Recording Credit Card Payments

Some Of the nominals and ledgers used in this topic may be different to those in your chart of accounts.

When you have transactions for expenditure on a credit card, the payment to the credit card company that is displayed on the bank statement needs to be added to the software.

In IRIS Financials you can add a transaction to record the details of a payment made to the credit card company using a document input form. Once entered, the payment can then be reconciled against the transaction on the bank statement.

This topic assumes you are familiar with selecting and completing document input forms. For more information, please see Completing Document Input Forms.

Recording credit card transactions consists of the following steps:

1. Selecting the Required Payment Document Input Form

2. Recording the Payment

3. Viewing Credit Card Balances

Selecting the Required Payment Document Input Form

1. Select Documents, then select Document Input.
   
2. The Document Input dialog is displayed. To select the document type, select Drill (...) in Document type, then double-select to select ASCC - Credit Cards (where AS represents the location code of the document type) from the Select a document type dialog.
   
   
3. Next, select Drill (...) in Input form, then double-select to select Multi Credit Card Payment from the Select an input form dialog.
   
4. The Date defaults to the date that you are entering the information, i.e. today's date and the Period defaults to the current accouting period. The date must be the same date as the date of the payment to the credit card company. To change the date, select the Date drop-down arrow and select the required date from the calendar. The period needs to be the accounting period in which the payment was made. If the required accounting period is now closed and no longer available, select the next open accounting period by selecting Drill (...) in Period, then double-select to select the required period from the Select a period dialog.
5. Select OK to confirm your selections. The applicable document input form is then displayed.
   

Recording the Payment

1. The Multi Credit Card Payment document input form is displayed pre-populated with the details entered in the Document Input dialog.
   
2. Firstly, enter the details of the bank account from which the payment to the credit card company was made. Double-select in Bank, then double-select to select the required bank account from the Select account dialog.
   You are not able to move to the next field if the required data has not be entered.
3. The Document Date defaults to the date entered in the Document Input dialog. The date must be the same as the date the payment to the credit card company was made from your bank. If required, you can change the date by selecting the Document Date drop-down arrow, then selecting the required date from the calendar.
4. Enter a description to help identify the purpose of the payment in Description. In the following example, the code of the credit card account and the date have been entered, e.g. HEAD Jan 2021.
5. Enter the value of the payment to the credit card company in Document Control. This amount must exactly match the amount that left the bank account . In the following example, the amount is, 500.00 (do not enter any currency symbols i.e. £, $, etc.)
   
6. The 9410 - Credit Card Control nominal is automatically selected in Nominal. Do not change the nominal to which the Multi Credit Card Payment document input form is to be posted. .
7. Next, select the credit card to which the payment relates. Double-select in Credit Card, then double-select to select the required credit card in the Select account dialog.
   
8. Next, enter the total amount for the payment in Value , for example, 200.00 (do not enter any currency symbols i.e. £, $, etc.)
9. Enter a description to help identify the purpose of the payment in Description , e.g. Staff Kitchen Supplies .
   If you need to provide a more detailed description for the payment, press and hold the Ctrl key and the F8 key. The Detail Line 1 Comment window is displayed, as shown in the following graphic. Enter the details you want to include in the item description, then select Date Stamp to add the user details, time, and date to your comment, then select OK to save your comment.
   
10. If the payment covers several items/payments (for example, staff kitchen supplies and a catered lunch) you need to insert an additional payment row to the document input form for each item. To create a new item line, select into the blank space adjacent to Description, then press the Tab key, or select INSERT ROW. Complete the details of the inserted payment row.
    If you insert a payment row that is not required, select anywhere in the payment row to be removed, then select DELETE ROW
11. If the Document Control and Document Total do not match, the Gross Total Does Not Match Document Amount message is displayed in red in the bottom left-hand corner of the window, as shown in the following graphic. You are not able to post the payment until this has been corrected.
    
12. To correct the error, check that the Document Total is the same as the amount in Document Control . If these are different you need to make sure that the correct individual amounts and that all items of the payment have been entered. When the Document Total and Document Control equal the same amount, the Gross Total Does Not Match Document Amount message is removed.
13. When all the required payment information has been entered, press F5 or select POST to post the payment.
    
14. A blank document input form is displayed, with the posted document displayed in Documents Posted. Enter the details for an additional credit card or select X to close the document input form.
    To view, edit, or cancel the posted transaction, select the link to the required document from Documents Posted. For more information, please see Document Enquiry Functions.
    

Viewing Credit Card Balances

The balance relating to all credit cards is in the 9410 - Credit Card Control nominal. It is possible to view outstanding balances relating to credit cards by searching on the Credit Card Control nominal in the Trial Balance and Ledger List reports. For more information, please see Running a Trial Balance or Producing a Ledger List.