In this guide, we show How to Process Credit Card Transactions in the Finance Module.
This Guide forms part of the ACCOUNTS PAYABLE USER GUIDE and the FINANCE MANAGERS GUIDE. Click to see Related Guides.
Bromcom recommends setting up any Credit Cards in the same way as a Bank Account so that the individual transactions on the Card Statement can be reconciled in the same way as the transactions are reconciled on a Bank Statement. This allows for greater financial transparency.
Access: The minimum permissions required to Process Credit Card Transactions are found in the Finance Module section Config > Setup > Roles & Permissions.
Related Guides:
- Accounts Payable User Guide
- Finance Managers Guide
- Finance Routines Guide
- How to Process Debit Card Transactions
- How to Add a Purchase Order
- How to add a Non-Order Invoice
This guide is split into four sections:
- How to Add a Credit Card
- How to Set Up and Process a Payment by Credit Card
- How to Process a Refund by Credit Card
- How to Reconcile a Credit Card Statement
How to Add a Credit Card
To begin, go to Modules > Finance > Finance Home Page > Maintenance > Bank Accounts.
Select New.
Add the details of the Credit Card then click Save.
Select Save. The Credit Card Holders can be added by selecting Add New Record.
Complete the required information, then click on the Tick on the right to save.
Add for each Credit Card Holder, as required.
Click Save.
How to Set Up and Process a Payment by Credit Card
When the Credit Card is required for payment, select the Credit Card as an option from the Pay From dropdown when completing the required information for a Purchase Order or Invoice.
See also: How to Add a Purchase Order and How to add a Non-order Invoice.
When the Invoice is Authorised, go to Modules > Finance > Accounts Payable > Invoices and Credit Notes.
On the left-hand side, change the Invoice/Credit Status filter to Authorised and the Pay From filter to the Credit Card. Select the relevant Invoices and choose Credit Card Payment.
Fill in the Credit Card Payment details choosing the relevant Credit Card and then click Save.
Note: The Bank Balance information is displayed in this pop up,
How to Process a Refund by Credit Card
Go to Modules > Finance > Finance Home Page > Accounts Payable > Payment Processing.
Select the Credit Card Payment against which the Refund is to be made and click View/Edit.
First, in the left-hand box, select the Payment to refund. Then, in the right-hand box, select the Invoice. Then click Refund.
In the pop-up, add the reason for the refund, the amount to be refunded, and then click Save.
If happy, agree to the pop-up.
The Payment Detail page is then shown, with the details of the refund.
How to Reconcile a Credit Card Statement
When you receive a Credit Card Statement, a Cash Book Journal will need to be added for the statement amount.
Go to Modules > Finance > Finance Home Page > General Ledger > Journals.
Select Cash Book Journal.
Complete the Journal lines for the amount of the Direct Debit. Debit the school Credit Card account for the amount. The Credit to the school Bank Account will auto-fill.
Next, complete your Credit Card Reconciliation.
Go to Modules > Finance > Finance Home Page > Routines > Bank Reconciliation.
Choose the Credit Card from the Bank drop down and then select Add Statement.
Choose the Credit Card account, add the Date, and make sure your Opening Balance From Statement and Closing Balance From Statement are both 0.00
Then Reconcile the items that appear on the Card Statement and balance these out with the Payment amount.
When finished, the Running Balance should be 0.00. Select Save, or if Save or Save and Refresh have previously been clicked, select Adjust.
The amount of the Direct Debit will then show in the school bank account to be Reconciled.
