Bank feeds on multiple credit cards

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Jacki_10033120
Jacki_10033120 Member Posts: 7 ✭
edited June 2019 in Reckon Accounts (Desktop)
I'm currently setting up bank feeds for our credit cards.  We have several credit cards all linked to the one corporate credit card account.  In the instructions for setting up Reckon BankData, it states the following: Please note that for Corporate Credit Cards, the singular Credit Card Account Number will be used instead of individual Credit Card card numbers.

How should my credit cards be set up in my Chart of Accounts to facilitate this data import?  We currently have separate accounts set up for each credit card and I enter transactions for each card to their corresponding accounts and reconciling each card individually, however I think the instructions suggest that I need a collective account to import the data of all credit cards into.  How then do I allocate transactions to each card?

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  • Diane W
    Diane W Member Posts: 41 ✭
    edited June 2019
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    Hi Jacki.

    I have to set up bank feeds through Reckon Bank Data in the next week.

    With our main ANZ Corporate Card we also have multiple individual credit cards for different Managers. I have noted from the ANZ Bank Statement that all of the Managers transactions are included on the main Credit card bank statement although they are grouped by each managers card number. However, when I do a manual download of transactions from the ANZ bank account, all transactions are included in date order rather than being separated, so I am assuming the bank feed will download all transactions in the same manner.  However, I won't know for sure until the first download occurs.

    So to answer your question, I have set up one GL Account for the main credit card, and anticipate all transactions downloading into that account.  If you need to separate out each cards transactions you could use the bank statement to ID which receipts relate to which card and use a classcode to identify each card.

  • Jacki_10033120
    Jacki_10033120 Member Posts: 7 ✭
    edited June 2019
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    Hi Diane, thanks for your reply :)

    Since posting the question, I have had a look at the credit card statement in consideration of just setting up the one main account.  In relation to the statement, it looks like it will be a more accurate process to have the one account and reconcile that rather than reconciling individual credit cards.  Thinking about it, I don't think we need to separate out each card's transactions...it's just the system I inherited but looks like it's time to change it!

    I will give that a go.
  • Diane W
    Diane W Member Posts: 41 ✭
    edited June 2019
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    I understand totally Jacki.  Good luck with setting this up.  I am hoping my bank feed set up flows smoothly, and it's good to hear from others doing the same.

    Have a great day!

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