Utilizing a credit card interface makes one of the most time-consuming, month-end reconciliations easier by transferring most of the effort from accounting personnel to the end user.
Unanet allows imports of credit card transactions into the Expense module and the association of credit cards with an individual user. Expense users bring over the imported transactions into their expense reports and associate them with appropriate expense types and projects.This significantly simplifies the accounting team’s efforts by eliminating the need to work with each individual credit card user on the coding and supporting documentation. All transactions can be properly coded on the expense reports and any backup uploaded to an expense report before it is finalized.
The Unanet credit card functionality allows importing transactions into the system using a generic or Amex format. Expense users, associated with a credit card in their profile, import their transactions into an expense report and associate each transaction with the appropriate expense type and project.The Accounting administrator can run the Imported Credit Card Details report to make sure all imported transactions have been assigned to expense users. This report also shows any transactions that have not been accounted for on an expense report which makes the month-end reconciliation process much easier.Unassociated credit card transactions can be automatically purged if not used by a certain number of days and administrators and expense users may also delete transactions.
A review by the Accounting department is recommended before expense reports containing credit card transactions are processed in order to eliminate any corrections of projects and expense types.
Expense reports with credit card charges are created in Accounts Payable, eliminating any data entry, and minimizing the efforts of tracking and reconciliations by the accounting team.The Unanet bank reconciliation feature can be used to reconcile credit cards to make sure that all transactions, as well as the payment of credit card bills, have been properly accounted for in the general ledger.
The Credit card import process can be further automated by utilizing an Integrated Management Utility, which schedules the import of transactions without any intervention by administrators.
If you’d like to get started on using Unanet’s credit card import process or would like more information about other functions of Unanet Expense, please contact Lana Loyevsky at WJ Technologies at email@example.com.