Accounts Payable > Payments to AP Invoices > Credit Card Payment > Record Credit Card Transaction

The GL Distribution Page provides a grid where you can enter or amend the general ledger accounts to which the credit card payment transaction is to be posted.

The grid is used in instances where you want to record the amount of your payables into different accounts in order to allocate the cost to different departments. This is useful especially when your business is concerned with monitoring activities per department.

Perform the following procedures in this page:

1.Review the GL Account ID in the Credit Card Payable field to which the credit card payment will be posted. The value in this field comes from the credit card vendor record.

2.Review the GL Account ID in the Credit Card Clearing field to which credit card payment for AP invoices and open debit invoices will be posted. The value in this field comes from the GL Account Selection function.

3.Accept or amend the default values in the GL distribution grid. The default GL distribution accounts come from the vendor record. Click the Append row to end button or the Insert row before current button to add a new GL distribution account. To delete a GL distribution line from the grid, click the Delete button.

Note: The grid is disabled and empty if the Used to pay other vendor's invoices checkbox is marked in the Information Page. You can neither add nor delete entries from the GL Distribution grid.

4.Accept or amend the values under the Amount column. Note that the transaction will not be saved if the GL distribution amount is out of balance. Be sure that the total amount of the GL distribution lines in the grid is equal to the charge amount.

5.Accept or amend the default Line Description for each GL distribution line in the grid. The default value comes from the Description field in the Information Page.

Note: The GL Distribution grid will automatically show the credit card vendor's authorized reference accounts if the Use Authorized Reference Accounts Only option is activated in the Settings page of the Vendor maintenance record. To assign authorized reference accounts, access the Vendor Maintenance function -> GL Accounts page of the vendor record.

6.If the Expense Amortization feature is activated, the Amortize checkbox is displayed adjacent to the Line Description column. Mark the Amortize checkbox for each GL distribution line that you wish to amortize. Once the Amortize checkbox is marked, the Amortization details grid is displayed. In the Amortization details grid, review the information or enter the appropriate values in the following fields to define the amortization settings for the GL distribution line:

oAmortized Expense Account

Accept or amend the default value in this field. This will be the GL account to which the amortized amount will be posted each time the expense amortization is realized. The default value in this field comes from the vendor record.

oMethod

Accept or amend in this field the default amortization method chosen for each amortizable GL distribution line. Choose the Straight-Line method to amortize the expense in equal amounts over a period; otherwise, choose the Specific method. To amend, click the List box; then, select either Straight-Line or Specific.

oAmortization Frequency

Accept or amend the default value in this field depending upon the desired frequency of the expense amortization. You can choose among the following options: Daily, Weekly, Bi-Weekly, Semi-Monthly, Monthly, Bi-Monthly, Quarterly, Semi-Annually, and Annually.

oNumber of Cycles

Accept or amend the default value in this field. This is the number of times expense will be amortized within the date range specified in the Start Date and End Date fields.

oStart Date/End Date

Accept or amend in the default dates in these fields. This refers to the dates when you need to start and to end the amortization. The default dates are specified during creation of the charge transaction. AccountMate automatically updates the End Date field when the number of cycles is changed.

oLast Day

Mark this checkbox if you want to designate the next amortization date as the last day of any given month. This field will be disabled if you entered Weekly in the Amortization Frequency field and/or you entered in the Start Date field any date other than the last day of the month.

GL Distribution Page

GL Distribution Page

See Also