We are working on implementing the "Best Practices" way of handling company credit cards on the AP side of things. Meaning we have begun entering each credit card receipt as an AP invoice, then paying them with a liability account, and finally using the liability account when the monthly statement comes in. This process just seems a little clunky, so I was hoping to hear how others are handling this.
We've been adding CC vendors and denoting them with (Credit Cards) added to the name so it's easy at a glance to see how they've been paid. This also helps on the weekly AP run we do because they stand out easily. The clunky area is paying each of those invoices. We've got these vendors marked in the Credit Card Purchase BP Group as well. The goal is to have our AP tech enter all invoices, regardless of payment method, and we don't want to slow them down with figuring out another step for CC's. And at the same time we want an accurate idea of our cash flow.
Our plan is to log into the CC's weekly online, and do a double check to make sure we're not missing any documents. And at this time we could show the currently entered items as paid. But we were hoping for something a little quicker. I've been brainstorming and was thinking about building a query/alert to let me know when a vendor marked with the BP Group "Credit Card Purchase" has a new AP invoice entered. Has anyone else done something like this? If not, how do you handle this step?
Thanks in advance for any info that comes from this post. I've been surfing the SAP forums and am not finding very much info on this area.