Pay & reconcile credit cards [in-depth guide]
This guide will show you the process by which you generate payments for credit card charges, and how you can reconcile those payments.
Guide contents: To pay as of | Select card & charges | Generating payments | After generating payments | Applying overpayments | Paying vendor invoices | Reconcile credit cards | Resources
To pay as of - credit cards
From the Today purchasing page, there is a section for credit cards under the To pay as of workflow section. This will show the total open amount of all cards to pay.
Click this line to open the Pay credit cards screen.
Select your card & charges
Choose which card (if multiple) you want to pay.
You can also use this screen to reconcile the charges from your statement prior to generating payments.
You can either 1. Pay the amount of the charges listed, 2. Enter an amount less than the total to auto-apply, or 3. Overpay the card.
1. Pay listed charges
To pay the charges listed, click the checkbox next to the charges, a button will appear at the top to PAY. Click on PAY $XX.XX to open the Payment options panel. At the bottom, there is a button called Generate payment. Click this to generate the payment for the amount shown.
2. Auto apply amount less than the total
To auto-apply an amount less than the total of all charges listed, to the latest charge first, enter this in the 'amount to apply' field.
3. Overpay a credit card
From the Payment options screen, in the 'total amount to pay', you can enter a higher amount.
This overage can be applied to the next time you need to pay charges.
After generating payments
Upon generating a payment, a quick link to the payment just made will appear at the top.
NOTE: When you click the "Generate payments" button, this will create a payment in the system that will be a part of your normal print check run. If you are going to pay this online, you will still need to create the payment from this screen. Then, open the new payment that has no check number & add a reference number that corresponds to your payment to the bank or some kind of internal reference number.
If you have previously overpaid your card, you can later apply it to new charges. You can then select it from the Prepayment section at the top of the Payment Options panel.
NOTE: Only payment(s) that are posted will be available to select here.
The 'total amount to pay' will be reduced by the amount of the prepayments applied.
Paying vendor invoices with a credit card
With a vendor invoice already in the system, when you go to your Vendor invoice to pay as of, and when you click on the Pay amount button, here you can check the Credit tab. Choose the card and Generate payment. NOTE: This will actually create a credit card charge and appear in the process above.
Afterward, you can link the unmatched charges that were created in the Connector screen.
Click the 4 arrows button to expand the row, where you can then click on Link to unmatched charges.
A list of the unmatched charges will appear for you to click on.
Click Match to link the charge created earlier to the transaction that was downloaded.
NOTE: Clicking Mark as processed will hide the charge from ever showing up in the connector screen again.
Reconcile your credit cards to the GL
Similar to your bank account, you can use the Account reconciliations feature to track & clear your credit card account(s) and its transactions.
Enter the GL account for the credit card that was done in your Setup for credit cards. Then follow the account reconciliation process.