Introduction
ZoneReconcile Credit Card Statement is an automation (time-saving) and reconciliation tool.
- It automates generating Credit Card transactions in NetSuite that otherwise have to be done manually.
- It saves time while searching for open vendor bill transaction that was paid, as well as saving time creating the vendor payment.
Supported Scenarios
ZoneReconcile Credit Card Statement only support 2 types of transactions for charges:
- Match on Open vendor bill, where we will create the vendor payment
- Create a Credit Card transaction, or Journal (check preference on the Credit Card configuration)
NOTE: We do not match on closed transactions
| No. | Scenario | Transaction Created | Charge / Credit | Description | Mandatory Fields | Notes (*) |
|---|---|---|---|---|---|---|
|
1 |
Vendor Bill* | Vendor Payment | Charge |
In the Name column, select a vendor In the popup that opens, select a bill |
Name, Transaction(s) | See option "Auto match vendor bills" on configuration |
| 2 | Credit Card Expense | Credit Card Payment or Journal* | Charge |
In the Name column, select a vendor In the Account column, select the expense account |
Name*, Account |
To create a Journal, make sure the preference is enabled on the Credit Card Configuration If you have configured a default vendor* on the Credit Card Configuration, leaving the name blank with use this option |
| 3 | Credit Card Refund | Credit Card Refund or Journal* | Credit |
In the Name column, select a vendor In the Account column, select the expense account |
Name*, Account |
To create a Journal, make sure the preference is enabled on the Credit Card Configuration If you have configured a default vendor* on the Credit Card Configuration, leaving the name blank with use this option |
| 4 | Credit Card Payment (1) | Journal | Credit |
In the account column, select the Zone clearing account* NOTE: remove tax code from the line |
Account |
Use a Clearing Account: a) If you have paid the Credit Card from a Bank Account using ZoneReconcile, create a Journal use the clearing account for both transactions. b) If you are not using ZoneReconcile, also use a clearing account for both transactions. Operating Bank: J/E cr Bank dr clearing a/c Credit Card: J/E dr Credit Card cr clearing a/c |
| 5 | Credit Card Payment (2) | Vendor (Bill) Journal* | Credit |
In the Name column, select the vendor representing the Bank In the Account column, select the AP control account NOTE: remove tax code from the line |
Name, Account |
Create a Vendor Bill: If you do not use ZoneReconcile, and will be using Standard NetSuite Bank Reconciliation You could make the bill payment from the correct operational bank account. Alternative option: use option 4(b) above, creating Journal entries instead |