This guide will take you through the steps to setting Credit Card Type GL Accounts.
GL Account Setup
NOTE: Prior to creating a GL Account with the Account Type of Credit Card, you must have the Credit Card Company set up a Vendor to pay in the system.
First, we need to create a new GL Account for your Credit Card by following these steps:
Go to Menu > Admin/Manager > System Setup > GL Settings > GL Accounts.
Click insert row at the bottom of the page to add a new account.
Add an Account Name (i.e. AMEX, Visa or MasterCard, etc.).
Set the Account Number (typically in the Liability account number range on the Balance Sheet).
Set the Account Type to Credit Card (which reports as a Liability on Financial Reports).
In the Account Details to the right is where you choose the Vendor that you will pay for this Credit Card.
Make sure How will you use this card is set to Import Credit Card transaction data from the bank. This is the method to use when its a credit card used for company expenses, regardless if you use the Connector or import an OFX or a CSV.
In the Card Users section is where you enter the names of the users you want to have access to this card in the Connector.
Enter the Credit Card Number for the card that will be using this account.
Choose a supported Financial Institution from the drop-down. If your credit cards company is not listed, then you will need to import the charges via an .OFX or .CSV file, yet even importing will need to validate to a Credit Card Number.
Alternatively, use the Plaid Connection.
If you are using a supported Financial Institution, then you can click Test Connection to verify your login credentials are correct.
- If you are setting up multiple cards and want to track them under a Summary account, follow the steps above to set up the Summary account. Then highlight the account you just created and click + to create a new account, then click the arrow icon to move the individual card accounts nest under it. Follow the steps listed under 'Account Details' above to complete the setup of the nested account.
- If you close a card and replace it with a new card, we recommend you create a new GL Account and set it up as if it was indeed new, instead of replacing the old credit card settings with the new card's details.
The system has security rights that allow your users access to the specific features of the credit card process.
View and use the credit card connector screen
- This gives users in this security group the ability to access the credit card connector screen overall. However, you still need to add your users as Card Users in the Gl Account Setup.
View and use credit card charge entry screens
- This gives you access to the credit card charges entry screen and open existing charges that have been processed.
Add credit card charges for other employees
- This will allow your users to add credit card charges for other people (i.e. an assistant may be entering them for a manager).
Edit credit card charges of other employees
- This will allow you to edit or delete credit charges made by other users.
Approve Credit Card Charges
- This will allow you to Approve charges that are entered by an employee when they are that employees credit card approver.
Post Credit Card Transaction to the General Ledger
- This will allow you to Post charges in the system. Which can be associated with the Approver so the charge gets posted to the Ledger as soon as its approved.
NOTE: In order for the transactions you Process from the connector screen to automatically Post the Charge it creates, the user will need the Security Right of Post Transactions from the Accounting section of rights.
Credit Card Approver
While you set who is a Card User in the above steps that affect the Connector Screen and when you Submit a Charge for Approval. Its when you process/submit these charges that then relies on the Employee setup of who their Credit Card Approver is.
NOTE: You can set yourself as your own credit card approver as a means to streamline this process, which then automatically approves and potentially posts to the GL, all charges you process from the connector screen.