ShelbyNext Financials: Credit Card Tracking

Transcription

1 ShelbyNext Financials: Credit Card Tracking (Course #F211) Presented by: Dave Heston Shelby Consultant 2018 Shelby Systems, Inc. Other brand and product names are trademarks or registered trademarks of the respective holders.

2 Objective This session guides you through the process of using Credit Card Tracking in Accounts Payable. This session presents the following topics: Setting up Credit Cards Entering Credit Card Transactions Managing Unposted Credit Card Transactions Importing Credit Card Transactions Reverse or Copy posted credit card transactions Balance to the General Ledger Reconcile monthly credit card statements (Import Credit Card Statement Feature) Make a payment What s new out there Some Things to Think About: Credit Card Tracking allows you to enter and track credit cards. You can enter transactions, reconcile, and finalize. This tool allows you to monitor charges made by staff members to one or multiple credit cards, scan receipts and supporting documents associated with a transaction, reconcile transactions, and pay the credit card bill. Do you track single or multiple credit cards accounts? Do multiple users use the same credit card account? What Liability accounts do you need to set up? How are you going to collect credit card receipts? How often do you enter credit card receipts daily, weekly, or monthly? Credit Card receipts are entered as separate transactions to Vendor accounts. This creates an audit trail. Are credit card receipts entered to separate Vendor accounts or to a onetime Vendor? (tip from Dave and Betty) When do you reconcile to the monthly credit card statement? Are payments made by check or EFT? 2

3 Setting up Credit Cards Set up a credit card liability account(s) in your General Ledger for each credit card. It is recommended that you set up a separate liability account for each credit card that you are using so that you have a way of tracking activity in the General Ledger for each card. You can use separate General Ledger account numbers or sub-accounts. The following example uses sub-accounts: How the Credit Card Liability Account # field is used to create Journals The Account # field is a Payable Credit Card account that is used as a "wash" account in a similar manner as the Payables Account # specified in Company Information (if you are running on the Accrual Basis). So basically, if you are running on an Accrual Basis and processing Credit Card transactions, you should have two "wash" accounts. Below is a chart that shows how the Payables and the Payables (CC) accounts are used to create your journal entries for both Cash and Accrual basis. The Cash Basis creates two journal entries. The first journal is created when Credit Card Transactions are posted. The expense accounts are debited and the Payable (CC) account is credited. The second journal is created when payments are processed. The Payables (CC) account is debited and the bank account is credited. 3

4 The Accrual Basis creates three journal entries. The first journal entry is created when Credit Card Transactions are posted. The Expense account is debited and the Payables (CC) account is credited. The next journal is created when reconciling transactions. The Payables (CC) account is debited and the Payables account is credited. And, finally when processing payments, a journal is created to debit the Payables account and credit the Bank account. Modify > Credit Card Information allows you to add or edit existing credit cards. The following columns are displayed for each credit card on the grid: Credit Card: Displays the Credit Card description. Balance: This is calculated by adding the Ending Balance from the most recent Credit Card Statement to all posted, unreconciled Credit Card Transactions (charges & payments). Users: Hover over the Users icon to see the users set up on the credit card. Note: Hover over the Note icon to preview the note. Setup: Hover over the Information icon to display user and time information for when the credit card was set up and last updated. Click the Add New Credit Card link to add a new credit card. Double-click on a credit card or click the Edit icon to edit a credit card. Click the Delete icon by a credit card on the grid to be prompted to delete it. (You can only delete credit cards to which transactions have not been posted.) Select a credit card in the grid and click the Reconcile Transactions button to reconcile that credit card. 4

5 Add a new Credit Card To add a new Credit Card, click on the Add New Credit Card link. 1. Select a General Ledger liability account number. 2. Enter a Description for the credit card. 3. Enter the last four digits of the Credit Card Account Number or some other number that does not reveal the Credit Card account number. 4. Enter the Expiration Date of the credit card. 5. Select Credit Card Vendor by clicking the (not set) link or the Search icon. This displays the Vendor Search window. Select the Vendor that is associated with the Credit Card. You may have to add a Vendor if the vendor is not already in your database. 6. Select Add New Credit Card User you must have at least one User for each credit card. For each credit card user in the grid the following columns display: a. User Name b. Active: This column contains a check if the user is active. c. Balance: This is a total of the User's unreconciled Credit Card Transactions (charges). 7. Enter a Note associated with the Credit Card, if applicable. 5

