v.5 Accounts Payable: Credit Card Tracking (Course #V211)

Transcription

1 v.5 Accounts Payable: Credit Card Tracking (Course #V211) Presented by: Erin Ogletree Shelby Master Trainer 2017 Shelby Systems, Inc. Other brand and product names are trademarks or registered trademarks of the respective holders.

2 Objective This class guides you through the process of using credit card tracking in Accounts Payable. This session presents the following topics: Credit cards setup Transaction entry Posted transaction reversal Balancing to the General Ledger Monthly statement reconciliation Making a payment Some things to think about: Do you track single or multiple credit card accounts? How are you going to collect the credit card receipts? How often are credit card receipts processed? Credit card receipts are processed as separate transactions to vendor accounts. 2

3 Set up Credit Cards Set up a credit card liability account in your general ledger for each credit card. In setting up new credit cards, you must have at least one User for each credit card. o Link to correct liability account. o Link to correct credit card Vendor account (tab #1), the vendor that is paid in Accounts Payable. 3

4 o Set up one or multiple Users (tab #2). 4

5 Enter a Transaction Processing a credit card transaction is very similar to processing a regular AP vendor invoice. Enter credit card transactions in the system so that they are later selected and reconciled. Keep in mind, transactions are entered as they are received or held to enter periodically as a batch. Again, the process is similar to entering an invoice in Accounts Payable. The main difference is that you select the credit card and the user in addition to other needed information. The Acquire/View option allows you to attach a copy of the transaction, purchase order, and/or other documents using a scanner that supports a TWAIN interface. From the Credit Card Expense Tracking Home Base screen, select the correct credit card and user and then click the Process Transactions option. Make sure you have the correct credit card and user before you start processing transactions. 5

6 Credit card receipts are entered as separate transactions to vendor accounts. This creates an audit trail. Enter: o Vendor Name o Date o Total amount o Distribution to the correct expense accounts o On tab #2 enter a memo if desired. o If you have a scanner, click the Acquire/View button to scan the receipt and attach it to the transaction. 6

7 o Enter as many receipts as you have. o Receipts that are credits are entered as negative amounts. o If you have receipts from multiple months, determine to which period (month) to post them. 7

8 Edit vs. Final Report Vendor sorts the Edit List report. You can print memo and project information. 8

9 General Ledger number sorts the final report. The memo field is included but not recap information. Posts to credit card liability When you post the receipt, the AP module creates the following journal entry. The entry debits the expense accounts and credits the Credit Card liability account for the total. 9

10 Reverse a Posted Transaction There is no undo in Credit Card Processing, meaning there is no way to make an incorrect transaction disappear from the transaction history. Instead, incorrect entries are reversed with offsetting negative transaction entries. Then you enter new, accurate transaction entries. This option places an entry in Process Transactions that reverses the amount that was originally entered. 1. From the Credit Card Expense Home Base screen click the Inquiry option. On the Invoice Inquiry Criteria screen select the Unpaid radio button and then click the OK button. 2. On the grid that displays, select the credit card charge that needs to be reversed. 3. Double click on the charge. 4. Click the button. 10

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12 5. Once you click the Reverse Transaction button, the system generates a credit transaction for the amount of the original transaction. This is not an undo process, but an offsetting entry. 6. Do not correct the reversal transaction. Changing any information on the reversal entry may throw off the balances going forward. 7. Add a new transaction entry with the correct information. (In our example, the vendor and date are incorrect, so a second transaction is entered to correct this.) 12

13 8. The transaction nets to zero. 13

14 Balance to the General Ledger Balance Per Balance Sheet Run the Balance Sheet report and note the amount listed under the credit card liability account. From the Accounts Payable Home Base screen select the Reports option and then click Invoice Reports > Invoice Listing. o Include the credit card account under Bank Account. o Under Report Type, select the Unpaid radio button and the Unpaid As Of check box. Enter the date to filter. o Select the Credit Card Charges check box. o Click the OK button to run report. 14

15 o The balance on the Unpaid Invoice List should equal the balance on the Balance Sheet. 15

16 Monthly Statement Reconciliation From the Credit Card Expense Tracking Home Base screen, click the Reconcile option. o Click the Insert New Reconciliation Date button to enter the statement ending date. o Enter the statement ending balance. o If you are reconciling for the first time, you are asked to enter a Statement Opening Balance. (This field only displays when you are reconciling for the first time.) 16

17 Check all charges and payments/credits that are on the statement. o The active report area at the bottom of the screen keeps track of your progress as you mark transactions. o After you have marked all cleared transactions, the Difference field should show zero. o The Opening and Ending Balance fields should match the amounts shown on your current credit card statement. 17

18 Click the Next button to complete the reconciliation. o Schedule Invoice to pay creates an invoice using the date in the Due Date field and the amount in the Payment Amount field, and then places the invoice in Accounts Payable on the Invoice Processing screen where it is processed as a normal invoice. o Once you click the OK button, this screen displays. Click the OK button again. 18

19 o When you go to Invoice Processing, the credit card invoice is set up; process as a normal Accounts Payable invoice. o When you save the entry in Invoice Processing, the system debits the credit card liability account and credits Accounts Payable. 19

20 o Manual check prewritten creates a manual check invoice using the check number that you enter in the Check # field and the amount in the Payment Amount field, and then places the invoice in Accounts Payable on the Invoice Processing screen (also used for electronic payment). o When you save the transaction in Invoice Processing, it debits the credit card liability account and credits the cash account. 20

21 o Make no payment now does not create an invoice. Use this option when no balance is due, or there is a credit balance on the statement. Note: If you create an invoice to the credit card vendor using Invoice Processing, the program asks if this payment is to be applied to the credit card. Clicking the Yes button has the same effect as creating a payment on this screen. 21

22 Q&A Class Discussion 22

23 Erin Ogletree Shelby Master Trainer Erin has 12 years of experience serving churches as a Shelby trainer and currently is a Shelby Master Trainer. Over the years she has learned the benefits that Shelby Systems has to offer the various ministries and programs of the church through maintaining up to date information on members, visitors, and finances. Having also been on staff as a user of Shelby v.5 in her church for 16 years, Erin brings a wealth of knowledge to her training. Erin is excited about sharing that knowledge and experience with customers as she leads them through the most current best practices of Shelby v.5 and ShelbyNext.