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 PYEL - Electronic Payments (Non BACS) from the Select a document type dialog.
   
   
3. Next, select Drill (...) in Input form, then double-select to select Nominal 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 Nominal 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 Payment 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 Payment 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 Payment Ref.
5. Enter the value of the payment to the credit card company in . This amount must exactly match the amount of the payment made using the credit card.
   
6. Select the credit card Nominal.
7. Next, select the credit card to which the payment relates. Double-select in Account, then double-select to select the required credit card in the Select account dialog.
   
8. Next, enter the amount for the payment in Gross 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.
   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 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 Prepayment Range, 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 Total Payment Amount and Gross 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 Gross Total is the same as the amount in Total Payment Amount. 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 Gross Total and Total Payment Amount 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

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