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Has anyone set-up paying vendors with virtual credit cards? I'm trying to determine the best way for reconciling purposes.
Do you set-up a separate checkbook id to track and reconcile the payments made this way? How do you mark vendors so you know which ones are paid via virtual credit card?
Cecile,
You said you set this up a few years ago. How are you creating the payables file to send to the bank? Additionally, how do you handle the remittance file from the bank?
Thnaks,
Dan Haney
NUSS Professional Services Group
That helps a bunch! I knew there was some way to get it reconciled, etc.
Hi Shellie,
Yes, we setup a Virtual Credit Card two years ago in our company. This is what we did:
1. Setup a separate Checkbook - "VIRTUAL CARD" or any name you like.
>> on Payables option - Setup your EFT
>> Next EFT Payment Number: VC000XXX
>> File format: VCARD (copy from existing file format NACHA-CCD)
2. Set all your Virtual Card Vendors with Payment Priority 5 - this way you'll be able to filter only Virtual Card Vendors when you run your Payment Batch under Select Checks - EFT. We also set our Virtual Card Vendor Checkbook ID: VIRTUAL CARD
3. Enter your regular Invoices
4. Run your EFT payment to be paid by Checkbook ID: VIRTUAL CARD
Entry: Debit Virtual Card Liability/ Credit - Virtual Card [CASH]
In Vendor checkbook Invoice / Payment - it is cleared. But we still owe the Bank.
5. In Bank Transaction Entry >> Type: Increase Adjustment
>> Checkbook ID: VIRTUAL CARD
>> Description: use virtual card number (that is the EFT Payment number) for reference
>> Entry: Debit Virtual Card [CASH] / Credit: Virtual Card Liability
(to zero out entry in #4)
Hope this help!
Cecile
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