Our parent company is pushing us to use a purchasing/procurement card with as many vendors as possible. What are the best practices for setting up and processing purchasing cards in Epicor? I tried searching these forums and Epicor’s KB and didn’t come up with anything specific to purchasing cards. From what I can tell, it’s best to handle these like a company credit card (plenty of topics about that), with one change. For every vendor paid during the week’s p-card batch, we would need to create new miscellaneous invoices with our bank as the vendor. As I see it, this allows us to maintain them as payables until cash is debited.
Ultimately, we want to make sure we aren’t debiting cash until the bank sends payment to the vendor - which requires the vendor accepting the payment via an emailed link. Everything needs to stay as a payable until then for the sake of our bank rec and days payable outstanding.
So here are the steps as I see them (high level):
- Setup a new bank for P-Card, using a separate A/P liability account (not cash).
- Pay vendor invoices using the P-Card bank. Our bank wants payment numbers, so we would process these as check payments. Is there a different way to do this?
- Upload P-Card payment run CSV file to bank.
- In Epicor, create corresponding miscellaneous invoices (payables) with normal bank as the vendor. Miscellaneous GL would be the P-Card A/P account. (load via DMT)
- As we are notified of vendors accepting payment, process ACH payments in Epicor to bank which debit cash and credit normal A/P. (can this be DMT?) I believe we would access this information via bank portal weekly.
Please let me know if there are better ways to go about this.