Difficulty Level: Beginner Level AccountMate User
Version(s) Affected: AccountMate 7.1 for SQL and Express
Module(s) Affected: AP
Posting Date: 03/14/2007
The advent of the credit card also brought some advantages and disadvantages to its users. All the drawbacks can be easily avoided if diligence and vigilance are practiced. Its benefits can be very helpful for a business or individual user.
Credit card payments are very convenient and often reduce bookkeeping to one monthly bill. In AM6.5, once a credit card payment is made, the original AP invoice is considered fully paid and the system creates a charge transaction. This process did not change in AM7. This article however, will discuss the differences between posting credit card payments in AM6.5 and AM7.
In AM7, the following features were added:
• Voiding of charge transactions • Voiding of credit card transactions • Create multiple charge transactions on a single AP invoice • Single AP invoice can be paid with multiple credit cards • A credit card can be used to pay a previously saved AP invoice
Paying an Invoice Using a Credit Card in AM6.5
Before an invoice is created, you should know if the invoice is to be paid by credit card. If you save an AP invoice without performing steps 3 and 4 shown in Figure 1 below, you will not be allowed to pay it with a credit card.
Figure 1 - AP Invoice Transaction window in AM6.5
In the AP Invoice Transaction window in AM6.5, you must enter the following information in the order shown in Figure 1. Depending upon your settings, other fields may be optional. If you have set up the Credit Card vendor information in Vendor Maintenance when you click the icon as shown in step 4 of Figure 1 the Post Credit Card Payment window will open.
Figure 2 – Post Credit Card Payment in AM6.5
Provide the appropriate information and click the OK button to complete the credit card payment. After the Post Credit Card Payment window is closed; clicking the Save button in the AP Invoice Transaction window completes the transaction.
Paying an Invoice Using a Credit Card in AM7
For AM7, after clicking the Save button in AP Invoice Transaction window, the system shows a popup offering you the choice to pay the invoice using a credit card (Figure 2). Click on the C.C. Payment button to open the Post Credit Card Payment. Otherwise, clicking the Clicking the Close or New button will save the invoice.
Figure 3 - Post AP Invoice window.
Unlike AM6.5, in AM7 an invoice that was saved without the Paid by Credit Card check box marked can be paid using a credit card without voiding the invoice and re-entering it. You may access the Post Credit Card Payment in the Transactions Menu. This new feature is implemented only in AM7. In contrast to AM6.5, AM7 can use multiple credit card payments to a single AP invoice. As long as the invoice is not yet paid in full, you may use the new function until the whole amount is settled.
Voiding Credit Card Payments
In AM6.5, voiding the charge transaction is not allowed. The user must void the original AP invoice to delete the charge transaction. The two transactions are treated as one.
As opposed to AM6.5, in AM7, the original AP invoice and the charge transaction are treated separately. Deleting one of them does not affect the other. The user is given more flexibility in managing the transactions.
In AM7, deleting the charge transaction will restore an equivalent amount to the original AP invoice. Once the balance is restored, you may use another credit card vendor or pay the invoice with a check to settle the company’s obligation.
Keeping Track of Charge Transactions
To keep track of the charge transactions in AM7, the user should enter the original invoice number in the Post Credit Card Payment window>Reference field (Figure 3). For verification, one could easily generate the AP Invoice Report (summary or detailed) and find the original invoice listed in the reference column of the report.
In both AM6.5 and AM7, the AP Invoice Voucher Number Report will enumerate the charge transactions. You could also use this as a guide in verifying the accuracy of credit card transactions.
Figure 4 - Post Credit Card Payment window.
Unlike AM6.5, where you must delete the original AP invoice and the recreate it, AM7 has significant additions to the flexibility and provides the capability to handle credit card expenditures. In AM7 ability to void a charge transaction without deleting the original AP invoice adds flexibility thus increasing the efficiency of the user.
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