Payment types for credit card expenses
- 5 min.
Working with credit card expenses
There are two main workflows for expense users when submitting credit card expenses.
If an expense user begins the expense submission before the credit card transaction is imported, then the expense will have the status open waiting for the transaction to by imported and matched.
Alternatively, the workflow can begin from an imported credit card transaction. Expense Management sends this transaction to the expense user for completing before submitting for approval.
The settings on the payment types page effect different stages of these two workflows.
Creating payment types
To create a payment type, follow these steps.
Use the search function to navigate to Payment Types.
Select New.
Configure the settings in the General FastTab to suit your business processes.
| Setting | Description |
|---|---|
| Selectable | These settings determine if expense users will able to select the payment type in when submitting expenses. If you want expense users to wait for a credit card transaction to be imported before they begin creating an expense, you could select No for selectable. This would mean that they are unable to create credit card expenses themselves, but can only edit expenses that are created from a credit card transaction import. |
| Submit Expenses in LCY | If this enabled, expense users submit with their own bank's exchange rate. By default, this is not enabled and users submit with the exchange rate set by Business Central. |
- Configure the settings in the Posting FastTab to suit your business processes.
| Setting | Description |
|---|---|
| Posting method | Most commonly, companies will use the method Post on Business Account to manage credit cards with company liability. However, to manage credit cards with employee liability, you need need to select the method Post on the Expense Users Account. This method allows you to import credit card transactions, without posting on a Business Account. |
| Posting account | The Bank account option for posting account is the easiest for monthly reconciliation. Vendor requires further setup for posting as purchase invoice on the Expense Management Setup page. G/L account is an available option, but this can create difficulties with monthly reconciliation. |
In the Bank Transactions/Credit Cards FastTab, configure the setting for Match to expense. These options are particularly relevant in the first workflow for expense users described above.
- Never required allows for cases when you are unable to setup automatic import of transactions with a specific provider, but would like to handle these payments in a particular way
- Always required will start the matching process between submitted expenses and imported transactions
- Required from date applies the Always required settings, starting from a future date.
If you choose Create Expense from transaction, or Required from date, you will have additional fields to configure, including:
- Create Expense from transaction, when imported transactions match this payment type
- Matching tolerance settings for Amount and Date
- Intermediate Posting Account configuration
- Enable Multiple Users per Card, which by default in not enabled
Assigning payment types to users or user groups
To assign a payment type to a user, follow these steps:
Go to Payment Types.
Select a the line for the appropriate payment type, and on the action bar select Actions > Other > Edit User/Group Assignment.
If you use user groups, all users in the selected expense group inherit this setting. This can greatly speed up your setup tasks.
