81839

Credit Card vendor invoice amount is incorrect

The credit card vendor invoice that is created when I close my associated credit card bank account is not the same amount as the closed statement balance. 

Causes:

• Prior credit card bank statements could be closed out of order. 
  Example: 
• 1. Entering a statement for the end of January, but not closing it.
  2. Then entering a statement for February and closing February without closing January first.
  3. This created an issue with reconciling future statements.
• In some cases, entering miscellaneous adjustments, or bank transfers to or from this account would make the next close credit card bank statement create incorrect balance associated credit card vendor invoice.
• • This usually was the case when clients were trying to record early or partial payments on the credit card.
• In some cases this issue goes months, or even years back in Ajera.
• • The recommended ways to correct this is to open up all the credit card statements sequentially going backwards until reaching the month where the issue first started. This required opening regular bank account statements, voiding the payment(s) of your credit card vendor invoice, deleting the associated credit card vendor invoice in Manage > Vendor Invoices which, in turn, reopened the credit card statement in the Bank Register. Once again this had to be sequentially going backwards, and if this was more than a couple months or crossed a closed fiscal year, most clients do not want to take these steps.

Resolution:

1. In Company > Bank Accounts, enter a new credit card bank account for the same credit card, making the description slightly different from the original as it will not allow duplicates.
2. Tie this to the same credit card vendor, and on the Accounts tab enter the same GL accounts for the Payable, Late Charges and Interest Charges that were on the original credit card bank account.
3. Click Save and Close.
4. Select Manage > Bank Register, select the original credit card bank account, and on the register tab delete all outstanding credit card charges and payments.
   • This means they are not part of a closed credit card statement.
   • Be sure to note which dates, vendor/payees, references and amounts, as well as the offsetting GL accounts for these transactions.
5. If a transaction can not be voided from the bank register:
6. Select Manage > Time and Expenses and edit/void them from the expense report in which they were generated.
7. Make sure you are the Accounting Manager on your Employee setup in order to access these on the associated employee's expense report (unless of course it is your own).
8. Select Manage > Bank Register.
9. Select the new credit card bank account created.
10. Reenter these outstanding charges with the correct dates and information.
    • If they need to be reentered on the expense reports please do so, this time charging them to the new credit card bank account.
11. Go to Manage > Vendor Payments and note the total AP due to your credit card provider.
12. Review the actual credit card statement that correlates to the last time you reconciled and closed the original credit card bank account and generated the associated credit card vendor invoice.
    • If the amounts do not reconcile, you will need to add a vendor invoice for your credit card vendor to bring the amount either up (positive amount) or down (negative amount) to what your actual credit card statement says.
    • The date should be your credit card statement date, and the GL account to use would be up to your discretion (could be general expense, but consult your CPA).
13. Go to Company > Bank Accounts and deactivate the status of the original credit card bank account. 

Note: Currently, Ajera does not allow you to close credit card statements out of order, so this same issue should not still be in affect.