Configuring Credit Cards for Accounts Payable Payments

There is a feature to assist you in managing company credit cards that are used for everyday purchase and for payments on Accounts Payable accounts. Central to this feature is the G/L Account Type of Credit Card Payable.

Accounts of Type Credit Card Payable function similarly to accounts of Type Bank.  In the same way you can create as many different Bank accounts in RIMSS, you can create Credit Card Payable accounts in RIMSS.  It is recommended that you create a separate G/L account for each credit card account that you want to track and pay separately.

Once your accounts have been created, you will be able to use them on Payment Documents, Pay Bills, and Pay Supplier Statements to create the payment directly against the credit card account in RIMSS.  To populate the Credit Card Payable accounts for payments, choose the Payment Type of Credit Card at the top of the document that you are working in.  After selection, instead of Bank Accounts, the Credit Card Payable accounts will become available for selection.

This is especially helpful if you purchase parts from any of your Suppliers using a company credit card.  These purchases must be entered on an Item Receipt/Bill, then paid through the Pay Bills module.  Paying these amounts with a Type Credit Card Payable account will post the purchase directly to the credit card account.

Since the Type Credit Card Payable is a separate G/L account, you have the flexibility to post purchases that are not entered to Accounts Payable through any accounting document of your choice.  You can post subtotaled or detailed expenses through a journal entry at month end when the statement is received.

Payments can be booked directly against the Type Credit Card Payable account on Payment or Journal Entry documents.  

Once all purchases and payments are posted, you can reconcile the credit card account against the statement through the standard reconciliation process in RIMSS.