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.