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I am trying to set up process to reconcile credit cards

kaycee Lane's Profile

I just want a system that will match receipts with credit card transactions from purchasing card. We don't have any travel reimbursements, everything is on card. Is there a way to upload credit card transactions, batch by card (employee) then send report for the employee to expense and attach credit card receipt.? Right now I am getting items such as Estimate- paid online don't know what credit card will be.

Answers

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

There are a bunch of cloud based programs that can do this. Look in the Priduct review section under expense reporting.

Joan Green
Title: VP Finance
Company: National Counseling Group
(VP Finance, National Counseling Group) |

We use Concur and are very happy with the software process. We have 40 cardholders and it was always work to get everything properly accounted for.

Lincoln Stedman
Title: Accountant
Company: Archmill House Inc.
LinkedIn Profile
(Accountant, Archmill House Inc.) |

Hello Joan,

Quick question on Concur as I am currently looking into this software as well. It seems like it doesn't automatically download the credit card transactions for you to reconcile to, so how do you overcome this challenge?

Dmitry Faybysh
Title: CEO
Company: Bankcard Analytics
(CEO, Bankcard Analytics) |

This is such a pain for us as well...

We are thinking of looking at the Amex program. My wife's company uses it and it seems to work well for them.

Thanks Wayne, will take a look at the link you sent.

(Agent, JKS Solutions, Inc.) |

We currently don't have an automated credit card automation system. The employees, who use a credit card fill out an expense report with attached receipts. It's being prooved by our admin staff (e.g. Does every expense line on the expense report have an attached receipt?) Then the expense report is sent to the accounting department and the accountant expenses it. Because the employees' name is on each of the reports, it's (usually) easy for us to decide which card the charge was made on.

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

The system you are using is very time intensive. I just came back from a business trip. The program I use, reads my credit cards and I can then create an expense report for my clients.

For expenses over $75 or specific one's per client, I can then either upload the receipt or take a photo from my phone on the fly and attach later, when the charge goes through.

What used to take me 45 mins just to enter into my accounting system (forget about all the different reports, collation of paper receipts, etc) is now about 10 minutes period (which includes all those reports).

As usual, what works for me, may not work for you (as far as specific software) but there are a large number of SaaS offerings. As such, I'm not mentioning the system I use.

Dawn Gibbs
Title: Business Manager
Company: The Powers Company
(Business Manager, The Powers Company) |

We use Expense Watch. Our employees can set up their credit cards in the system and the transactions automatically download into Expense Watch. From this software, our project managers and directors can approve the expenses, after which the system then produces an invoice to the company. We interface with QuickBooks to save time and missing items. You can set the interface up to produce a journal entry instead of invoices to be paid.

Len Green
Title: Performance Improvement Consultant and E..
Company: Haygarth Consulting LLC
LinkedIn Profile
(Performance Improvement Consultant and ERP Strategist, Haygarth Consulting LLC) |

Kaycee

What Accounting/ERP system are you using? Some have extensions or third party add-ons that help you to:
-download credit card activity for each cardholder
-allocate the expenses to the correct account and other dimensions
-reconcile and pay the card

You could also look at how your purchase process could be changed in future with the right integrated technology in place. It's not so much how to "computerize what you do today" but rather to find a smarter way to perform the process.

If you want to chat more, let me know.

Len

Kim Zarraga
Title: Accounting Manager
Company: Bio-Rad Laboratories
(Accounting Manager, Bio-Rad Laboratories) |

When we implemented our P-Card program, we used the software provided by US Bank to attach receipts and allocate the expenses. In general this software worked fine, but due to the industry we are in we had some additional reporting requirements and decided to move to Concur as we had been using this interface for years with our Travel Card program. Depending on what you want to spend, I would contact your bank to see what reporting support they have. I know when we put our program out for quote most of all of the big players supported their cards with reporting.

Donald Kalkofen
Title: Outsourced CFO/Controller/Director/SEC 4..
Company: Consulting CPA
(Outsourced CFO/Controller/Director/SEC 4 startups & public companies, Consulting CPA) |

I am the CEO of a startup software company and we are building a solution to immeasurably improve the existing expense reporting processes. We feel the present solutions may have missed the mark when it comes to the "centralized services" market and there is a significant marketplace need for a solution built to maximize expense reporting through centralized operations.

CPA’s, Administrative Assistants, and accounting teams, not to mention out-sourced accounting teams, all leverage the advantages gained by centralizing repetitive accounting and operations functions.

We have re-envision the work and process flows and are building new user tools so that centralized services teams will be provided solutions to help them maximize efficiencies, thus substantially lowering operating costs. We also believe our solutions improve overall data input and review quality improving company policy compliance and cost controls.

I would love to hear thoughts form this group on features you would like to see but are missing in existing solutions, and also hear about the best features that current provider already offer. thanks for your consideration and thoughts.

Theresa Wilt
Title: Consultant - DCAA/ FAR/ CAS Guidance + A..
Company: T W Consulting, Inc.
LinkedIn Profile
(Consultant - DCAA/ FAR/ CAS Guidance + Accounting system setup , T W Consulting, Inc.) |

Automated systems are the norm these days, replacing paper process in the past.
At minimum you should be able to download CC transactions from bank credit card into an Excel file to reconcile. Ideally, you have a web-based T&E that employees can access from anywhere to input their expense reports (along with time sheets) and it should allow expense coding to accounts and projects as well as automated approval process. The system should also provide for distinction between expense paid by company credit card vs. employee-paid vs. advance payments as well as a checkbox for personal expenses, where each is coded to separate account such as crediting asset advance, credit card liability account or A/P liability to pay employee
with other side of entry posting to proper expense account, project and department, with any personal charges deducted from the total expenses charged to company.

Then when you pay the credit card balance due to bank or credit card company, you simply debit the credit card liability account and you have an automatic recon.

If the credit card liability account has a debit balance, you are missing ER receipts, and if it has a credit balance that should be amount due to credit card company.

Usually you pay the credit card account before the ER is submitted by employee so you have a debit balance in the account until the expense reports are posted too.

I work in the GovCon industry, where the best system that does this for small biz is called PROCAS and the best system for large businesses is Deltek Costpoint and both allow you to attach receipts for each transaction on the expense report, then both have function to import into the main accounting system where the ER's then become A/P vouchers on the A/P Aging with amounts due to pay to employees.

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