Expense Management - Credit Card Transactions

Janet Fulbright

What are your best practices when utilizing the credit card feature in expense management with your school or business?  Are you allowing your credit card users to dispose of the original physical receipt once they have uploaded a digital copy with the FE NXT system?

Patricia Vermeire

Our document retention policy requires all physical accounting records to be kept for 3 years post-audit. Our credit card users include their receipts with a hard copy of their statement, with account coding and approvals. As much as we'd like to get away from paper, some processes are more efficient in a physical form.

Betty Lopey

Best practice is to have them send all receipts in or hold them up to one year themselves.

Taylor Gullatt

What type of credit cards are you using with the expense management system? We are looking to switch to a new credit card and then implement the expense management / credit card feed, but I have heard so many people having issues with Yodlee and the credit card feed that I am hesitant to take the next step. What has your experience been?

Janet Fulbright

Hi Taylor,

We switched our school's purchasing card last November to the Blackbaud Regions Visa card and have had zero issues with the feed. At first the feed was extremely slow, 3 to 5 days before a transaction would show up. Now it is within 24 to 48 hours. It has been one of the best moves for the Business Office and our school's credit card users. I would highly recommend it.

Taylor Gullatt

Thank you so much for sharing your experience! That is great to hear. Let me know if I can ever return the favor.

Janet Fulbright

Absolutely, have a wonderful day.