charge. I was under the impression that I would need to create a supplier for each card every month. Create PO’s, receive the PO’s, create invoices and then clear out the clearing account before processing. Is this not the case?
Thank you for responding.
Kind Regards,
Susan
While that would work, it’s definitely not the most practical way to do it.
A lot determining the best solution to take is to have a thorough understanding of what the requirements are.
They could be as a simple as, " We just need to pay the credit card company, and every line on a specific CC statement would hit the same GL account, so no need to itemize…"
To more complex, like itemizing the charges so they can be expensed to particular GL accounts.(T&E, Meals, Lodging, etc… all going to different GL accts).
And would get most complex if charges need to be assigned to jobs or projects - so they hist COS instead of just being expenses.
Also, who determines how the CC statement lines get coded (charged to which GL Acct, Job or Project)? And does anyone sign off on the CC bill - thus “double checking” that the charges are coded properly?
Hi Calvin,
Yes our company chooses the route of “To more complex, like itemizing the charges so they can be expensed to particular GL accounts.(T&E, Meals, Lodging, etc… all going to different GL accts).
And would get most complex if charges need to be assigned to jobs or projects - so they hist COS instead of just being expenses.”
I am the one who codes the GL’s currently and then it goes to the respective department heads for final review and approval for each cardholder statement.
We were told the purchasing department will need to issue PO’s for each charge. I was under the impression that I would need to create a supplier for each card every month. Create PO’s, receive the PO’s, create invoices and then clear out the clearing account before processing. Is this not the case?
Any additional insight would be greatly appreciates.
Kindest regards,
Susan
Calvin is correct.
There are a number of ways it could be done.
The fastest would be:
- to have a bank account for each card and use Bank Adjustments to enter the charges with checks (or bank transfers) to reduce the balance. When entering bank adjustments, you must remember to have the expense account and the charges are always a negative (-) amount. NEVER enter a charge that involves inventory or WIP.
- The best process would be to enter an invoice (from the supplier) for the charge and process it as a payable. The supplier should be tied to the (or a) credit card liability account. This would create the expense and the credit card liability as well as have a record of the charge for that supplier. You would then have purchase history which could be reviewed or audited. Then pay the credit card from checking using the bank transfer GL account or do a bank transfer if you pay it electronically. If you do pay by check USE the TRANSFER ACCOUNT then do a bank adjustment from the transfer account to the CC Liability account.
Any way you do it you will want to reconcile the CC bank account statement so you can keep it straight.
Charlie Smith
CRS Consulting Svcs
(860) 919-1708
Each card as a supplier? No. Bank Account yes. GL account preferably or as sub accounts of a Credit Card Liability master account.
PO’s for everything? No, just inventory and WIP charges. Anything bought to inventory or to a job cost should have a PO and PO receipt. Anything expensed can be invoiced.
Charlie Smith
CRS Consulting Svcs
(860) 919-1708
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Thank you for responding. I appreciate the feedback.
Kindest Regards,
Susan
Susan,
We have a supplier set up for each credit card, then we use purchase points for the individual suppliers that we are purchasing from. then we can generate PO’s for each purchase that needs one.
Thank You.
Susan
Accounts Payables
Wallner Expac, Inc.
1274 Slater Circle | Ontario, CA 91761
Office: 909 481 8800 x 243
www.expac.com | sharney@expac.com
NOTICE: This email is covered by the Electronic Communications Privacy Act, 18U.S.c.-2510-2521 and is legally privileged. The information is confidential and is intended only for the use of the individual or entity named above. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited.
Thank you!
Kind Regards,
Susan
Accounts Payables
Wallner Expac, Inc.
1274 Slater Circle | Ontario, CA 91761
Office: 909 481 8800 x 243
www.expac.com | sharney@expac.com
NOTICE: This email is covered by the Electronic Communications Privacy Act, 18U.S.c.-2510-2521 and is legally privileged. The information is confidential and is intended only for the use of the individual or entity named above. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited.
I think you may have been told to make a PO for each line of the CC statement (can combine multiple CC lines into 1 PO is same “supplier” - i.e. merchant). That way the GL acct cwould be specified on the PO line, and automatically applied to the invoice against a receipt.
I think that is where I am not understanding the 1 PO method. The monthly statement each month is 200+ lines. I still will have to enter each line item on the PO, receive it, do the invoice match and create payment for each line correct?
Thank you for the assistance in this matter.
@sharney What I have done with Credit Card, Travel Statement and Concur Expense upload is to create a supplier in Epicor and use UD table to upload the file and do all validations (including job material creation) and then generate an output as a DMT file upload into Epicor as AP Invoice. If you wish to go with PO cycle, then create a DMT for PO upload based on a credit card file and process it.
We actually paid to have consultants write an integration using the time and expense module. We drop an Excel file from Concur, the integration picks up the file and moves it into time and expense. We then create the expense vouchers which uses the GL codes from the Concur file. It was a little pricey and we have to pay to have it refreshed every major version upgrade, but we have over 80 corporate cards and it’s a huge time saver. We also use it to create our payroll and group insurance vouchers. I’m new to this forum so not sure if I can post the name of the consultants so hit me up if interested in a demo or need the name of consultant.