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Brief description:

The Unanet Bank Reconciliation feature can easily be used to reconcile Credit Card expenditures and other accounts.

Assumptions:

  • This article assumes the company pays the credit card bill rather than the individual.
  • Credit card property - Enable Credit Card Functionality - is enabled. (Admin > Properties > Expense > General > Credit Card Settings)
  • Person Profile has been updated with credit card information. (Person Profile > Credit Cards (left menu))
  • Vendor Organization including vendor profile has been created for the credit card vendor.

What’s covered in this document:

Initial Setup

Create Liability Account

Navigate to Admin > Setup > Accounting > Accounts.

  • This account will capture the credit card payable amount as part of the Expense Report Cost Post.
  • Be sure to select "Liability" for the Account Type.
  • Make the Financials Parent the Accounts Payable account.
  • A recommended best practice is to call this account "Bank X Credit Card Payable" or something similar in order to distinguish its purpose.

Create Payment Method

Navigate to Admin > Setup > Accounting > Payment Methods.

  • Create a Payment Method for employees to use when entering corporate card expenses on an expense report.
  • Select the Edit Accounts icon on the new payment method to associate it with the account created above.
  • When an employee completes an Expense Voucher on which they use this credit card, they will select this payment method, and the offset to the expense charges will credit the account that you wish to reconcile. 
  • You will want to make sure that ALL non-Reimbursable EXPENSE REPORTS (P&R) Payment Methods have a posting group account assigned.  

Set Up Credit Card As Bank Account

Navigate to Admin > Setup > Accounting > Bank Accounts.

  • In order to utilize the bank reconciliation feature for credit cards or other accounts, you must first define a bank account for the credit card with a type of "Other."
  • Using the Add Accounts icon, be sure to enter the General Ledger account created above in your bank account setup.
    Note: In order to reconcile, all transactions within an account must have the same Organization.

Update The Posting Group

Navigate to Admin > Setup > Accounting > Posting Groups.

  • Update the "Expense Report Offset - Non-Reimbursable" account category in the Posting Group to select the Payment Method column.

Periodic Processing

Enter And Pay Credit Card Vendor Bill

When the credit card vendor bill is received, enter it as a Vendor Invoice in Unanet against the credit card liability account.

Reconcile Credit Card Payable Account

After the Expense Report Cost Post is completed, and the credit card vendor bill is entered, utilize Unanet's bank account reconciliation functionality to reconcile the credit card payable account.
Note: When Posting Options are set to Using Posted Date, expense vouchers must be in EXTRACTED status in order to do the Expense Report Cost Post.

When the credit card statement is received, create a bank reconciliation to ensure that all of the charges in the statement have been posted to the General Ledger.

Add a bank reconciliation by navigating to Financials > General Ledger > Bank Reconciliation and clicking the +Bank Reconciliation link.
Add the Credit Card Bank Account, Statement Date, and Ending Balance.
Note: When reconciling liability accounts, you must enter the balance as a negative. This is the amount owed. The reconciliation will be to the amounts that have been charged to that account already.




Any amounts charged to the credit card account will be available to reconcile against your statement.



Additional Information

Help Docs - General Ledger - Bank Reconciliation

KC - Credit Card Integrations, Imports, and the IMU

KC - AP Admin Guide - Vendor Invoice Entry

KC - AP Admin Guide - Bulk Vendor Payment Creation

KC - General Ledger Guide: Bank Reconciliation

KC - Quick Topic - Adding Invoices for All Vendors on a Credit Card Bill

 KC - Bank Reconciliation


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