Reconciling Credit Card Statements in Abila MIP Fund Accounting (formerly Sage 100 Fund Accounting)


Abila MIP Fund AccountingIn Abila MIP Fund Accounting (formerly Sage 100 Fund Accounting), the Bank Reconciliation module recognizes valid cash (CSH Type) accounts. Therefore, in order to set up a Credit Card Account and use the bank reconciliation module to reconcile receipts to your credit card statement, the general ledger account used for the credit card needs to be set up as a “CSH” type. Since it is a liability and should be classified as such on the balance sheet, you will need to modify your balance sheet statement format to place this account in the liability section of the balance sheet.

Here are the steps involved in setting up and processing credit card accounts in Sage Fund Accounting.

  1. Set up a new general ledger account for the credit card.
  2. When receipts are turned in for processing, enter through “Enter Manual Disbursement Checks” within Accounts Payable.
  3. Choose the credit card account from the drop down list.
  4. In the check number field, identify the transaction as a credit card (CC), the month (in this example – Feb 09), and the receipt # (in this example – 1). This information will easily identify the transaction as a credit card transaction when viewing in “Vendor Balances”.
  5. Enter the remaining segment information, save, and post.
  6. To reconcile the credit card statement, select “Reconcile Cash Accounts” from the General Ledger Module.
  7. Choose the Credit Card account, enter the reconciliation date, and the ending statement balance. Remember, you have only entered checks to this general ledger account, so enter the statement balance as a negative amount.
  8. Click on the checks/vouchers tab and all of the manual checks (credit card receipts) will be available to reconcile. Reconcile just as you would a bank statement, update, and print.Here is a sample of the credit card transaction as viewed through “Vendor Balances”. Notice the document # is referencing CC (for credit card), Feb09 (the credit card statement month), and 1 (the receipt number). You can define the document number as you wish.
  9. To pay the credit card, enter the invoice though “Enter A/P Invoices”. The general ledger number to use is the cash account (credit card) set up in step 1. In this case it is 11003. This will debit the credit card account, thereby bringing it to a zero balance (provided all the receipts have been entered and appear on your credit card statement).

To Modify the Balance Sheet Statement Format

  1. Navigate to Reports>Financial Statements>Create Statement Formats.
  2. Choose B/S type, and the statement format name.
  3. Click on the Create Outline Tab.
  4. Click on the Cash account and select assign accounts.
  5. Click on the Credit card account on the right and move it over to the left.
  6. Now the account is available to be put in a different section of the balance sheet.
  7. Follow the same procedure and select the accounts payable line item in “Create Outline” and click assign accounts.
  8. This time move the credit card account from the left over to the right. Now the account will be in the liability section of the balance sheet. Save and close.