When you receive your credit card statement, wouldn’t it be nice if all your credit card transactions were in Microsoft Dynamics GP? It would make reconciling the credit card statement much faster, especially if the credit card transactions were easy to identify.
The good news is there is functionality in Dynamics GP to do exactly that without purchasing any additional modules. Just using core Dynamics GP functionality will allow you to input, process and reconcile credit card transactions.
How to setup and process your credit card transactions in Microsoft Dynamics GP
1. To setup your credit cards in Dynamic GP, go to the Microsoft Dynamics Menu>Tools>Setup>Company>Credit Cards.
2. Input the credit card name, select “Used by Company” and indicate the vendor it will link to.
3. Input individual transactions (such as travel, meals, auto expenses, etc.) that are charged to the credit card. Post the transactions as usual.
A query will show that the invoice is outstanding for that vendor.
4. Process a manual payment to the vendor, indicating it is paid by credit card and which one. When that payment is posted, you can run a new query on the vendor and see that the original invoice is paid.
Now here is the cool part. Dynamics GP created a transaction for the credit card vendor! By paying the original invoice by credit card, Dynamics GP recognized the liability is now with AmericaCharge, instead of Midwest, the original vendor and created the above invoice.
When you receive your credit card statement, you can process a check to them with confidence knowing you have a clear handle on your expenses.
Using Microsoft Dynamic GP’s credit card function will provide greater visibility into your expenses, more accurate reconciling of your credit card statements and, ultimately, improved control of your finances.
Thanks for your time – I hope you found this helpful. If you’d like to kick off the New Year by revisiting your Dynamics GP implementation or getting worry free Dynamics GP Upgrades from the experts, we’d be happy to help. Until then, have a Happy New Year!
Need to make the move from Dynamics GP? Learn more about your options migrating from Dynamics GP.