Reconciling credit card statements can be much faster, especially if the credit card transactions are in Microsoft Dynamics Great Plains (GP) and easy to identify. Using core Dynamics GP functionality, without the need to purchase any additional modules, allows users to do exactly that by inputting, processing, and reconciling credit card transactions.

How to set up and process your credit card transactions in Microsoft Dynamics GP

1. To set up credit cards in Dynamic GP, go to the Microsoft Dynamics Menu>Tools>Setup>Company>Credit Cards.
2. Input the credit card name, select “Used by Company,” and indicate the vendor that it will link to. Input individual transactions (such as travel, meals, auto expenses, etc.) that are charged to the credit card and post the transactions as usual. Then, a query will show that the invoice is outstanding for that vendor.
3. Process a manual payment to the vendor, indicating it is paid by credit card and which credit card was used. When that payment is posted, users can run a new query on the vendor and see that the original invoice is paid.

In doing this, Dynamics GP creates a transaction for the credit card vendor. Therefore, by paying the original invoice by credit card, Dynamics GP recognizes the liability is now with the credit card vendor instead of the original vendor and creates an invoice accordingly.

Leveraging this process, when users receive a credit card statement, they can process a check with confidence knowing they have a clear handle on their expenses.

Microsoft Dynamics GP support provided by Citrin Cooperman

Citrin Cooperman’s Digital Services Practice can help your business get the most out of its Microsoft Dynamics GP investment, including using the credit card function to provide greater visibility into expenses, more accurate reconciling of credit card statements, and ultimately improved control of finances.

To learn more about how our team can assist with Dynamics GP upgrades and support, reach out to your Citrin Cooperman advisor or sales@citrincooperman.com.

Need to make the move from Dynamics GP?

As a Dynamics GP user, it is important that you understand GP End of Life. It is not just a distant event; it carries substantial implications that every business must be aware of. To learn more, please watch our on-demand webinar, Microsoft Dynamics GP End of Life – What’s Next, to:

• Gain a firm grasp of the critical dates that will shape your decision-making process.
• Decode the terminology to understand how it will directly affect your day-to-day operations and the future of your organization.
• Delve into the security and business continuity risks that may jeopardize your organization.

Click here to watch now.