AP Payments With Credit Card... Then Pay Credit Card Invoice

Yahoo Archive
1

We just created an Credit Card Clearing account.

 

When AP Â pays the expense or inventory receipt, they use this account.

 

When they pay the credit card – they offset the Clearing account.

 

Our Accounting person reconciles this account.

 

Just another option.

 

 

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com]
Sent: Thursday, May 15, 2014 12:25 PM
To: vantage@yahoogroups.com
Subject: Re: [Vantage] AP Payments With Credit Card... Then Pay Credit Card Invoice

 

 

Set up the credit card as a bank account.  

Assign the GL to a liability account.  

Let the balance go negative (liability).  

Pay your invoices with this bank account. 

Then, when you get your statement, reconcile, and transfer funds between accounts.  

Or you could cut a misc payment (check) with the GL account = to the liability account.

               If you do this, you would need to still get a transaction in the Bank sub-ledger to the credit card so it can be reconciled correctly.

 

Andrew Fagan
Sonas Group, LLC
617-335-0505

On Thursday, May 15, 2014 2:59 PM, "rbird@... [vantage]" <vantage@yahoogroups.com> wrote:

 

We are looking to start paying many of our monthly expenses on a Credit Card (for the points) and then later we would need to pay the Credit Card.

Is anyone else doing this in Epicor?  If so, how did you go about setting it up or any advice from anyone?

 

2

We are looking to start paying many of our monthly expenses on a Credit Card (for the points) and then later we would need to pay the Credit Card.

Is anyone else doing this in Epicor?  If so, how did you go about setting it up or any advice from anyone?

3
Set up the credit card as a bank account.  
Assign the GL to a liability account.  
Let the balance go negative (liability).  
Pay your invoices with this bank account. 
Then, when you get your statement, reconcile, and transfer funds between accounts.  
Or you could cut a misc payment (check) with the GL account = to the liability account.
If you do this, you would need to still get a transaction in the Bank sub-ledger to the credit card so it can be reconciled correctly.

 
Andrew Fagan
Sonas Group, LLC
617-335-0505
On Thursday, May 15, 2014 2:59 PM, "rbird@... [vantage]" <vantage@yahoogroups.com> wrote:
  
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  <div><span>We are looking to start paying many of our monthly expenses on a Credit Card (for the points) and then later we would need to pay the Credit Card.</span></div><div><span>Is anyone else doing this in Epicor? &nbsp;If so, how did you go about setting it up or any advice from anyone?</span></div>

</div>
 


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4

Ha… I was just typing the same thing. We do the same.. we pay a lot on Amex and then reconcile at time of statement.Â

 

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com]
Sent: Thursday, May 15, 2014 3:25 PM
To: vantage@yahoogroups.com
Subject: Re: [Vantage] AP Payments With Credit Card... Then Pay Credit Card Invoice

 

 

Set up the credit card as a bank account.  

Assign the GL to a liability account.  

Let the balance go negative (liability).  

Pay your invoices with this bank account. 

Then, when you get your statement, reconcile, and transfer funds between accounts.  

Or you could cut a misc payment (check) with the GL account = to the liability account.

               If you do this, you would need to still get a transaction in the Bank sub-ledger to the credit card so it can be reconciled correctly.

 

Andrew Fagan
Sonas Group, LLC
617-335-0505

On Thursday, May 15, 2014 2:59 PM, "rbird@... [vantage]" <vantage@yahoogroups.com> wrote:

 

We are looking to start paying many of our monthly expenses on a Credit Card (for the points) and then later we would need to pay the Credit Card.

Is anyone else doing this in Epicor?  If so, how did you go about setting it up or any advice from anyone?