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Payable Management for Credit Cards Receipts and Procedure

  • 1.  Payable Management for Credit Cards Receipts and Procedure

    Posted 10 days ago
    Every month, my staff received the monthly credit card statement.  We contact the department heads who has the receipts for the credit cards from the statement.  The statement are submitted by my staff.  Once we received the receipts and match it with the statement, we create a spreadsheet to place the dollar amount under each account number.  Once the spreadsheet is reconciled, it is entered in GP.  Is there an easier procedure to track the receipts and to upload from excel to GP or statement with specific format (not sure if it would work for excel) to upload to GP?

    I am looking for efficient way to work on the monthly credit card statement while we are working on month end close.

    Any suggestions or procedures are welcome!

    Thanks,

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    Judy Hicks
    Controller
    Milwaukee Catholic Home
    Milwaukee WI
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    Academy - Online Interactive Learning from Experts


  • 2.  RE: Payable Management for Credit Cards Receipts and Procedure

    Posted 9 days ago
    If you're looking for a 3rd party solution, we started using Concur at the end of last year.  We previously did all the tracking, coding, etc. in excel and it was cumbersome for managers and accounting.  For 20 reports a month we pay $188, absolutely a cost-benefit savings for all. It was a nightmare to get setup, almost walked away from it, but now that it's functioning it's amazing.  Now, each person codes online, if it doesn't automatically populate, receipts are uploaded as well, supervisors approve online, once approved final reports come to me.  I finalize a monthly report with all the approved submissions and download the coded results.  I have a pivot table setup and filters by month and account number so it's super easy to get the journal entry I need to make.

    Happy to share more with you if you'd like.

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    Kristy James
    Financial Controller
    Dairyland Electrical Industries, Inc
    Stoughton WI
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    Academy - Online Interactive Learning from Experts


  • 3.  RE: Payable Management for Credit Cards Receipts and Procedure

    Posted 9 days ago
    We have develop a similar type of solution for bank statement, where employee import the CSV bank statement and reconcile the bank statement with GP transaction. The employee can do auto reconcile based on Type, Amount ,Description, Reference Number.

    In your case, you need to develop a solution where you can import the credit card statement and Receipts files (CSV or TXT or Excel format) in GP. And put the Auto reconcile and Manual reconcile option.

    Let me know if you need any more details.

    Regards,

    Naveed ali




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    Naveed Ali
    Technical Lead
    Evincible Solutions LLC
    Houstan TX
    8325866423
    naveedali.dewa@gmail.com
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    Academy - Online Interactive Learning from Experts


  • 4.  RE: Payable Management for Credit Cards Receipts and Procedure

    SILVER CONTRIBUTOR
    Posted 8 days ago
    Edited by John Kirsch 8 days ago
    Hi Judy,

    An option could be to setup the credit cards in GP.  You can properly code and enter AP transactions using this credit card as the payment option throughout the month.  Then when you receive the statement, assuming that everyone had turned in and entered all expenses you can reconcile the statement to that credit card/vendor and cut the payment to them.  This doesn't require a 3rd party solution and is fairly easy to setup.

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    John Kirsch
    Director of IT
    Global Optics Inc.
    Green Bay WI
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    Academy - Online Interactive Learning from Experts


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