Generate supplier remittances when bill has been paid by credit card
Heidi Froelich_7100319
Member Posts: 3 ✭
The option to send remittances for payments made by credit card is not provided in Reckon. Easy for bank account payments but just can't do it for credit cards. Is there any function in Reckon that would give the same result?
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Comments
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Hi Heidi,
The way some get around it is to setup their credit card as a bank account.
You just have to get your head around the negative balances.
Or you can setup a clearing bank account to pay the bills out of and then transfer the balance to the credit card so your clearing account goes back to $0 and the credit card has the correct balance.
Kind regards,
Sally McIntosh (sally@samsolutions.com.au)
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Thanks Sally for your feedback. Yes, using the card as a bank account is an option (suggested by Reckon as well), however, I want the card to appear correctly in the balance sheet. Your other suggestion is probably the only other way to go with this, however, I wouldn't be comfortable charging a client for the time it took to "double enter" information. I guess I just feel that if the software function of Pay Bills gives you all the payment options it does, it should be an easy step to offer to send remittances for all the payment options available.
I'll ponder your suggestions and see what the impact on processing would be.
Cheers,
Heidi.
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Hi Heidi,
To use the clearing account will take an additional 30 seconds.
All you have to do is go to transfer funds and transfer money from the credit card to the clearing account for the total amount of the bills paid.
If anything it will save you time as when you are reconciling the credit card there is only one item to be ticked.
Sally
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We also use the bank account option.
To make this quick and easy to pay suppliers, I have added the credit card details on the remittance and the remittance email has instructions to charge the card attached. This saves me heaps of valuable time, no more phone calls to make.
Then, once a month, transfer the balance to the credit card account so it shows correctly on the balance sheet.0 -
The card DOES appear correctly in the balance sheet. It is a bank account with a negative balance. Which is true. If you owe money to the card, then it is a negative bank acct isn't it. Its a bank account that runs as a liability. Listing your credit card as a bank acct is perfectly normal on your balance sheet. If you owe on the card, then the balance will show as a negative. Just the same way that a bank account that is in overdraft, will show. As a negative balance. But still a bank account. When you pay bills from the bank account called Visa, just write VISA on the cheque number field, so it makes sense on your reports. Its never a problem entering bills to be paid from Visa after that. Far better than a long-winded list of a gazillion expense codes all going into one transaction called visa payment!0
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