Requisition Module-Credit Card Statement Processing Feature

Retrieve your credit card statement from your bank. Generate documents from the statement and transfer to accounting.   

OPTION 1 - Paying from a credit card statement 

If you are making a payment on one credit card, you can import either an Excel (CSV ) or OFX file of the statement from your credit card company(s) with all transactions for the credit card, then process it as an AP or ENC document type. If you are making payment on multiple credit cards, (credit card batch import) you can import an Excel (CSV) single credit card statement from your credit card company(s) with all transactions for multiple card holder accounts, then process it as an AP or ENC document type. 

Both options create documents for card holders to provide supporting documentation and accounting coding, prior to submitting for processing/payment (See screen shot below)   NOTE:   The file should at a minimum include a column for Account Number, Transaction Amount, Transaction and/or Posted Date, and Transaction Description.

Recap: 

Batch File/Import

Allows AP personnel to retrieve a single file from the credit card company that has all the charges for each account/employee (statement). They will then will take that file and import into Microix. Then, the Microix system will go through the file to associate all the charges to a specific employee and create a document in the employee's queue to review and verify the charges and coding. The employee would attach their receipts at this time and once finalized, submit for approval. 

Microix Help Desk - Credit Card Batch Import - Knowledge base

Or 

Single File

An employee is responsible for importing their statement, verifying the charges, coding to the proper expense(s), and attaching all receipts. 

OPTION 2 - Approval of credit card purchases in Microix

There is also an option for approving credit card purchases via Microix which requires some additional setup in Abila/MIP to reconcile with the credit card statement (AP document).

Here is a general overview of the process to approve credit card purchases:

Create a CSH Clearing GL account in the MIP general ledger. The CSH type account in Abila/MIP will be used exclusively for processing and clearing credit card transactions – matching purchases entered through Microix with monthly payments to drafts by the bank.

Once completed, you can then create and submit credit card purchase for approval in Microix then transfer to Abila/MIP as a Cash Disbursement (CD) document type to Abila/MIP. The result is a debit to the Expense account and a credit to the CSH Clearing account. EXP, credit CSH Clearing account. 

PRICING INFORMATION

The credit card statement feature is included in the Requisition Module core product however, will require 3 hours of consulting services to setup and configure one of these options to use.

FOR MORE INFORMATION ON CREDIT CARD STATEMENT PROCESSING SEE KB ARTICLES AND FAQ BELOW 

How to setup and use credit card statement feature

How to Import Credit Card Statement from an OFX file

Unable to create API/PO after importing OFX File. 

How MIP distribution codes are used when importing Credit Card data

How to import American Express Credit Card Transactions from CSV file

Credit Card Batch Import

FAQ’s
Can you download complete CC statements from the CC bank?
Yes, but it’s currently a manual process to download the CC statement and import into Microix.

Can you download individual CC transactions from the CC bank?
Yes, but it has to be requested by the CC bank and Microix does not have control over this.

How does this work for approvals?
It depends on the process. Our system can handle the following scenarios:

• Employees enter a request for purchase before charging to a card (Requires a contra cash account to record the entries as a cash disbursement). Later the statement can be paid and reconcile to the contra cash account.
• Employees do not require an approver for each charge. Instead, they import, review, and code their CC expenses, then attach receipts and submit each month for payment. No contra cash or reconciliation is required for this process.

Can you match CC transactions to a PO?
No, as we do not have a direct feed from the CC back into Microix. However, it’s a feature that we are currently exploring.

What kind of controls are built into the system to reduce fraud? 
(e.g. can a CC transaction be submitted more than once?)
It’s a manual process to import credit card statements and potentially it can be imported twice. You will rely on the approval process to catch a duplicate statement, and Microix will prevent an invoice payment if the number was already paid previously.

Could we determine ahead of time if our bank will charge a fee for Microix to retrieve the statement directly from our bank’s OFX web service? 
We are discontinuing the direct connection feature in v2022.001.2 and will only support a CSV file import process. As long as the bank provides the customer with a CSV monthly statement file, it can be used to import into Microix. 

Could credit card data be transitioned on a daily or weekly basis or only after the statement is available? 

Bank Feed will be available in v2024 ( Pricing TBD)

Enable daily bank feed of credit card and checking account transactions into Microix. Associate receipts with each transaction using methods such as a phone camera, a PC/network scanner, or by dragging and dropping files from local storage.Create cash disbursements in MIP Fund Accounting following workflow approval

We want to be able to report on each vendor within the CC statement. When importing the CC statement, the vendor will be Amex but then they want to be able to run a report for Amazon and see all the money spent - whether directly to amazon or via CC statement information.

Currently our system allows CC purchase order to include the Merchant (Vendor Name) on the PO, send to MIP as a CD to maintain the original vendor. When CC statement is received, it is imported and sent to MIP as an API to pay AMX.

However, if they are skipping the purchase order process of receiving an approval for each charge. Then importing the entire statement along with Merchant and map the Merchant to a UDF in MIP is currently not available but can be added to our January 7th minor release.