Title: Pay Purchase Order with Credit Card
This video demonstrates how to pay a Purchase Order with a credit card, covering the high-level process, setup requirements, and steps to take in Unanet.
What’s covered in this document:
At a high level, you will need to go through the process of creating a Vendor Invoice, Vendor Payment, and completing a reconciliation twice: once for the PO Vendor on each transaction, and once for the credit card statement as a whole.
In order to complete this process, your system must already have the following setup items configured.
Under Admin > Setup > Accounts, you will need two Liability accounts set up for your credit card – an Accrual account and a Payable account.
Under Admin > Setup > Bank Accounts, you will need a bank account set up for your credit card that ties to the Payable account set up above.
Under Admin > Setup > Payment Methods, you will need to add a corporate card and make sure the "Allowed" column under Vendor (AP) is checked.
Steps in Unanet
The steps and example screenshots below demonstrate how to pay Purchase Orders with a credit card in Unanet.
- Create a Purchase Order for each Vendor.
- After the purchase is made, go to Financials > Accounts Payable > Vendor Invoice to create an invoice for each Purchase Order. Creating these Vendor Invoices will automatically reduce your commitments.
- Make sure to select the Purchase Order # on the Vendor Invoice creation screen.
- Make sure to update the AP Account to be the credit card Accrual Account created earlier.
- Under the Vendor Invoice Details, add the approved PO lines. When the information is complete, Post each Vendor Invoice.
- You will now be able to see the Vendor Invoices on the Accounts Payable Aging report.
- When you receive the credit card statement, you will process payments for each vendor on the statement.
- Navigate to Financials > Accounts Payable > Bulk Vendor Payment Creation. Filter by the Accrual Account you charged and enter the appropriate Vendor Payment Creation Attributes at the bottom.
- Click on List, check all the Vendor Invoices that were on the credit card statement, and click Create Payments.
- After creating the payments, go back and Post each Vendor Payment as well.
- Next, create a Vendor Invoice for the credit card company.
- No Purchase Order # is needed.
- Leave the AP Account as the standard Accounts Payable Account.
- You will now be able to see the credit card Vendor Invoice on the Accounts Payable Aging report, instead of the Vendor Invoices from the individual vendors in each transaction.
- Create a Vendor Payment for the credit card company and Post.
- Go to Financials > General Ledger > Bank Reconciliation. Filter by the credit card Bank Account.
- Add Bank Reconciliation and enter the statement details from the credit card statement. Select each of the transactions on the Checks & Credits page and click Reconcile.