ANS-0554 · ACCOUNTING & FINANCIAL CONFIGURATION
How to Set Up and Manage Company Credit Cards in NetSuite?
This guide details two common approaches for managing company credit card transactions within NetSuite.
Short answer
NetSuite offers two primary methods for managing company credit cards: setting up a dedicated Credit Card account for full reconciliation, or importing statements as vendor bills. The latter approach involves using 'Write Cheque' for payments, with transactions captured as vendor bills and ancillary charges recorded on the fly.
Scenario
Organizations often seek to integrate company credit card transactions into NetSuite for accurate financial tracking and expense management. The challenge lies in choosing the most appropriate setup method that aligns with their reconciliation processes and operational workflows.
Solution
NetSuite users can manage company credit card transactions using one of two primary methods:
Dedicated Credit Card Account Setup:
- Set up the credit card account as a
Credit Cardtype in NetSuite. - Perform a full reconciliation for this account, similar to how a normal bank account is reconciled. This method allows for comprehensive tracking and matching of individual transactions against the credit card statement.
- Set up the credit card account as a
Importing Statements as Vendor Bills:
- Import the credit card statement lines directly into NetSuite as vendor bills. This captures the actual transactions and any ancillary charges on the fly.
- To make payments for these imported vendor bills, use the
Write Chequefunction. - While this method directly incorporates statement actuals, it is important to note that NetSuite offers robust credit card reconciliation features. The payment of the vendor bill itself would still be subject to standard reconciliation processes.
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