Creditor Card Payment Journals

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Creditor Card Payments Entry:

The following will be posted to General Ledger:

  • Debit to ‘Creditor GL Account’ for each Amount value in the Allocation section
  • Debit to ‘Credit Card Fees GL Account’ the ‘Fees Inc’ value – ‘GST General’ value
  • Debit to ‘GST Paid General GL Account’ the ‘GST General’ value
  • Credit to ‘Creditor GL Account’ the ‘Total Charge’ value

The following will be posted to Accounts Payable:

  • Invoice created for the ‘Card Creditor’ with the ‘Total Charge’ value
  • Payment created for each Supplier in the bottom section with the Amount value 

Creditor Auto Payments Entry:

The Credit Card payments process here has been changed to better match the new ‘Creditor Card Payments Entry’. The end result is:

To General Ledger:

  • Debit to ‘Creditor GL Account’ the Suppliers Payable value
  • If Discount is applied, Credit to ‘Discount Received GL Account’ the non-GST component of the Discount value
  • If Discount is applied, Credit to ‘Disc Received GST GL Account’ the GST component of the Discount value
  • Credit to ‘Creditor GL Account’ the Supplier Payable value – the Discount value 

To Accounts Payable:

  • Invoice created for the ‘Card Creditor’ with the Supplier Payable value – the Discount value
  • Payment created for the Supplier with the Supplier Payable value  ( * -1) . If able, this will auto allocate with the selected Invoices

Along with the above, Creditor Card Payment Journals will be created for reporting purposes. Also, there will be no banking entry.