Reconciling company credit cards

Does anyone have a ‘best practice’ way of using bank statement processing to reconciling outbound credit cards. In other words, this isn’t about taking credit cards from customers, but about getting your own credit card statements monthly and having epicor help you reconcile the charges. Good ol’ Quickbooks has this functionality built in and can even integrate with many credit card processors to pull the transactions in automatically for reconciliation.

Therhehdsdf

There is a KB article in EpicWeb/EpicCare that suggests:

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

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Thanks. I guess the missing ingredient is there is now way to import the credit card statement details. If you have 200 charges on the CC, you would have to key them all in

Since it’s a bank account, why not use Bank Statement processing? You can certainly add items that way.

Best,

Mark W.

Yea but how would all the line item details get into the rows to reconcile against the imported CC charges. You’d need a check for each CC charge.

  • Yea but how would all the line item details get into the rows to reconcile against the imported CC charges. You’d need a check for each CC charge.

In Europe, we have direct debit. Pre-arranged charges come in through bank statement processing. It looks like a check but they use the EFT number (or something similar) for that. It gets vouched and paid in one step. The same should
work for CC charges, no? Am I missing something?

Here as you buy things throughout the month with a CC, it shows up on your CC statement. It’s possible to download this (each card has it’s own format unfortunately).

But there is no way to easily match that against a traditional expense in Epicor. So if I buy a laptop on Amazon, it would just be another $1,000 row on the credit card statement.

In Bank Statement Recon, if an item shows up that isn’t in Epicor it MUST be added in order to reconcile. There are two windows: what’s on the bank statement and what’s in Epicor. To reconcile, they must match. So there’s a command in Bank Statement Processing called Add a new Statement Line. This gives you the option to add the expense right there. This is similar to the Direct Debit in Germany. It just avoids the AP portion and does bank-account-number and the offsetting account number on the fly.

Mark W.

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