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We have issued our Department Managers VISA purchase cards. What I am trying to discover is if anyone has discovered a creative way in which they can still track the vendor purchases such that a history record of the purchase is retained at that vendor level rather then the aggregate expenditure being recorded to VISA?
We process over $60k per month on the purchase cards and I would want to be able to source the individual purchases to the specific vendor of the items purchased.
VISA sends itemized billing for each card and within each card there may be 15 transactions to a variety of vendors. I would want to see the transaction for a given vendor in that vendor's history and a designation that it was settled with a credit card rather then a check.
Any solutions would be appreciated.
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Here's a write-up of an process I've used at several clients:
Solomon – Processing AP Vouchers for Corporate Credit Cards
1) Setup at least one "Credit Card Clearing Account" (hereafter: CCA); Can be an Asset or a Liability.
2) If you are using Cash Manager, set your CCA up as a "cash account"
3) When you buy something using the credit card from a vendor that you want to track history for:
A) Make sure you setup a vendor in AP for the company you actually bought something from
B) Enter a voucher to track the details of the actual transaction with that vendor, hitting the appropriate asset or expense account(s)
4) When you voucher a statement from the credit card company, use the CCA for the transactions on the statement that are associated with vendors for which you plan to track history, so as to NOT double-count the expenses.
5) "Pay" the voucher to the original vendor using a “dummy check" (on white paper) issued from the CCA. When preparing the Payment Selection batch, change the checking account from the default to the CCA.
6) Pay the credit card statement voucher with a real check from the real checking account, as you normally would.
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