6 Sample Users Sample Note 6

7 Entering Credit Card Transactions Processing Credit Card transactions is very similar to processing regular Accounts Payable invoices. Transactions are entered as they are received or held and entered periodically as a batch. The main difference is that you select the Credit Card and the User in addition to other needed information. Make sure your Current Financial Settings are correct. Credit Card transactions are posted to the CURRENTLY SELECTED CREDIT CARD 1. Select the correct Period to post to. 2. Select the correct Bank Account to post to. 3. Select the correct Credit Card to post to. 7

8 From the Accounts Payable menu select Enter > Credit Card Transaction. The Person Search window appears. 1. Search for an individual or organization under the Name field (by default, the search text for the Name field searches for last names and organizations. An asterisk (*) is entered to see a list of all vendors. 2. Select the Vendor for which you are creating the Credit Card transaction. 3. If the Vendor is not in the database, select Add New Vendor. 4. Click the Select button. Hint from Dave and Betty: If you do not need to use specific vendors, set up generic vendors to record Credit Card transactions. 8

9 On the Credit Card Transaction Grid, there are three tabs: Details, Attachments, and Note. The Detail Tab is where you put the transaction detail. 1. Credit Card 2. Credit Card User 3. Vendor 4. Enter Reference Number and/or Invoice Number (optional) 5. Enter Date of transaction 6. Enter Total amount of the transaction; the transaction is distributed to multiple General Ledger Accounts later in the process. 7. Enter Account: Review your account distribution once entered. 8. Enter Description of the transaction 9. Enter Project if you are using projects 10. Click Add New icon to add another detail line if needed. You also enter a number and click the Add New Lines icon to add multiple lines at once. 11. If you are using a Distribution for this transaction, select from the drop-down list and click the Apply Distribution button. 12. The Link to Purchase Management button is active if there are open Purchase Orders/Check Requests for the vendor selected. 13. When finished click the Apply button to save the transaction and start entering a new transaction. Click the Update button to save changes to the transaction and return to the Unposted Credit Card Transactions page. Click the Reset link to undo all changes since the last time the page was updated. Or, click the Cancel link to return to the Unposted Credit Card Transactions page without saving your changes. 9

10 The Attachments Tab (optional) is where you choose a file to attach or scan the receipt. Files such as a receipts or other documentation can be stored electronically with the credit card transaction. 1. Click the Add New Attachment link to display a window where you enter a note, attach a file, or scan a receipt. 2. On the Add New Attachment window, you can: a. Add a Note. b. Click the Choose File button by any of the four Add File fields to attach files. c. You also click the Scan link by Scanned Files to display a window where you paste or scan an image. If you do not have a scanner attached, then the following message appears. 3. The Note tab is where you enter a note in the field provided. 10

11 Manage Unposted Credit Card Transactions From the Accounts Payable menu, select Manage -> Unposted Credit Card Transactions. The next page you see is a Filter. Click Search to show all Unposted Transactions or use the Filter option to limit your search. 11

12 Once you are on the Manage > Unposted Credit Card Transactions grid; 1. You can: a. Click the Add New Transaction link to add a new Credit Card transaction. b. Double-click on a transaction or click the Edit icon to edit a transaction on the grid. c. Click the Delete icon by a transaction in the grid to be prompted to delete that transaction. 2. Import Credit Card Transactions let s talk about this later 3. (OOPS!) Change Credit Card Select the transactions you want to assign to a different Credit Card and then click the Change Credit Card button to display the Change Credit Card page. 4. Credit card transactions appear on the grid. The next step is to select the credit card transactions you want to post by clicking the check box next to each transaction that you want to post. You can also select the top box to select all transaction in the grid. 5. Credit Card Transaction Edit Report Click Credit Card Transaction Edit Report to run the report. For each transaction selected, all detail is displayed along with the Final Totals. 6. Post Credit Card Transactions Click Post Credit Card Transactions to begin the posting process. Don t forget to check your Current Financial Settings. 12

