I have read the 2004 posted forums on how credit card payments are being tracked in Accounts Payable and wonder if any new solutions have been found for this?  We make one payment to the Credit Card Co. (Visa), debiting an accrual, then JE the individual charges to the expense accounts on a monthly basis.  We now want to be able to track each charge and see the description of the purchase in the GL Reports.  I don't see any way to do this without entering each purchase from every card individually.  This could be an undertaking!  Does anyone out there have a better method?

Hi Barb.

We have multiple people at the company who have credit cards that come on one bill. I used to type out each indididual charge and import, but it got to be too much. What we do now is, the credit card detail is downloaded into excel form, with the charges of each person. I then add a few columns (acct #, project, comments)  and email to the individual person in the company and have them fill in the detail, email back to me completed and then have them return to me signed with the receipts (back up for the auditors). I then add all of them together (copy & paste) on one sheet and rearrange the columns. I then merge 2 columns (the company name where the charge was made and the date charged). This gives the detail of what vendor was used and the date. The import date I use is the closing date of the credit card. I then import the detail into the GL. The detail does not show in A/P but it does show in the GL under the account number. I enter the entire amnount into A/P vendor using a wash account then post the payment crediting the same account.

This seems to work well and is less time consuming than manually typing 200-300 separate lines in a JE. I can help with the merging formula if you would like to utilitze this method.

Joanne

Hi Joanne,

This is most likely the method we will use as it eliminates a mass amount of entry.  Thank you for the advice.  I think we may be able to handle the merge formula on our end but will keep you in mind if we need help.

Barb,

I download our credit card statement from the website and paste it into an import spreadsheet I've created , put the coding in the appropriate columns in the spreadsheet and save as a csv file and import it directly into the vendor record.  That way it shows up in the vendor record as well as the GL.  I would be happy to help you get this set up if you should choose this method.  I had quite a hard time getting the import file to work initially but now I just reused the same file with new date each month.  It is quite a time saver.

Patty Randol

Crow Canyon Archaeological Center

Cortez, Colorado

Patty's sample import file has been posted to our Client Document Forums along with screen shots of the import process.  Thanks for sharing your credit card process Patty!