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I am using GP 18.3.1200 (2020). I would like to set up a Credit Card for Vendor payments. I am assuming there should be a CC Clearing account. Does anyone have the steps and tips for setting this up to run smoothly?
Debbie
That is exactly what I was looking for.
Debbie-
Victoria Yudin had posted a way to do this on her blog from a long time ago:
We follow these steps and they work perfectly every time.
Hope this helps.
Joe
I don't have my GP open, but just to give you an idea on this:
1. The cc setup will be under Company (since your cc can be used by both AR and AP modules).
2. You can setup 2 types of CC; can't recall what it is called, but one type will be assigned a GL account, and another will be assigned a vendor id. From your question, you will use the 2nd kind and assign the vendor id on the specified field.
3. When the credit card had been setup (say for American Express), and you use the CC to pay up an invoice to a vendor, that invoice will be settled thru a credit memo (GP will create the credit memo for you and will fully apply it to the invoice); because at this point, your obligation will be to American express (the vendor in the cc). Automatically, an invoice for the cc vendor will then be created.
4. When you need to settle the purchase that used that cc, you will pay the vendor specified in the cc (on this example, American Express).
I recommend you do a simulation test in your TEST company or Fabrikam so you can see exactly the transactions created in this.
If I remember correctly, this setup can be seen in the system admin manual.
Hope the above helped.
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