1. Using credit cards in Dynamics GP
February 16, 2017

2. Presented by Teri Carpenter, CMA CBM

3. Carpenter Associates, Inc. & Teri Carpenter CMA, CBM
Microsoft certified Dynamics GP and SL partner since 2004
Serving clients from Rocky Mountains to east coast
Working with GP since version 3.5
Partner member of GPUG for 4 years.
Passed new certification exam in the first offering
On committee developing questions for distribution certification exam
Been speaker for IMA, GPUG Amplify and many other conferences

4. Agenda Overview of Credit Card functions
Setting up credit cards for use in GP
Payables side of Credit cards
Paying vendors with credit cards
Single documents
CC check runs
Paying CC vendors in GP
Voiding CC transactions
Differences when using credit cards for reports and reconciliation

5. Agenda Receivables side of Credit cards
Receiving CC payment in cash receipts
When do you get payment from CC company
Use Cash account or AR account?
How to handle credit cards in deposit function
Reconciling differences
Q&A

6. Overview of Credit Card Functions
Can track purchases and receipts
Can update checkbook, vendor and GL account
Can set up any number of card types based on company, usage, etc.

7. Credit Cards used by company
Two types of card setup
Credit Card – paid to bank or other credit card company
Can also be used where another company receives the payments (factoring)
Pays off voucher and sets up new voucher on credit card vendor.
Check Card – debit type card deducted directly from the bank
Pays off voucher and deducts from checkbook without cutting or recording a check.

8. Credit Cards accepted by customers
Bank card – puts ‘receipt’ into checkbook to be deposited like checks.
Good for transactions that hit the bank immediately
Can be grouped in a deposit like checks to reflect what shows up on the bank statement
Charge card – records as GL “receivable” until you get notification of deposit. Then cash transaction or increase adjustment can move to the checkbook. Also can be used when checkbook not set up for that account.

9. Demo

10. Payables side of Credit cards - Paying vendors with credit cards – Single transaction
Enter amount in Credit card field
Choose Credit card Name in payment detail window

11. Payables side of Credit cards - Paying vendors with credit cards – Single transaction
Offset account remains AP account
Type changes to CASH

12. Payables side of Credit cards - Paying vendors with credit cards – Single transaction
No Distribution because the voucher just moved from one vendor to the next. No affect on AP balance.

13. Paying vendors with credit cards - CC check runs
Select Credit Card and Card Name for the payment selection.

14. Paying vendors with credit cards - CC check runs
Select eh invoices to pay and process check remittances like you would with EFT’s. However, in this case it just moves the invoices to the credit card vendor’s account.

15. Paying Credit Card Vendors
When you select the credit card vendor to pay by check or EFT you will see each of the amounts that have been transferred to that vendor and any amounts you’ve entered directly as vouchers. The amount should match your credit card statement.

16. Voiding CC transactions
Voiding a credit card payment is the same as voiding a check
Are you just voiding the payment?
Void the open transaction on the CC vendor account
Your original voucher is now open and payment can be processed another way
Are you voiding the payment and the original voucher
Then void the open transaction on the original vendor account
ACCOUNTS PAYABLE WILL BE OUT OF BALANCE IF YOU DON’T HANDLE CORRECTLY.

17. Receivables side of Credit cards
Receiving CC payment in cash receipts
When do you get payment from CC company?
Use Cash account or AR account?

18. How to handle credit card receipts
Set up as Cash Card (MC/Visa)
Set up as Charge Card (Amex)

19. How to handle credit cards in deposit function
Charge card receipts get deposited along with other payments

20. How to handle credit cards in deposit function
Bank card receipts get booked to a GL account until deposit verified.
Then create an increase adjustment to add to checkbook when received.

21. How to handle credit cards in deposit function
Bank card CC transactions show up in the bank deposit just like checks but are designated as credit card type and subtotal in the credit card group.

22. Demo

23. Reconcile differences with CC transactions

24. Q & A

25. Thank you! Teri Carpenter, CMA 419-346-3401 teri@caidynamics.com
For questions and/or copy of this presentation please contact me:
Teri Carpenter, CMA