Sage Intacct allows the use of company credit cards to capture non-reimbursable employee expense report transactions. These credit card transactions flow to Time and Expense so they can be used within an employee's expense report.
Setting Up the Workflow
Set up the credit card
If you’re using the Time and Expense application, you can enable a company credit card for use with employee expenses on the expense report transaction. This is where you select the clearing account that you want the transaction to post. When those transactions are included in the expense report, they can be coded to the correlating expense account.
Credit card transactions
Ensure the employee dimension is included on the line item of the transaction. Once tagged it will default to the employee expense clearing account.
Accounting Impact:
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Employee Expense Clearing Account - Debit 84.25
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Credit Card Liability Account – Credit 84.25
Include Credit Card Transactions in Expense report
Include the transactions in an expense report on the expense report line. Select the appropriate expense type or expense account to move the amount out of the employee expense clearing account. In order to split lines, simply adjust the amount of each line to account for multiple expenses in one credit card transaction. When you click "Select credit card transactions," it will appear on the list to add the expense report.
It is now listed on the first line of the expense report and once payment type is selected as Corporate Card, it is now check marked as non-reimbursable by Sage Intacct. Additional lines can be added.
Accounting Impact:
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Expense accounts – Debit Office 84.25 and Meals and Entertainment 50.00
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Employee Expense Clearing Account- Credit 134.25
Create the charge payoff
Select the charge card and appropriate dates and click "Apply Filters." It now includes the charge card transaction for the expense report. This creates an AP Bill for the credit card vendor.
Accounting Impact:
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Credit Card Liability Account – Debit 84.25
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Accounts Payable Account – Credit 84.25
payoff the charge payoff
Accounting Impact:
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Accounts Payable account – Debit 84.25
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Cash Account – Credit 84.25
The Employee Aging only reflects the amount owed to the employee as reimbursable:
Accounting Impact:
-
Employee Expense Payable – Debit 50.00
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Cash account – Credit 50.00
Limitations due to specific company configurations
- GST and VAT-enabled companies.
- Cash and accrual companies configured to post credit card transactions and fees to the General Ledger after creation.
- Cash basis companies.
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