Credit Card Payables - Posting Expenses and Paying Merchant Card

There are several steps involved with Credit Card Payable transactions depending on how your Company Credit Card is used:

Step by Step:

These steps show how to post the individual expenses portion required

For credit card charges that only have a receipt and no invoice or inventory is involved, you will want to post those to "Add Credit Card Charges" = Receipts . Skip to Step 3
For credit card charges that paid for Inventory associated to a PO, this is a 2 step process.
- Enter that Vendor Invoice through "Enter Bills" which gives you the feature tab to "Apply Inventory" and clears out the Purchases Accrued Not Due $ amount associated to that Vendor PO.
- Next, to record those payments made to that Vendor for inventory, eg.: ABC Distributing, you will want to go to "Pay Bills" which you will select ABC Distributing and use your credit card Payment method.

This shows that you paid that vendor with the company credit card

Now you have posted the necessary expenses broken down that will appear on the credit card statement.

When you are ready to pay the Credit Card Merchant, see below:

When you receive your Credit Card Statement you need to enter the credit card Bill in "Enter Bills" for only the amount you are going to pay.

Within the New Bill screen, click the "Apply Accounts" tab and drop down to GL Credit Card Liability Account which reduces that liability eg: GL 2053 Chase Ink Card.

Click OK Save.

Important Reminders:

Please note that you will want to "Initiate Posting Transactions" before you will be able to reconcile these transactions for your Credit Card Reconciliation and Bank Reconciliation.
To view the GL defaults for your company credit cards or any other payment method Go to Administration > Accounting > Accounting Desk > General Setup > Payment Methods and double click on payment to drill down for more detail
Performing a Credit Card Reconciliation is merely the tool in which Evosus helps assist in reconciling the Credit Card Activity each month. Reconciling does not post the individual transactions.