Table of Contents

Overview

We have integrated the credit card function into TRX Enterprise not only for ease of use, but also to allow users to take advantage of credit card perks. It has come into vogue as of late for corporate cards to offer everything from miles to services as a reward for using their cards. Paying Bills with credit cards allows users to maximize points and still track the money trail. There are some set up steps that must be completed before AP credit cards can be used properly.

• Set up a dummy bank account for all credit cards

• Set up credit cards

• Set up expense G/L accounts that need to be tracked

• Set up puppet vendors and tie them to the expense accounts for ease of data entry

This setup will allow you to key in equipment purchases in a normal manner and then pay them through the credit card screens. It will also allow you to account for and categorize miscellaneous expenses, straight down to the G/L accounts and back up to the financial statements if needed. After all you cannot manage it if you do not track it. 

Setting up a dummy bank account for Credit card use

You will need to create a bank in TRX for credit cards as you cannot run them through your regular bank account. This is a shell bank for credit card transactions, the underlying accounting trail will wrap up neatly into a credit card payable G/L account. You can find a section on bank setup here. 
Important features to note: One bank for all credit cards is okay but you can create one for each if it is desired. When setting up the bank make the first check number far away from your regular check runs, you can start with zero. G/L accounts on the bank set up will have no impact, no transactions will be made through banking, but they must be included in the set up to function.

Setup Credit Cards

In order to use your credit cards in TRX you must first set them up in A/P > Credit Cards > Credit Card setup. How to setup credit cards is outlined below at Credit Card Setup

Setting up Expense G/L accounts that need to be tracked

To fully utilize the A/P credit card features you must enter all transactions that are made on that card. It is an all or nothing proposition you will not be able to pick and choose what gets recorded in TRX. If you want to have any hope of reconciling your card account in TRX or balancing your credit card payable account you must record everything. To avoid posting all non-vouchered purchases to general and administrative costs (which you can do if you like) you will want to create one or more G/L expense accounts to post your miscellaneous CC purchases too. How many you create depends on how detailed you would like to be. You can find instructions on creating G/L accounts at creating a G/L account.

Setting up Expense vendors

You are going to want to create Expense Vendors that will default to each of the expense G/L accounts that you set up. This step is not necessary, but you will have to choose a vendor in the credit card purchases screen and if needed change the G/L account. So to avoid having to remember what your gas expense G/L account number is every time enter a gas purchase we recommend creating a vendor "TRX: Gas Expense"(insert your company name) that defaults to that account. You will now have visibility in both G/L accounts and vendor account for those expenses and a better than average chance they will get posted correctly.