13 Change Credit Card Select the transactions you want to assign to a different credit card and click the Change Credit Card button to display the Change Credit Card window. On the next page, 1. Select the credit card where you want your transactions to be re-assigned. 2. Click the Continue button. 3. Click the Close link to return to the previous page without changing the assigned Credit Card. The Credit Card Transaction Edit Report allows you to view a report of selected unposted credit card transactions. This report prints in Vendor order. For each transaction, all detail is displayed along with Final Totals. Click Report Preferences on the blue bar above the report preview to access options for the report: Print Notes Print Setup Information Print Project Information Print Recap By Account Print Recap by Project If you have changed the selected options, click the Run Report button to display an updated report preview. You may also click the Clear Preferences link to reset all of your report preferences to their initial values. Once the preview displays you can navigate the pages, export to several formats (e.g., PDF, Excel, Word), and Print. Click Report Preferences on the blue bar above the report preview to return to Report Preferences. Click the Close Report button when finished to return to the Unposted Credit Card Transactions page. 13

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15 The General Ledger Input Audit for Accounts Payable Credit Card Transactions report allows you to view selected credit card transactions before posting. This report prints in general ledger number order. Click Report Preferences on the blue bar above the report preview to select from the following options: Print Notes Print Setup Information Print Project Information If you have changed the selected options, click the Run Report button to display an updated report preview. You may also click the Clear Preferences link to reset all of your report preferences to their initial values. Once the preview displays you can navigate the pages, export to several formats (e.g., PDF, Excel, Word), and Print. Edit the Posting Date if desired then click the Finalize Post button to finalize your transactions and post to General Ledger. NOTE: The Post Directly to General Ledger without Editing option allows you to have your journal entry posted all the way through to the General Ledger History so that it can be viewed on reports and on the View Posted Journals page within General Ledger. This allows you to skip having to edit and post the journal entry in the Manage Unposted Journals page in General Ledger. If you do not wish to post your credit card transactions, click the Cancel link to return to the Unposted Credit Card Transactions page. 15

16 Finalize Post - When saving the entries, make sure the receipt dates, Post-to Period, and Posting Date entry all fall within the same month. Journal Entry - When you Finalize the AP > CC transactions, the following journal entry is created: 1. Expense accounts are debited. 2. The Credit Card Liability account is credited for the total. 16

17 Importing Credit Card Transactions The Import Credit Card Transactions reads an Excel file that you specify and then imports each row of that file as credit card transactions. Up to 13 columns of information can be imported. From the Unposted Credit Card Transactions page: 1. Make sure you have the correct Credit Card selected from the Current Financial Settings 2. Click on Import Credit Card Transactions On the Transactions > Import page: 1. Choose File and confirm the file name. 2. Click Import give it time, if one of the fields is incorrect, then the following message appears. 17

18 The file is imported and displays as a grid. Review the transactions. 1. You can select to View valid or View invalid transactions. Invalid transactions occur when the information from the Excel file does not match the fields in your financial program. After the invalid transaction has been corrected, it appears as a valid transaction to be imported. NOTE: Charges should show as positive amounts and refunds as negative amounts. Click the here to reverse the signs for the transaction amounts. 2. Click the Edit icon to make changes to individual transactions for the Delete icon to delete a transaction. These changes do not affect the original Excel file that was used for importing 3. Another option is to click the Clear Credit Card Transactions Import button to clear all transactions and then make the corrections in the Excel file and then import the file again 4. After reviewing the valid and invalid transactions and making any corrections. Click the Import button to finish the import process View valid View invalid The imported transactions appear on the Credit Card > Transactions page. At this point, you can process these transactions as you normally would. 18

