Credit Card Processes

Carly McCulloch

Hi everyone! MY name is Carly, and I started a new position in November. With this position is the goal to become as automated as possible within Financial Edge NXT. MY current background knowledge is in NetSuite and Deltek, so Blackbaud's Financial Edge NXT is new to me. I was hoping to learn how others process their company credit cards. Do you currently have the credit cards synced within Financial Edge and process through an invoice? Do you wait for the credit card statement to come in and create a payable? I appreciate ANY and ALL comments back and hope to gain insight from others!

Yvonne Wagner

@Carly McCulloch
Hi Carly,

We use Regions Bank as our Credit Card Merchant. They provide a direct feed into the credit card module. The feed is refreshed daily and the distribution codes are entered for each charge by the clerk; it is very seamless.

Carly McCulloch

@Yvonne Wagner oh wow. This seems great. How does this process look like when it comes to paying the credit card statement when due? Do you use the credit card module in Financial Edge?

Roberta A. Gilbert

@Carly McCulloch We also have our credit card feeds from the bank linked into Fin. Edge. We can expense each charge on the monthly statements from within Financial Edge without having to create invoices for them. This was a bumpy road for a while, but it works quite well now.

Brian Rojo

@Carly McCulloch

Welcome to the Community! We also use the Regions P Card for Blackbaud. You manage this system in two avenues. (1) Center Suite (Regions Bank) where you order new cards, set limits, raise limits, figure out why a card isn't going through, assign specific merchant category codes that will work with the cards. (2) Expense Management Blackbaud. This is where after the transaction posts to the card you can synch and download the transactions. These transactions then can go through a predefined process. In our agency department credit card administrators are required to code and provide support. Then someone in our Accounting Department reviews and “records” the transactions.

You can mirror the same process using the manage feed for certain financial institutions. We picked Blackbaud because the rewards with cards.

Carly McCulloch

@Brian Rojo
This is SO helpful! Once you have synced the transactions, you use Expense Management to process the transactions as an expense report of some sort? When the credit card statement comes in, does that flow through your AP process?

Brian Rojo

@Carly McCull

Expense management turns the credit card statement into the invoice in Financial Edge. As these invoice accumulate, they increase a credit card liability account.

When the credit card statements comes in it is reconciled against the automatic payment that is made out of our bank account and reduces the credit card liability account (the automatic payment is not created or synched that is something one of our accounting specialist have to record).