Expense Receipts with Corporate Cards: Implementation Activity

This activity will walk you through the process of creating the necessary entities for processing of expense receipts with corporate credit cards.

Story

Suppose that Jon Waite and Bill Owen—employees of the SweetLife Fruits & Jams company—can use a corporate credit card for charging their business expenses. Acting as an implementation manager of SweetLife, you need to create an account, payment method, and cash account for company corporate cards, as well as to create the corporate card itself in the system.

Configuration Overview

In the U100 dataset, the following tasks have been performed for the purposes of this activity:

• The Expense Management feature has been enabled on the Enable/Disable Features (CS100000) form.
• On the Entry Types (CA203000) form, the BANKFEE entry type has been added.
• On the Employees (EP203000) form, the accounts for Jon Waite and Bill Owen have been created.

Process Overview

To create a corporate card, you will first create a GL account on the Chart of Accounts (GL202500) form. You will create a payment method for the card on the Payment Methods (CA204000) form. You will specify the GL account and payment method for a cash account, which you will create on the Cash Accounts (CA202000) form. Finally, you will create a corporate credit card on the Corporate Cards (CA202500) form.

System Preparation

To prepare to perform the instructions of the activity, launch the MYOB Acumatica website, and sign in to a company with the U100 dataset preloaded as an implementation manager by using the gibbs username and the 123 password.

Step 1: Creating a GL Account for a Corporate Card

Create a GL account as follows:

1. Open the Chart of Accounts (GL202500) form, and on the form toolbar, click Add Row.
2. In the new line, create an account with the following settings:
   • Account: 29000
   • Account Class: OTHCURLIAB
   • Type: Liability
   • Description: Corporate Credit Card
   • Post Option: Detail
3. Save your changes.

Step 2: Creating a Payment Method

To create a payment method for the corporate credit card, do the following:

1. On the Payment Methods (CA204000) form, add a new record.
2. In the Payment Method ID box of the Summary area, type CORPCC.
3. In the Summary area, specify the following settings:
   • Means of Payment: Credit Card
   • Description: Corporate card payment method
   • Use in AP: Selected
   • Use in AR: Cleared

     This payment method is not going to be used for customer payments.

   • Require Remittance Information for Cash Account: Cleared

     Remittance information is not required by this payment method for the related cash accounts.

4. On the Settings for Use in AP tab, clear the Require Unique Payment Ref. check box in the Payment Settings section so that a unique payment reference number is not required for each payment document created with this payment method.

   Make sure that Not Required is selected in the Additional Processing section. Payment documents created with this payment method do not require additional processing, such as printing checks.

5. Save the payment method.

Step 3: Creating a Cash Account

Create a cash account as follows:

1. On the Cash Accounts (CA202000) form, add a new record.
2. In the Cash Account box of the Summary area, type 29000, and specify the following settings:
   • Account: 29000 - Corporate Credit Card
   • Branch: SWEETEQUIP
   • Requires Reconciliation: Selected
   • Restrict Visibility with Branch: Cleared
   • Use for Corporate Cards: Selected
   • Reconciliation Numbering Sequence: CARECON - CA Reconciliation
3. On the Payment Methods tab, on the table toolbar, click Add Row, and in the Payment Method column, select CORPCC.
4. On the Entry Types tab, on the table toolbar, click Add Row, and in the Entry Type ID column, select BANKFEE.
5. Save the created cash account.

Step 4: Creating the Corporate Credit Card

To create the corporate credit card, do the following:

1. On the Corporate Cards (CA202500) form, add a new record.
2. In the Summary area, specify the following settings:
   • Branch: SWEETEQUIP
   • Name: USD Corporate Card
   • Card Number: 7890
   • Cash Account box: 29000 - Corporate Credit Card
3. On the table toolbar, click Add Row, and in the Employee ID column, select EP00000003 - Jon Waite.
4. Add one more row and select EP00000004 - Alberto Jimenez in the Employee ID column.
5. Save the created credit card.

You have configured a corporate credit card. Now you can process expense receipts with this credit card.