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Old 07-19-2017, 12:54 PM
Froid Froid is offline
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Join Date: Feb 2017
Location: Southern California
Posts: 129
Credit card charge accounting - anybody do it this way?

We use QB Enterprise. Presently five months into my controller job. Learning new stuff daily. Extremely useful forum here.

My company uses about a dozen Mastercards, distributed amongst key staff. Their individual charges funnel thru a master bill that we eventually pay via A/P. Each cardholder creates a monthly expense report with attached receipts to support their activity. Each expense report requires approval by a superior and accounting reviews and codes out.

We created individual G/L balance sheet accounts under 'Type' as 'Credit Card.' Each account corresponds to each cardholder. My A/P staff enters each cardholder expense report using 'Banking' and 'Enter Credit Card Charges.' This gets the charges into the proper G/L accounts.

The A/P staff then enters the master bill (this often gets entered and paid prior to all the expense reports), coding to each cardholder G/L account. This shows as a debit to the various liability accounts, until zeroing-out with a match-off from the individual cardholder entries.

My staff previously entered each card charge, populating with a specific date and using the 'purchased from' field. You can imagine how cumbersome this could be if somebody made a hundred charges during the month. Everything from Taco Bell to Hertz. A couple months ago, I directed him to alter this practice to use the Memo field, instead. For example, he might input "Hertz rental 6/1-6/5 FL trip."

Another problem was that he used actual vendors, rather than using 'Other Names' within QB. (My entire staff did the same thing with J/E accruals - using actual vendors - instead of 'Other Names,' but that's a whole other problem.) This led to a mish-mash of credit card activity and J/E activity listed in assorted vendors' transactions.

Do other users utilize 'Other Names' or do you simply grab the vendor acct? Or do you enter good descriptions in the Memo field? And do you enter individual expense reports, or code out from the master listing as one giant A/P entry?

Looking for a best practice here. And just discovered this 'Other Names' thing this morning. Apologies for the long post. No hurry on responses.

Fred aka Froid
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