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Virtual Card payment setup

  • 1.  Virtual Card payment setup

    SILVER CONTRIBUTOR
    Posted Jul 18, 2021 09:47 AM
    What setup needs to be done in order to make payments to vendors via virtual card?  Do I need to change the payment method to the Supplier?  We will be uploading a file to AMEX to create the card payment (and check payment if vendor does not accept card payment).  The file I found that works with AMEX is under Smart Lists | Purchases | Payable_Apply_Detail.  I am looking for the process needed for:  changing the vendor payment method, processing the payments, and any GL set up needed.  I would think I would need a new GL account for AMEX payment clearing.
    Any help would be greatly appreciated.

    Heidi Love
    Industrial Metal Supply Co

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    Heidi Love
    Industrial Metal Supply Co
    Sun Valley CA
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    Academy - Online Interactive Learning from Experts


  • 2.  RE: Virtual Card payment setup

    GPUG ALL STAR
    Posted Jul 19, 2021 09:34 AM
    Hi @Heidi Love

    In a nutshell (details below):
    You setup a card, with a credit card vendor (the actual credit card so the vendor is , say, Amex)​
    You pay any other vendor with this card
    THAT vendor invoice you paid with the card is marked as paid
    BUT that amount then shows up as due in the Amex Vendor until
    You cut a check to the Credit Card Vendor (which completely clears it out of AP and gets the credit card paid)

    Here are the specifics from Microsoft on how to setup and understand the background accounting

    The only update is that in more recent versions of GP you can simply choose that it is a credit card payment when you are building an entire check batch, you don't necessarily have to pay with Manual payment.

    ------------------------------
    Jo deRuiter
    🌟 GPUG ALL STAR
    💫Granite Award Winner
    Atlanta Chapter Leader
    Aisling Dynamics Business Solutions
    Business Applications Practice Manager
    jo.deruiter@aislingdynamics.com
    9518674366
    aislingdynamics.com
    ------------------------------

    Academy - Online Interactive Learning from Experts


  • 3.  RE: Virtual Card payment setup

    SILVER CONTRIBUTOR
    Posted Jul 19, 2021 11:28 AM
    Thank you so much Jo!

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    Heidi Love
    Industrial Metal Supply Co
    Sun Valley CA
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    Academy - Online Interactive Learning from Experts


  • 4.  RE: Virtual Card payment setup

    GOLD CONTRIBUTOR
    Posted Jul 19, 2021 09:40 AM
    We use Comdata for virtual card payments.  We added a separate checkbook in GP to use when processing these payments and created a new GL account that is assigned as the cash account on that checkbook.  We also determined a payment priority value to assign to any vendors that signed up for the program so that they could be easily selected when creating payment batches.  We also set the check numbering for our Comdata checkbook to be distinctive, 8800000001, so that these payments would be easily recognizable for users.
    Once Comdata has processed each payment batch we submit they send back a reconciliation file that includes the virtual card number created for each payment.  We use SmartConnect to write the card number back to the Comment field on the payment in GP.  That makes is easier for us when we get vendor questions on virtual card payments.

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    Jim Harris
    Director of Information Systems
    ExamWorks, Inc.
    Atlanta GA
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    Academy - Online Interactive Learning from Experts


  • 5.  RE: Virtual Card payment setup

    SILVER CONTRIBUTOR
    Posted Jul 19, 2021 11:37 AM
    Great suggestion.  Thanks Jim!

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    Heidi Love
    Industrial Metal Supply Co
    Sun Valley CA
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    Academy - Online Interactive Learning from Experts


  • 6.  RE: Virtual Card payment setup

    SILVER CONTRIBUTOR
    Posted Jul 19, 2021 03:20 PM
    Hi Jim
    What did you send to the vendor for remittance advice?  And what was your method of sending it - email or mail?  Or did Comdata send the remittance advice?

    thanks
    Heidi

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    Heidi Love
    Industrial Metal Supply Co
    Sun Valley CA
    ------------------------------

    Academy - Online Interactive Learning from Experts


  • 7.  RE: Virtual Card payment setup

    GOLD CONTRIBUTOR
    Posted Jul 19, 2021 04:23 PM
    Comdata handles sending the remittance advice to the vendor.  The payment file we provide to Comdata that they use to generate the virtual cards includes all apply details that we would normally include on the remittance.

    ------------------------------
    Jim Harris
    Director of Information Systems
    ExamWorks, Inc.
    Atlanta GA
    ------------------------------

    Academy - Online Interactive Learning from Experts


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