Our customers often ask what is the best way to effectively set up credit cards, including Master cards, in Microsoft Dynamics NAV, so that they are easy to manage and reconcile periodically against the statements.
In this blog I will take you through the steps to set up credit cards in Microsoft Dynamics NAV. This can be done by following the below steps:
1. Create G/L Account for each Credit Card. Ensure that Direct Posting field is equal to ‘False’.
2. Create the Bank Account Posting Group that maps to each Credit/Master card – G/L Account.
3. Create the Bank Account card for each Credit/Master card and ensure Bank Account Posting Group field is mapped correctly.
4. Create the Vendor Posting Group that maps to each Credit/Master card – G/L Account.
5. Create Vendor Card for each Credit/Master card and ensure Vendor Posting Group field is mapped correctly.
Transaction Entry process
1. Record payment for the total Credit Card expenses using the Payment journal.
Enter it against the Credit/Master card Vendor (DR) and main Bank Account (CR) and then Post and Export the aba file.
2. Record the individual expenses for the Credit/Master card using a General Journal. Enter it against expense G/L Account (DR) and Credit/Master card Bank Account (CR) and then post the journal.
3. Do the Bank Account reconciliation for the each Credit/Master card Bank Account.
The clearing journal needs to be entered against the Credit/Master card Vendor (CR) and Credit/Master card Bank Account (DR).
This is required to clear the Credit/Master card Vendor to zero and update Credit/Master card Bank Account for reconciliation against the statement.
That’s it! I hope the steps above will help you to easily set up credit cards in Microsoft Dynamics NAV.
This post was written by Elvin Narain, Microsoft Dynamics NAV Developer/Consultant at EBS.
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