This article explores Posting Company Credit Card within Insight.
One way of dealing with a Company Credit Card is to create a dummy bank for the credit card. To create a dummy bank for the credit card, go to System Settings > Banks (see guide for setting up a new bank).
Posting payments to the Company Credit Card can be done via the Accounts or Nominals, depending on the type of posting that needs to be made.
1. To post a client payment to the company credit card, you need to go to Accounts Clients and search for the client. The posting type you should choose is O4 – Office Disbursement. Ensure you change the bank to the Company Credit Card bank, which you have set up.
This will post an office disbursement onto the office side of the client ledger that has been selected and funded from the Company Credit Card.
2. To post an office payment to the Company Credit Card, go to Accounts Nominal and search for the nominal you wish to post the payment to. To do this, you should select N2 – Nominal Cheque, ensuring the bank is changed to the Company Credit Card bank, which has been set up.
If you have a receipt that shows VAT on it, you should split your payment out for VAT as well.
3. As the payments are made to the Company Credit Card dummy bank, to see all the transactions, you can do this by going into the bank reconciliation area of the system – Accounts Bank Reconciliation.
As you can see from the bank account above, the charges are now on the bank that the charges have been paid from the Company Credit Card bank. These should be reflected on your statement that comes from your credit card company, giving a balance that is due to be paid at a specific date.
4. To pay the credit card, you can either setup a nominal for Credit Card Payments or you can use the bank transfer nominal that you have setup. To make the payment you need to go to Accounts Nominal and find the nominal that you are making the payment on. The posting type you need to use is N9 – Nominal Journal.
5. Doing the N9 – Journal from the office bank which you pay the credit card from and credit to the Company Credit Card Bank, this will put a debit on the office bank with the payment amount and a credit on the company credit card bank for you to reconcile.