Dynamics NAV Credit Cards Setting Up and Purchasing

Welcome to today’s coffee break.

Today’s coffee break is on setting up andpurchasing with credit cards.

So there are a lot of people who want to knowhow do you set it up in the system so that we can easily purchase goods from let’ssay – we’re going to use Staples today as our example and we automatically show thatit was paid with a credit card.

So it doesn’t show as like an open balanceon account.

So there are a few set-ups you need to doahead of time.

But once you do them, it works great.

So let’s go ahead and do those set-ups.

I’ve actually done them ahead of time.

But I will show them to you.

So we go to Financial Management, GeneralLedger, and we’re going to look at the Chart of Accounts.

This is the first thing I did is I set upmy different credit cards that I used for paying utilities, things like that.

I set them up in the Chart of Accounts.

So I have one here for American Express.

This is what we’re going to focus on today.

I have a couple of others as well.

Once you’ve created those accounts, youneed to create a payment method that’s associated with that credit card.

So let’s just show our payment methods here.

Here, I have one for American Express, MasterCard,Visa and what I want to show you is that those GL accounts that we just set up are associatedhere as the balancing account.

All right? So that’s where all this really works.

So once you’ve got that set up, you’regoing to want to go ahead and apply that new payment method to your vendor.

So let’s go to Payables and we look at ourvendors.

I’ve created Staples.

So I go to my Staples account and over here,I have my payment method as American Express and remember that American Express paymentmethod automatically defaults to a balancing account with that account we’ve set up inour balance sheet.

So let’s say that I want to go ahead andcreate a purchase invoice to Staples.

We will go here and we will just go aheadand we will put our office expenses in here.

There we go.

Office supplies.

Obviously you break this out in whatever detailis appropriate for you.

Once you’ve got that entered, I just wantto show you here that on the invoice details down here, that payment method has defaultedfrom the vendor’s card and let’s go ahead and post this and let’s take a look at thatposted invoice.

So here I am.

I’m on that posted invoice and let’s navigateand see what it did.

All right.

So if I look at the vendor ledger entriesassociated with that transaction, I see the invoice that we created, plus the payment.

It’s already done and they’ve been appliedto each other.

So on that vendor’s account card, they havea zero balance.

If we look at the general ledger, again wesee our accounts payable for the vendor.

We see our expense office supplies and thenwe see – I’m sorry.

This is our accounts payable.

This is that account that we set up for thebalancing account.

So now, what will happen is you’re goingto get a bill in a few weeks from American Express.

You’ve already broken out the expense, theappropriate expense accounts.

So all you’re doing is you’re going in.

I’m going to just create a general journalentry here and basically you get the invoice from American Express and let’s see what I have set up for American Express.

There we go.

You would put the total amount in the invoiceand the balancing account will be that account that we created – our balance sheet accountfor the American Express.

All right.

You would go ahead and post that.

Looks like I’ve done this before.

We post.


So let’s go take a look at that.

So if we go to the Chart of Accounts, I seenow that there’s no longer a balance on this account, right? Because we washed it out when we paid AmericanExpress.

If we go to the American Express vendor account,I see here the invoice that we just posted for $100.

So now what will happen is when I go to domy check run, this will pop up.

But the hard work of breaking out that AmericanExpress bill was already done when I created the purchase invoice.

So it just simplifies things.

It’s a different way of doing things andfrom an end user standpoint, once all the set-ups are done, it all works pretty cleanly.

Thank you very much.

That concludes our lesson on setting up creditcard payments.

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