Bank Card Setup

Overview

This article explains the setup process required before using the Bank Card processing feature. The setup process must be undertaken in the following sequence:​​​​​​

1. Open / Create a new GL Account

Navigation

Financial System Admin > GL Accounts (Chart of Accounts)
 

1. Add new GL Account

2. Complete the fields as described in GL Accounts (Chart of Accounts). Ensure the following values are selected / captured:

   1. GL Account Type = "Liability"

   2. Normal Balance = "Credit"

   3. Type of Control Account = "Not a Control Account"

   4. AP Account Type = "None"

   5. AR Account Type = "None"

3. Save

2. Open / Create a new Vendor

This is the vendor that will be used when processing a Bank Card Settlement.

Navigation

Purchasing > Vendor Master
 

1. Add new Vendor as described in Vendor Master article

2. Follow the standard process for setting up a new Vendor as described in Vendor Master. Ensure the following values are selected / captured:

   1. Vendor Currency: Select the currency that the Bank Card is denominated in

   2. Select the 'Accounting' tab and select 'Payment Terms' - "N30 (Net 30)"

   3. Vendor Class: Select an appropriate Vendor Class

3. Save

3. Ensure Vendor Company is also set up for the Vendor

Navigation

Purchasing > Vendor Master
 

1. Add new Vendor as described in Vendor Company article

2. Follow the standard process for setting up a new Vendor Company as described in Vendor Company. Ensure the following values are selected / captured:

   1. Bank Account Name: Assign the Bank Account that will generally be used to pay / settle the Bank Card liability.

3. Save

4. Create a new Bank Account

This is the Bank account that will be assigned as the Bank Card Account.

Navigation

Financial System Admin > Bank Account
 

1. Add new Bank Account as described in Bank Account article

2. Follow the standard process for setting up a new Bank Account as described in Bank Account. Ensure the following values are selected / captured:

   1. Associated GL Account = Select the GL Account created in step 1 above

   2. Bank Card Account = "True" / checked

   3. Vendor Company = Select the vendor company created in step 3 above

3. Save

5. Set up Bank Card Transaction templates

Navigation

General Ledger > Bank Card Transaction Template

Add new Bank Card Transaction Template as described in Bank Card Transaction Template article

6. Other settings required

In order to use the predefined bank card transactions (Miscellaneous Bank Charge, Interest Expense, Balance Adjustment) in the Bank Card Reconcile process, the following fields are required to be populated:

1.  Interest expense: 

   1. Navigation: Financial System Admin > AR Control 

   2. Edit the appropriate AR Control record for the Company: 

      1. Accounts TAB:  Field 'Bank Reconcile - Interest Expense Acct' - an appropriate GL Account for Interest Expenses must be assigned

2. Miscellaneous Bank Charges and Balance Adjustment: 

   1. Navigation: Financial System Admin > AP Control 

   2. Edit the appropriate AP Control record for the Company: 

      1. 'Account' dropdown pane: 

         1. Miscellaneous Bank Charges

            1. Field 'Bank Service Charges' - an appropriate GL Account for Bank Charges must be assigned

         2. Miscellaneous Bank Charges

            1. Field 'Default Bank Bal Adjust Clearing Account' - an appropriate GL Account for bank transaction variance/adjustments must be assigned.

SEE ALSO

GL Accounts (Chart of Accounts)
Vendor Master
Vendor Company
Bank Card Processing
Bank Card Transaction Template
Import Upload Bank Card Transaction
Processing Bank Card Transactions
Voiding of Bank Card Transactions
Bank Card ReconcileSettlement of Bank Card Liability