Tracking Corporate Credit Cards in Sage Intacct

• February 22, 2021
• Kathy Jastrzebski

Do you find yourself delaying your monthly close until credit card charges are posted? Or maybe you find yourself wondering why monthly reports take so long to be delivered? The culprit is often corporate credit cards.

Managing corporate credit cards is one of the largest single pain points within finance. While credit cards allow for convenience by giving the buyer the ability to order essential items at a moment’s notice, that convenience comes at a price: namely, less real-time visibility into spend and a slower close. A slower close also means delayed financials ultimately making decisions tougher because of the potential for stale data.

With Sage Intacct, you can have both convenience and an efficient monthly close by setting up corporate credits cards or using one of the many marketplace partner solutions. Today, we’ll walk through a high-level overview of what the monthly process would look like with Sage Intacct’s credit cards. Then, join us for our free Webinar on Tuesday, February 23^rd to learn about setup, common scenarios we’ve seen, and best practice recommendations.

Updated 02/24: Many of you may be reading this on Wednesday, February 24th, after our webinar. Unfortunately, our email notification for the blog had technical difficulties Monday night. However, if you are already registered for the webinar series but missed yesterday’s session, you’ll receive the recording via email. If you haven’t registered a link to the presentation material and recording will be available at this link in a few days. 

Credit Cards in Cash Management Module

A common starting point for bringing company credit cards into Intacct is to set them up in the cash management module. Many add-on marketplace partners use cash management as the integration point for corporate credit cards. Additionally, Intacct has introduced credit card feeds, just like bank feeds, which can help to automate the reconciliation process.

Overview of the Monthly Process:

Step 1: Recording the Charges

Credit card transactions are recorded throughout the credit card statement period. These charges can originate from:

• CSV import after receiving the statement
• Payments made by charge card in AP (credit cards become an available payment method in AP once set up).
• Manually entered charges

As these charges are recorded, they debit the expense account and dimensions and credit the credit card liability account.

Step 2: Reconcile the Corporate Credit Cards

Once you receive the statement, or on a more frequent basis if you prefer, you reconcile each credit card account within the cash management module. This is where the new credit card feed can come in handy, by loading transactions directly from your charge card, you can either match to an existing transaction or create a new transaction from the reconciliation screen.

Step 3: Create the Charge Payoff

Once reconciled, you create the charge payoff. You choose which items to pay off thus moving them from the charge card to AP for normal payment processing (debiting the credit card liability account and crediting AP).

What’s Next?

Join us for our webinar on February 23rd at 10am (PT)/1pm (ET) to learn the answers to the following questions:

• How do I set up my corporate credit cards?
• What are common scenarios for recording charges more efficiently?
• See live demos

Reading this post after the webinar? Reach out to your CLA Sage Intacct team for more information.

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