Company Credit Cards
We use a web-based app to manage company credit cards used by employee cardholders. It is accessible via browser, tablet or mobile (iOS & Android). This process describes how the purchase activity is recorded; it does not include bill payments made to the credit card company to pay down the balance due. See more info about the Bill Pay service we offer or set up automatic payment service with your credit card provider.
How It Works:
- We link to your online company credit card bank to download purchase activity.
- Your cardholders use the mobile app to attach receipts on the go (such as meals and in-store purchases). They forward email receipts (such as hotel reservations, flight bookings and car rental receipts) or log in from a browser to upload scanned receipts.
- Cardholders tag their purchases using a list of categories you provide, such as Meals Expense, Travel Expense, etc. They can also add descriptive memos to each purchase.
- Purchase activity is grouped into expense reports and submitted to approvers for review and authorization.
- We manage the integration of data to QuickBooks Online (QBO), ensuring that all expenditures are recorded in the QBO general ledger.
- We invite new cardholders to your company policy, as needed.
Special Instructions:
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- For use with company credit cards, not debit cards and not personal credit cards.
- Purchases under $75 (non-lodging) will generate an IRS-compliant e-receipt attached to the purchase. Staff should replace this with a more detailed receipt whenever possible.
- You are responsible for managing and encouraging company credit cardholders to submit expense reports in a timely manner for recording in the proper accounting period. Expense reports submitted for a closed accounting period will be posted to the next available open accounting period.
- If all information submitted on monthly expense reports by the cardholder is correct and appropriate, then the approver should click the “Approve” button to authorize all line items on the expense report to be recorded on the books.
- If any of the line items are not appropriate, the approver should reject the entire expense report with a note to the cardholder explaining additional information required for approval.
- It is the responsibility of the business to track whether all company cardholders are submitting expense reports. A growing debit (negative) balance in the credit card account on the Balance Sheet signifies that the expenditures are not being recorded against the payments. Our periodic Controller Calls will also point out this situation to you.
- Supporting documentation for company credit card purchases are stored electronically, eliminating the need for paper management systems.
This service package includes access to your business’ credit card activity via Expensify. We own and maintain this subscription.
