SAP Business One – How To Deposit Credit Card Vouchers

Background Information

Credit card payments are posted to a suspense account. You then use the Deposit function in SAP Business One to post the funds to the bank account and clear the suspense account when the statement is received from Credit Card company.

This example displays the postings made by an incoming credit card payment and deposit. 

Incoming Credit Card Payment from Customer: Debit on credit card clearing account, credit on customer account
Check Deposit:  Debit on bank account, credit on credit card clearing account

Procedure:  Deposit Credit Card Vouchers

When statement are received, the deposit function will be processed in SAP to deposit funds into bank, clear the suspense account, and record credit card service fees.  

• From the SAP Business One Main Menu, choose Banking -> Deposits -> Deposit. Result: The Deposit window opens.
• At the Deposit window, select the Credit Card tab.

• Specify the date of the deposit.  The current date is displayed by default.
• In the Bank Account/BP field, choose Bank Account and specify the G/L account (for example, Cash at Bank – Credit Card).
• Optionally, you may enter the details of the bank in which the deposit was made into the Bank and Branch fields.
• Select the lines included in the deposit.
• Press the ‘Total Commissions’ button and enter the amount of credit card service fees.
• Press Result:  A journal entry is created.  The status of the deposited vouchers is updated. When you display them in Credit Card Management, the value in the Deposited field is ‘Yes’. 

Journal Entry posted for Credit Card Deposit

Note: If you want to display the Credit Card deposit as one line in the Bank Reconciliation, deselect the setting for Credit Deposits under Document Settings -> Deposit window.   

This procedure is important to keep your suspense accounts balacnes, your bank balances accurate and to properly account for your credit card expense. If you have any questions about this procedue contact us.

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