Card transactions

The Card Transactions page provides an overview of all transactions made with the company card which is linked to the system. The purpose is to ensure correct registration of all purchases made on the company card, which entails several financial and administrative benefits:

1. Preventing double payments
   By recording and posting expenses directly from company card transactions, the need for the company to reimburse employees manually is eliminated. This reduces the risk of errors, such as double payments or discrepancies.

2. Efficient accounting process
   By integrating the card transactions directly into the accounting system, it becomes easier to reconcile expenses with transaction data. This ensures a more efficient and accurate accounting process and reduces the time spent on manual entry and post-checking.

3. Increased financial control
   The site provides the opportunity to continuously monitor and validate transactions, which strengthens the company's financial control. This ensures that only authorized expenses are posted and any unauthorized transactions can be quickly detected and dealt with.

4. Optimizing VAT-settlement
   As all transactions are correctly recorded and categorized, the company's ability to calculate and report deductible VAT is improved. This minimizes the risk of errors in the VAT calculation and ensures that the company obtains full benefit from the VAT deduction.

5. Simplifying the reconciliation process
   With access to a comprehensive overview of all company card transactions, the company can quickly and precisely reconcile the actual expenses with the registered transactions. This contributes to a more structured financial management and reduces the risk of unresolved items in the accounts.

What is required to set up a company card in Expenses?

1. Link the bank account linked to the company card
2. Select a vendor account that is linked to the employee
3. Enter the last 4 digits of the card

How do you set up company cards in Expenses?

• Control bank account

  1. Navigate to Bank in the menu, and thereby go to Accounts.
  2. Make sure your bank account is set up correctly and that you receive bank statements and transactions.

Note that confidential information have been hidden from the picture above. 

How to create a vendor account

1. Navigate to Purchase invoice in the menu, and then press the Vendor setup.
2. There you have to press the + (Add)-button to create a new vendor setup - and a vendor account.
3. Fill in the necessary details and accounting details.
4. Click Save to finish the creation.

How to set up a payment method for an employee

1. Navigate to Expenses and then Settings.
2. Select the User Setup tab, find the desired employee.
3. Click the Edit button.
4. Go to the Payment Methods tab and click the + (Add)-button to create a new payment method.
5. Fill in the payment method information, select the vendor account created and enter the last 4 digits of the card.
6. Click Save on the line to save the payment method.

Now you should be able to access the page below where you can reconcile your transactions and receipts. This can be done in two different ways: 

1. Match a transaction with a receipt
2. Match a receipt with a transaction

Matching a transaction with a receipt

You have the option to match a card transaction with an existing receipt. However, it is important to note that the transaction is not posted until the receipt is sent for approval and subsequently approved. In order to be able to match a transaction, it is required that the receipt has already been created in the system.

If the receipt has not yet been created under My receipts, you can do so directly from the transaction. 

How to match a card transaction with an existing receipt

1. Go to Expenses and select Card transactions.
2. Find the relevant transaction and click the Match Receipts button.
3. A pop-up window will appear with a list of all receipts created in the system.
4. Find the receipt that matches the transaction and click the Update link button.
5. When the match is completed, the symbol for the transaction will change to a green check mark.

Note:
You still need to navigate to My Receipts and send the receipt to the accountant, or for approval to complete the process. Follow this link for further explanation: Posting a receipt.

How to match a card transaction without an existing receipt

1. Navigate to Expenses and select Card transactions.
2. Find the relevant transaction and click the Upload Receipts button.
3. Upload the receipt. A pop-up window will then appear with two options: Stay or Go to "My Receipts"

   • If you choose to click Stay:
     The receipt is created, but you must edit the receipt details afterwards. Note that the receipt is not sent to the accountant until the details are filled in and the process is completed in My receipts.

   • If you choose to go to My Receipts:
     You can immediately fill in the receipt details and send the receipt further in the process. Follow this link for further explanation: Posting a receipt.

Match a receipt with a transaction

If you want to match a receipt with a transaction instead, you can make sure you upload the receipt in My receipts and when you fill in the receipt details, you can match with a transaction.

How to match a new receipt with card transaction

1. Go to Expenses and select My receipts.
2. Click the + (Add)-button below the table and upload a receipt to be posted.
3. Click the Edit button for the receipt created and fill in all relevant receipt details.
4. If you choose company card as payment method, the field Match card transaction will be visible. Click the X symbol next to the field.
5. In the pop-up window that appears, select the transaction that matches the receipt, then click the Update link button.
6. When the match is complete, the symbol will change to a green check mark, indicating that the transaction has been correctly matched.
7. Click the big green tick button in the top right corner to send the receipt to the accountant. 

How to match an existing receipt with a card transaction

1. Go to Expenses and select My receipts.
2. Find the receipt to be posted, in the table.
3. Click the Edit button for the receipt created and fill in all relevant receipt details.
4. If you choose company card as payment method, the field Match card transaction will be visible. Click the X symbol next to the field.
5. In the pop-up window that appears, select the transaction that matches the receipt, then click the Update link button.
6. When the match is complete, the symbol will change to a green check mark, indicating that the transaction has been correctly matched.
7. Click the big green tick button in the top right corner to send the receipt to the accountant.