Question

Credit Card purchases of inventory items

  • 21 July 2021
  • 4 replies
  • 213 views
L
  • lfox
  • New Participant
  • 2 replies

I have been reading through the “solutions” and “work-around” for inventory items and consumable items on a PO purchased with a credit card.  Most of them create quite a few steps in accounting to process and the solutions are dated 12 years ago.  Has anyone come up with a process that addresses this issue?

I have tested Purchase Points and unfortunately we are unable to use for non inventory items.  

Setting up a bank account labeled “credit card” is a process that involves many more steps that I care to have my staff learn.

The work around that I read involves entering the invoice (which as a credit card purchase accounting does not receive, accounting usually gets a receipt attached to a report without detail), then creating an adjustment to zero out the invoice that was entered when the credit card bill comes in. 

Anybody?  

4 replies

slepley
Userlevel 4

I suggest the system setup and processing that I described in…


It definitely worked well for my employer at that time.  Is that one of the “solutions” that you already reviewed and decided “that involves many more steps that I care to have”?

Regards,

Scott Lepley
S

We created a vendor named Amex and any MRO purchases made with  a credit card we also require a purchase order to that vendor. When the parts arrive we receive the purchase order and use that to tie to the bill for the credit card when we get it. It is not perfect, but it does give accounting more info and traceability. 

L

@slepley @swilson 

Thank you both for responding to my inquiry.  If I have to set up another bank I will, as I stated I think using the method is too many steps.

I was hoping that we could just as easily set up Purchase Points under our credit card vendors which would make the AP side much more smoother.  I am also hoping that our EPICOR Consultant can figure out how to turn on the feature to enter “non-inventory” or “other” items when our staff is creating a Purchase Point PO.  In my opinion, that should have been a feature that EPICOR included in their updates.

G
Userlevel 3

We use the same process as @swilson , but we have also setup some parts under the Part Number of SUB001 - SUB010, which are Non-stocked items.  We utilize these part numbers on our PO’s and modify the default descriptions to match what we are buying onto the PO.  The PO travels through our PO Approval process within Epicor, therefore becoming an Approved PO.  When the good or service arrives, our buyers perform the Receipt Transactions on these items, so AP can match the invoice to the receipt to the PO.

Again not necessarily pretty, but it works for us.

Glenn Owers Sr. Business Analyst Safran Electronics & Defense Canada Peterborough, ON Canada Version: 2021.2..23

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