Credit Card Reconciliation Overview

You can create credit card statements, import charges from your credit card company into a statement, and reconcile the charges from your credit card company with the posted expenses from expense reports and AP disbursements that were paid with company-issued credit cards.

After you create a credit card statement, you can begin importing charges from your credit card company into it. You can create a credit card statement before the actual credit card statement is finalized by your credit card company. This allows you to import credit card charges on an ongoing, regular basis throughout the month as your credit card company posts the charges and makes the information available to you through their website. This allows employees to add imported charges to their expense reports in a timelier manner.

This application helps you find missing company-paid credit card charges that have not yet been processed in DPS. After all credit card charges that are entered through expense reports and AP disbursements have been posted and have a matching entry from your credit card company, you clear them on the credit card statement and close the statement.

Credit card statements are created for the primary credit cards that you set up in DPS. Primary credit card consists of charges made to one or more secondary credit cards that are issued to employees.

Using the Credit Card Reconciliation Application With or Without Importing Charges

You can use the Credit Card feature and reconcile credit card statements with or without importing charges from your credit card company. When you import charges, you can automatically match the imported charges with expense charges that are posted on expense reports and AP disbursements in Credit Card Reconciliation. When you do not import charges, you can manually compare and match the posted expense charges in Credit Card Reconciliation with your paper credit card statement.

Periods and Credit Card Reconciliation

A credit card statement reconciliation is not period specific. The transactions that are included in the reconciliation are not impacted by the active period that you have open. You determine the expense report and AP disbursement transactions that are included on a statement by the dates that you enter in the Range of Dates fields on the Main tab of the Credit Card Statement Reconciliation form. The imported credit card charges that are included on a statement are the charges that you specifically import into the statement from your credit card company.

Cash Basis Accounting

If you use cash-basis reporting, after the credit card statement is completely reconciled, you can create a cash-basis journal entry for all the company-paid charges on the statement on the Create Journal Entry tab of the Credit Card Statement Reconciliation form.

Multiple Companies

If you have multiple companies, you turn on the Credit Card feature and set up credit cards for each company. In Credit Card Reconciliation, you have access to only the credit cards that belong to the active company that you have open. An employee can be associated with a credit card from a company different than their home company.

Multiple Currencies

If you use multiple currencies, the credit card reconciliation is in the currency of the credit card (entered in Credit Card Settings). This is the currency in which you pay the credit card company. For employee-paid credit cards, if the currency of the imported transactions is different from the functional currency set for the employee (which is the currency used for payment), the imported and posted amounts will be different in different currencies in the credit card reconciliation. Such transactions are not automatically cleared.

Security

In the Credit Card Reconciliation application, employees have access to all credit cards in the active company if they have access to the application from the Navigation tree in Role Security.