Entering Company Credit Card Charges
To manage charges and payments for your company credit card, you should first enter each individual transaction. Transactions are posted immediately.
If you want to import credit card charges, see Credit Card Charge Import.
If you want to import bank or credit card statements, see Bank Data Import.
To enter credit card transactions:
-
Go to Transactions > Bank > Use Credit Card.
-
Select the type of transaction you want to enter:
-
Charge to record a purchase
-
Credit to record a credit to your account
Note:For credit type transactions such as returned items, the tax is posted to GST or VAT on Purchases.
-
-
Under Primary Information, enter a reference number from the credit card transaction, if required.
-
In the Vendor field, select the entity you are paying (or the entity who is crediting you for a previous purchase).
The currency field defaults from the entity record.
In NetSuite OneWorld, the subsidiary displays under Classification.
Note:If you share vendor and customer records with multiple subsidiaries, you can select any of the secondary subsidiaries assigned to the selected entity in the Vendor field. If you enter line items and then change the subsidiary, all line item data is cleared. For more information about shared records, see Assigning Subsidiaries to a Vendor and Assigning Subsidiaries to a Customer.
-
In the Account field, select the credit card account for this transaction.
The current balance of the credit card account displays in the Balance field.
In a NetSuite OneWorld, the list displays only credit card accounts with the same currency as the vendor currency.
Note:The currency associated with a credit card account is always the currency of the subsidiary when the account was created. If you change the subsidiary of a credit card account to a subsidiary with a different currency, the credit card account retains the currency of the original subsidiary. It is available in the Account list for only those transactions based in that currency.
-
In the Amount field, enter the amount of the transaction.
-
If needed, enter a different exchange rate.
-
The Date field displays the current date.
Enter a different date if needed.
-
If you use the Accounting Period feature, select a posting period.
You can enter transactions only to open periods.
-
Optionally, enter a memo.
Expenses
-
Under Expenses & Items, on the Expenses subtab, select the expense ledger account.
The expenses available are filtered by the selected vendor and subsidiary.
Important:The Unbilled Receivable account appears in the account list when the Expand Account Lists accounting preference is enabled. Do not select this account. All debits and credits to this account must be system-generated.
-
Enter the amount for the specific expense.
-
Enter an optional memo.
-
Enter class, department, or location information.
-
If the expense is billable to a customer, select the customer, and check the Billable box.
-
Click Add.
-
Repeat these steps for each expense you want to put on this credit card charge.
Items
-
To add items, on the Items subtab, select the name of an item, or click Add Multiple to quickly add several items.
The items available are filtered by the selected vendor and subsidiary.
-
Enter the information for the item.
For information about entering detail information about items, see Creating Item Records.
Note:If you use NetSuite OneWorld and have shared the selected vendor with multiple subsidiaries, the item price is based on the item definition between the vendor and the selected subsidiary. Therefore, changing the subsidiary could change the item price.
-
Click Add.
-
Repeat these steps for each item you want to put on this credit card.
Tax Details
If VAT/GST nexuses and tax preferences have been set in your NetSuite account, click the Tax Details subtab to select the vendor’s nexus and tax registration number. Check the Override box to override vendor defaults, then complete the tax lines.
Relationships
Click the Relationships subtab to add information about contacts. The primary contact for the customer is selected automatically. To edit information for this contact, click the contact's name. You can also add contacts to this order by entering the contact's information and clicking Add.
Communication
-
Use the Phone Calls, Events, and Tasks subtabs to attach activities to this transaction. For more information, see Attaching Events, Tasks, and Calls to Records and Transactions.
-
On the Files subtab, you can select and attach files related to this transaction. For more information, see Attaching Files to Records.
-
On the User Notes subtab, you can enter a title, memo date, time, type, and direction for any comments you want to add to this transaction. Click Add after each note. For more information, see Attaching Events, Tasks, and Calls to Records and Transactions.
The Balance field displays the current balance for the credit card account. After you have entered each individual transaction, the balance for the account chosen should match the balance on your credit card statement, assuming you have not made additional charges since the credit card statement was printed.
Accounting Books
If you use NetSuite OneWorld and the Multi-Book Accounting feature is provisioned in your account, the Accounting Books subtab appears. This subtab displays the secondary books associated with the selected vendor, if any, and their respective base currencies and exchange rates. For information about Multi-Book Accounting, see Using Multi-Book Accounting.
Tax Reporting
If you use the International Tax Reports SuiteApp, on the Tax Reporting subtab, select the delivery terms, region of origin, nature of transaction code, and mode of transport. Check the Non-deductible Tax Adjusted box if this check includes a nondeductible tax. For more information, see EU Intrastat Report.
Save the credit card transaction.