We are looking to utilize our company credit cards more to accumulate rewards. My issue is - I do not want to lose the vendor history. For example, we have used a vendor for many years and have always paid by check. Now we want to pay with a credit card. How can I do this? The library says the “vendor” needs to be the credit card company. But I want the vendor to stay as it has been. Can I add “Credit Card” as a payment option? And if so, then how does it work when I need to pay the credit card balance? Thank you in advance for any insight!!
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Pay Frequent Vendor with credit card
Best answer by Laura02
Hello,
- Set up a Payment Method to represent credit card payments in the system.
- Set up the credit card liability account as a Cash Account in Banking.
- Enter Payments made by Credit Card in AP like you entered your Payments by check or Cash Purchases before (shown below), except you pay the vendors using the new Payment Method and CC Bank Account. Vendor history remains intact.
- When you pay Amex, VISA etc. (the credit card vendor), Cash Account “Company Paid Visa Credit Card” is debited and AP is credited when the Bill to Amex is entered.
- Reconciliation Statements: Credit Card bank accounts are reconciled when the statement arrives, just like regular bank accounts.
Laura
+19Hello,
- Set up a Payment Method to represent credit card payments in the system.
- Set up the credit card liability account as a Cash Account in Banking.
- Enter Payments made by Credit Card in AP like you entered your Payments by check or Cash Purchases before (shown below), except you pay the vendors using the new Payment Method and CC Bank Account. Vendor history remains intact.
- When you pay Amex, VISA etc. (the credit card vendor), Cash Account “Company Paid Visa Credit Card” is debited and AP is credited when the Bill to Amex is entered.
- Reconciliation Statements: Credit Card bank accounts are reconciled when the statement arrives, just like regular bank accounts.
Laura
Laura ~ Klear Systems, Inc. Irvine, CA. ~ Click my logo to Follow me ~
YAY!! Thank you so much, Laura! I may have to come back to ask how to add a payment method….but this answers my question precisely!! Thank you!
+19Hi,
Add a Payment Method, in Banking → Preferences → Payment Methods screen. 🙂
Laura
Laura ~ Klear Systems, Inc. Irvine, CA. ~ Click my logo to Follow me ~
Laura02 wrote:
Hi,
Add a Payment Method, in Banking → Preferences → Payment Methods screen. 🙂
Laura
THANK YOU so very much, Laura!!!
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