NetCash Credit Card Accounts
Overview
NetCash supports both Bank and Credit Card Account reconciliations within NetSuite. In NetCash, Credit Card configuration, matching, and reconciliations generally follow the same processes as Bank Accounts, with a few exceptions.
Reconciling Credit Card Accounts in NetCash is not included in the base version of NetCash and is available for an additional price.
Step by Step Process
Configuration
Users can create Credit Card Accounts the same way they create Bank Accounts in NetCash as outlined here. In NetCash, Credit Card and Bank Accounts are both referred to as "NetCash Bank Accounts." NetCash determines if an account is a bank or credit card account based on the GL Account that is mapped to the NetCash Bank Account. If a GL Account with the Account Type Credit Card is mapped to a NetCash Bank Account it will be treated as a Credit Card Account. Similar to Bank Accounts, Credit Card accounts can be created with a Custom Record CSV import.
Credit Card Accounts in NetCash can have Child Accounts. The purpose of having a Parent Credit Card Account and a Child Credit Card account is to allow for Child Accounts to inherit the same segmentation preferences as the Parent Credit Card Account. For example, if a Parent Credit Card Account has its Offset Department preference set to Marketing, then any of its Child Credit Card Accounts would default to the Marketing Department if another Department isn't set on the Child Account.
Credit Card accounts can also have an employee(s) added to the NetCash Bank Account to identify the employee that each Credit Card Belongs to.
Like Bank Accounts, Credit Card Accounts can have transactions created through available API connections or through CSV imports.
Go-Live
The Go-Live process for a Credit Card Account is the same as the Go-Live process for a Bank Account, which is outlined in this NetCash Go-Live Process article.
Matching
All of the Matching types available to Bank Accounts can also be used with Credit Card Accounts including GL Match, Cash Application, Create Transaction, and Create Transfer. On the Manual Match Page, Credit Card charges will show as positive transactions meaning that an increase to the Credit Card balance will show as positive amounts even though they are increasing a natural Credit GL Account. NetCash Transactions that decrease the Credit Card Account balance will be shown as a negative, which means that Credit Card Balance payments and refunds will appear with negative signs.
Paying off a Credit Card balance is treated like a Bank Transfer in NetCash. To payoff a Credit Card balance, select the Bank Transfers screen on the Manual Match page. On one side of the page select a Credit Card account in the account filter and on the other side of the page select the Bank Account that the funds were transfered from. Unlike a transfer from one Bank Account to another, when transferring from a Bank Account to a Credit Card Account both sides of the transaction will have negative signs.
In addition to using the Manual Match Page, all Automation Rules can be used with Credit Card Accounts and can be used with Credit Card Accounts. Credit Card Accounts can be added to Automation Rule groups with other Credit Card Accounts and with Bank Accounts.
Reconciling
Similar to Bank Account reconciliations, users can reconcile their Credit Card Accounts any day of the month. The general process for reconciling in NetCash can be found in this article. There are certain differences for Credit Card reconciliations. In NetSuite a Bank Account can only be associated with one GL Account and that is the same for NetCash. On the other hand, multiple Credit Card Accounts can be linked to a single Credit Card GL Account. To accomodate for this, on the NetCash Reconcile Page, when a Credit Card GL Account is selected NetCash will display the total balance for all NetCash Credit Card Accounts associated with that single Credit Card GL Account. This allows companies to reconcile a single Credit Card to one GL Account or multiple Credit Cards to one GL Account.
Credit Card reconciliations in NetCash will still automatically show any outstanding items from General Ledger activities that have not been matched to a NetCash Credit Card Transaction. However, instead of Outstanding Checks and Deposits in Transit the outstanding items are referred to as Outstanding Charges and Outstanding Payments.