P-Card posting is typically a 2-step process: pay the P-Card vendor, then reconcile the P-Card charges.
Pay the P-Card Vendor
The district pays the P-Card vendor (the bank) for the credit card charges.
The entry would be as follows:
-
Debit: Credit card payable (a contra liability), or credit card receivable, or a default expense account for each card holder
-
Credit: Cash
This entry can be recorded as an accounts payable entry using APOHININ or APOHBTUB where the expense account is the Credit Card Payable account or as a journal entry.
Reconcile the P-Card Charges
The individual card holders (or their representative) reconcile the charges on the P-Card.
If all charges ae reconciled to an appropriate district expense account, the entry would be as follows:
-
Debit: Expense cccount entered by reconciler
-
Credit: Credit card payable
Recommended Setup
NUUPCD
Create a CKID to reconcile the credit card payable credit. This is the account where the P-Card payment (credit) is posted.
Common Code CKID/##
Identifies the account to credit for the P-Card payment.
Code category: CKID
Code Value: PC
Short Description: Not required.
Med Description: Used to describe this common code.
Long Description: Used to describe this common code.
Numeric Values
Numeric Value 1-5: Reserved for future use.
Associated Codes
Associated Code 1: Balance Sheet Key that owns the P-Card Liability.
Associated Code 2: Object Code for the P-Card Liability.
Associated Code 3-5: Reserved for future use.
Associated Descriptions
Description 1: Describes the Key from Associated Code 1.
Description 2: Describes the Object from Associated Code 2.
Description 3-5: Reserved for future use.
GLUTSPSI
Review the posting setup to verify that the correct entries will be made when posting P-Card transactions to the general ledger (GL).
In the Credit section, add or confirm a record exists with the settings:
-
Org Key/Object: CKKEY CKOBJ
-
Lg: GL
-
LTD: TNC
-
V: D
-
PCi: Blank
-
Fund: Blank
The Credit entry CKKEY CKOBJ pulls account information from the CKID common code for the credit. If the CKID/PC common code is set up as recommended and used for P-Card entries, it will create accurate entries without needing posting modifications.
If your posting setup is different than recommended, modification may be needed.