Corporate credit cards are a convenient way for employees to incur their business related expenses, but the task of then justifying and recording this expenditure with the related receipts can be a headache for both the cardholders and finance teams.
Cardholders can struggle with keeping track of their various receipts and to find the time to manually record and justify their purchases every month. Finance teams have the ongoing task of reconciling credit card statements, ensuring all the transactions are approved and recorded accurately along with the receipts – a very time consuming process when done manually.
Zetadocs Expenses, a comprehensive expense management solution designed for use with Microsoft Dynamics 365 Business Central, eases the whole process of managing corporate credit expenses, with features that include:
1. Create a new expense - the cardholder can choose how they do this:
2. Expense is matched to a payment automatically - which happens immediately if the payment is already available, otherwise it will happen later at the point when the transaction is imported as a new payment (via the bank feed, or a manual upload of the monthly statement if using that option instead).
3. Sumbit for approval - the cardholder can add additional information to the expense if they wish, such as a note to justify the expense and then bulk select all their expenses to add to an expense report (including any other reimbursable expenses they may have such as mileage and daily allowances) and submit for approval.
4. Export to Business Central - approved expenses are exported automatically, all coded with the correct GL account, tax code, dimensions etc.
5. Bank statement reconciliation - this can be done within Zetadocs Expenses using a Payment Card Report, which separates out those expenses that haven’t yet been matched to an approved expense. Alternatively, the reconciliation can be done in Business Central, in which case Zetadocs Expenses will export approved expense reports directly to a Business Central Journal with the balancing account set as a bank account, GL account or vendor.
If you would like to know more about Zetadocs Expenses, please browse their website or Microsoft AppSource for more information.
Please don’t hesitate to contact your Innovia Customer Success Manager if you would like to know more and discuss your requirements further.
This blog was syndicated from our partner Equisys and originally appeared at: https://www.equisys.com/blog/daily-bank-feeds-and-automatic-receipt-matching-with-zetadocs-expenses.