Making Credit Card Entries and Processing Statements

For each credit card you have set up, you can perform the following tasks from the Expenses>Credit Card Entries screen:

• Add, edit, or delete credit card statement transaction details and, optionally, attach a scanned copy of a vendor bill for any charge.

• Record payments made by credit card before bills arrive. When you use a credit card to prepay a deposit for vendor goods or services, you can apply the prepayment when entering bills.

• Upload credit card statement details from your bank or credit card provider electronically.

• Pay a credit card bill by approving or recording a payment.

• Add a new credit card bill.

• View recent bills for a specific credit card.

You can add new credit card statement transaction details for a vendor you have already set up in the system, or for a vendor you add on this Credit Card Entries screen.

Add, Edit, or Delete Transaction Details

To add, edit, or delete credit card statement transaction details:

1. Select the appropriate credit card from the Credit Card drop-down list.
   
   The list includes all of the credit card accounts you have defined for this client.

2. Add new credit card details to the blank fields, or edit or delete existing statement details.

   • To see the details of an existing statement, click any entry in the list to have the details of that entry fill the screen. Or, select a vendor from the Payee Vendor drop-down list to fill the panel with details. Once the transaction details appear, you can add, edit, or delete the information in the fields as needed.

Note: You can use the Payee Other field to add an alias for an existing vendor. For more information, see The Payee Other Field below. Or, you can click Add Vendor to add a new vendor. For more information see Adding a Vendor.

1. • Enter or verify the amount of the transaction in the Amount field.

1. 1. • Select the 1099 checkbox if this is a 1099 transaction.

      • Select the Prepayment checkbox to record this payment before receiving the vendor bill if this is a prepayment. When you use a credit card to prepay a deposit for vendor goods or services, apply this prepayment when entering bills. In order to use this prepayment options, you must set up an account and link the account to the Prepaid Vendor Expense category. For more information about setting up accounts and linking categories, see Maintain Chart of Accounts.

      • Select the account from which to expense this transaction from the drop-down list in the Account field.
        
        NOTE: If an account was entered for the selected vendor on the Vendor Setup screen, that account appears by default in the Account field.

      • Use the Department, Job, and Job Category fields, if available, to specify a department to apply to each line item, or a job and job category to which to expense each line. (These fields are only available if you have set up departments or are using Job Costing. If you do not know the job or category, you can leave these fields unassigned and update them when you review the transaction.)

Attach a Scanned Bill

• If you want to attach a document such as a scanned bill from a vendor to this transaction, click Attach.
  
  The Attach Documents dialog box appears.

1. 1. Click Upload to locate the file you want to attach. Select the file, or drag and drop it into the Attach Document dialog box. (Attached files should be in PDF or JPG format.)

   2. With the file highlighted, click Attach Selected.  

   3. Click Preview to view the attached document. From the dialog box that appears, you can click Detach to remove the attachment, or keep it and click Close.

Adding a Vendor

To add a new vendor to the drop-down list without leaving the Credit Card Entries screen:

1. Click Add Vendor to open the Add Vendor dialog box.

2. Enter the new vendor’s Name, physical Address, and Email address.

3. Use the Expense Account drop-down list to select the appropriate expense account for the vendor.

4. Select the 1099 indicator to identify this as a 1099 vendor, if applicable and save your entries.

Upload Credit Card Details from a Provider

You can upload credit card statement details from your credit card provider electronically.

IMPORTANT: Before you can upload credit card data, you must ensure that you properly entered your credit card number when you set up the credit card; and, for each period you want to upload, ensure that you have downloaded data from your credit card provider using one of the following supported formats:

• Microsoft Money: Uses OFX extension

• Quicken (2003 or later): Uses QBX extension

• QuickBooks Web Connect: Uses QBO extension

You cannot upload credit card statement data in any other format. To upload data:

1. Click Cancel to clear the screen of any active transaction details, and click Upload from the action bar.  

2. The Upload Credit Card E-Statement dialog box appears.

3. Select the credit card from the Credit Card drop-down list.

4. Click Choose File to select a file to upload.

5. Click Upload to upload the file to the Credit Card Entries screen.

The Payee Other Field

You can use the Payee Other field in the following scenarios:

• If you need to enter vendor information for a vendor that has not already been entered into the system, and you don't want to add the vendor into the system, you can enter the vendor name in the Payee Other field. Once you have entered a name in the Payee Other field, you can manually enter information in the rest of the fields in the transaction details panel as needed.

• When you upload transaction information and a vendor name appears that is not found in the system, that vendor name appears in the Payee Other field along with the transaction details for that vendor. In this case, you can choose to link this vendor name from the Payee Other field to an existing vendor name from the system.
  
  For example, for the fictional vendor, Joseph Mark's Bakery, you may find a charge under the name JM Bakery. If you enter JM Bakery in the Payee Other field, and Joseph Mark's Bakery in the Payee Vendor field, and click Save, the next time an uploaded bill comes in with the name JM Bakery, the system automatically uses Joseph Mark's Bakery and enters this in the Payee Vendor field. The alias JM Bakery no longer appears in any field.

Pay a Credit Card Statement

To pay a credit card statement:

1. Click Cancel to clear the screen of any active transaction details, and click Pay on the action bar.

2. The Credit Card Payment dialog box appears showing the current statement balance for the credit card selected in the Current Balance field.

3. Enter the information for the payment.

Note: The current balance appears in the Amount to be Paid field. Keep the current balance or enter a different amount to be paid.

3. Click Approve Payment to print a check from the system for the amount selected and pay this bill. Or, click Record a Payment to note that you are paying the bill by another means rather than printing a check via Accounting Power.

Add a New Credit Card Bill

To add a new credit card bill (statement):

• Click Cancel to clear the screen of any active transaction details.

• Then, click the add icon on the action bar and fill out the fields of the Add New Credit Card Bill (Statement) dialog box.  

View Recent Bills

To view recent bills for a specific credit card:

1. Select the appropriate credit card from the Credit Card drop-down list.

2. Click Recent Bills at the top right side of the Credit Card Entries screen.

3. Select the bill from the drop-down list that appears.