19 Reverse or Copy Posted Credit Card Transactions Reverse Credit Card Transaction allows you to reverse unpaid credit card transactions. (WHY?) From the Accounts Payable menu, select View -> Transaction Inquiry. 1. Select Credit Card Charges. 2. Select the Credit Card. 3. Select Unpaid. Only Unpaid credit card transactions are reversed. 4. Select Vendor. 5. Click Search. 19

20 From the Transaction Inquiry: 1. Only Unpaid credit card invoices show under the Status column. 2. To open the invoice, click the View Details icon. On the Credit Card Details page, click on Reverse Transaction. 20

21 The next page is Accounts Payable > Credit Card > Transactions > Reverse Transactions. 1. Confirm the Current Financial Settings 2. Click Report Preferences on the blue bar above the report preview to access Options for the report. 3. Select the Report Options as needed. 4. If you have changed the Options, click the Run Report button to display an updated report preview. 5. Note the negative transaction. 6. Once the preview displays, you can export in several formats. 7. Click Print icon to print the report. 8. Click the Cancel link to return to the Credit Card Details page without reversing the transaction, or click the Reverse Transaction button to finalize the reverse procedure and put the transaction back in Manage Unposted Credit Card Transactions. This also creates a journal entry that reverses the transaction. 21

22 To make any desired changes or delete the original transaction, return to the Manage Unposted Credit Card Transactions. (What did we talk about earlier?) 1. If you want to post the transaction again, make any desired changes by clicking the Edit icon; make the changes and update the transaction. To delete the transaction, click the Delete icon to be prompted to remove the transaction. 2. Once you have made any changes to the transaction, run the Credit Card Transaction Edit Report button. 3. When you are ready to finalize the corrected transaction, click the Post Credit Card Transaction button. Journal Entry 1. Note the Description. 2. Credit to the original expense account. 3. Debit to Credit Card liability account. 22

23 Copy Credit Card Transaction allows you to copy a credit card transaction. (WHY?) On the Accounts Payable > Transactions Inquiry > Credit Card Details page click the Copy Transaction button. This places the transaction back in Manage Unposted Credit Card Transactions. No journal entry is created. 1. Make any desired changes by clicking the Edit icon. 2. Once you have made any changes to the transaction, run the Credit Card Transaction Edit Report button. 3. When you are ready to finalize the corrected transaction, click the Post Credit Card Transaction button. 23

24 Balance to the General Ledger First, run a Balance Sheet report for the current period and note the amount listed under the credit card liability account. (Note the balance for is $1,014.57) Next, from the Accounts Payable menu, select View > Transaction Inquiry. 24

25 On the Transaction Inquiry page: 1. Check Credit Card Charges. 2. Select the correct Credit Card. 3. Check Unpaid. 4. Check Unpaid As Of. Check either Date or Period. 5. Leave Vendor not set. 6. Set Invoice Date to Less than or equal (last day of the month you are balancing) 7. Click Search. Transaction Inquiry Report 1. Note the Total of $1, (HINT: should match the amount on the Balance Sheet) 2. Click Print Transaction Inquiry Report if you need to document. 25

26 Reconcile Monthly Credit Card Statements Manage > Credit Card Statements allows you to reconcile your credit card transactions for a selected statement period. Check your Current Financial Settings FIRST to make sure the correct Credit Card is selected. Under Manage, select Credit Card Statements: On the Credit Card Statement Grid (existing statements display in the grid): 1. Confirm that you have selected the correct credit card. 2. Click on Add New Statement. The Reconcile Details window appears. 1. Enter Statement Date. 2. Enter Ending Balance. 3. Click OK. NOTE: When entering the first statement date for a credit card, you also need to specify a Starting Balance. 26

