NetSuite- Company Credit Cards in NetSuite

Company Credit Cards in NetSuite
Hello again from WAC Solution Partners, Florida. Today we will be discussing company credit cards.
We will go over:

1. How to create them within the system
2. How to enter charges
3. How to pay existing bills
4. How to pay credit card vendors

First, let’s go over adding a new credit card.

1. First, go to: Financial > Lists > Accounts > New or Accounting > Accounts > New. If you do not see either option, use the global search.
2. However you get there, when you are creating a new account, select “Credit Card” as the type.
3. Remember to create an account for each individual credit card, or your reconciliations will be incorrect.

That’s all there is to it. Now how do we actually record purchases on this credit card? Usually, all you need are any receipts which were submitted for purchases.

1. Go to Transactions > Bank > Use Credit Card or Financial > Banking > Use Credit Card. If you do not see either option, use the global search.
2. Enter the vendor.
3. Choose the appropriate credit card account.
4. Enter the amount of the purchase and the date.
5. Distribute the amount to the proper expense accounts.

How do we pay our existing bills? This is an important procedure, and while it is fairly simple, it is not the most intuitive thing. It is also not covered well in NetSuite Help or Suite Answers. Fortunately, you have WAC to explain it!

1. First, go to Transactions > Payables > Pay Single Vendor. If you do not see “Transactions,” try Vendors > Accounts Payable > Pay Single Vendor. If you do not see either option, use the global search.
2. When creating the Bill payment, all you need to do is change the “ACCOUNT” field to the proper credit card account.
3. Fill out the Bill Payment as usual.

How do we pay our credit card vendors? To do this, we will use the “Write Checks” function.

1. Go to Transactions > Bank > Write Checks or Financial > Banking > Write Checks. If you do not see either option, use the global search.
2. Enter the credit card vendor in “PAYEE”.
3. Enter the total to pay in “AMOUNT”.
4. Under Expenses in the Expense & Item subtab, choose the credit card account and enter the amount.
5. Save and print the check like any other check you might issue.

Here is an example of the reconciliation screen for credit card statements.

This functionality lies outside the scope of this blog entry, but if you or anyone at your company would like to see a session about it, please contact WAC Solution Partners Florida.
To get to this screen, go to Transactions > Bank > Reconcile Credit Card Statement or Financial > Banking > Reconcile Credit Card Statement.
NetSuite has enough functionality to fill years’ worth of classes. We hope that you found some useful information in this blog. If you have any questions about credit cards in NetSuite or any other NetSuite topic, please do not hesitate to contact us!
WAC Solution Partners, Florida
Tom White or Robert White
305.819.6323