27 Reconciliation Update page 1. Charges are on the left. 2. Payments/Credits are on the right. 3. Click the Note link to add a note. 4. Click the Attachment link to display a window where you add a note, and click the Choose File button by any of the four Add File links to attach files. You also click the Scan link by Scanned Files to display a window where you paste or scan an image (hint: the statement). 5. Select items in the Charges and Payments/Credits sections to mark them as having cleared. 6. You can also choose to import cleared items by clicking the Import Credit Card Statement link. (We will talk about this later) 7. After you have marked all cleared transactions, the Difference field is zero. 8. The Statement Starting Balance and the Calculated Ending Balance fields match the amounts shown on your current credit card statement. 9. Click View Reconciliation Report to display a preview report. (See sample later.) 10. Click the Apply and Finish Later button to save your progress and return later without finalizing (saves the check marks). 11. Click the Finish button to finalize the statement period, Reset to undo all the changes since last time the page was updated, or Cancel to discard all changes. 27

28 Import Credit Card Statement You can also choose to import cleared items by clicking the Import Credit Card Statement link. Click the Choose File button and select your import file. The program accepts the.ofx,.qif,.qfx, and Excel formats. Click the Import button to display the Credit Card Reconciliation Statement Import Report. This report displays all items in the imported file and indicates whether they were imported. Click the Close Report button to return to the Credit Card Reconciliation page. All items that match (ItemDate and Amount or ItemNumber and Amount) in the imported file are marked as cleared. If importing an Excel file, it can have any name but must be saved in the.xslx format and contain these columns: Date (or ItemDate) and Amount. View Reconciliation Report Click the View Reconciliation Report button to display a preview of the report. There are two sections to the report: Current Summary and Cleared Items. The Current Summary displays the Opening Balance, Payments/Credits, Charges, and Ending Balance. The Cleared Items section displays the following information for each cleared item: Item#, Date, Description, and Amount. Once the preview displays you can navigate the pages, export to several formats (e.g., PDF, Excel, Word), and Print. Click the Close Report button when finished to return to the Reconciliation Update page. 28

29 Make a Payment When the Finish button is clicked, the Credit Card Reconciliation Payment page displays. If the Statement Ending Balance and Calculated Ending Balance fields do not match, you are prompted that you are not in balance for the statement. Click the OK button to continue finalizing or the Cancel link to return to the Update page and make corrections. You have the option for setting up a payment to the selected credit card for all or part of the statement ending balance. 1. Schedule Invoice to Pay: This option creates an invoice using the date in the Due Date field and the amount in the Payment Amount field and places it in Manage Unposted Transactions. 2. Electronic Funds Transfer: Electronic Funds Transfers allow you to record electronic transfers. When this option is selected, the Check Date field becomes Payment Date and the Check Number becomes Confirmation Number. 3. Create a Manual Check: This option creates a manual check transaction using the information in the Check Number, Check Date, and Payment Amount fields and places it in Manage Unposted Transactions. 4. Make No Payment Now: This option does not create a transaction. If your ending balance is zero, you normally select the option to Make No Payment Now. 5. After making your selection and entering the appropriate information in the field, click the OK button to finish the reconciliation process or the Cancel link to return to the Update page without finalizing the reconciliation. Accounts Payable > Manage > Unposted Transactions 29

30 You can also create an invoice to the credit card vendor. The Apply to Credit Card option becomes active when a credit card vendor is selected. 1. Make sure you are in the correct Bank Account. 2. Select the credit card Vendor. 3. Select the credit card for which you are creating the transaction from the Apply to Credit Card drop-down list. 4. Create an Invoice, Manual Check, or Electronic Funds Transfer with the credit card selected. Once the Invoice is paid the payment shows up in Credit Card Reconciliation. 5. On the Details tab, the Account is the liability account number for the selected credit card. What s new out there? Some churches are moving to debit cards. What are the advantages? How many cards? How are transactions tracked and reconciled? Bank Account vs. Credit Card Payable? 30

31 Q&A Class Discussion 31

32 Dave Heston Shelby Consultant Dave served as an accountant for a Phoenix-based CPA firm before he joined the staff of his church in Over the last 40 years, Dave has served as an administrator at three churches in the Phoenix metro area. Dave recently retired as the Director of Finance for Phoenix Seminary in AZ. Dave has been a Shelby user since 1985 and trains as a Shelby Consultant, training on Shelby v.5 and ShelbyNext Financials.