Goal:
- Tracking spending card funds and movement
- Accounting for spending card transactions
Please note that the following is an example of what organizations can do to account for their spending card transaction. This is not a requirement. Please refer to your company's best practices.
Steps:
- When prepaying money to spending card record the transaction to Prepaid, similar to a clearing account.
- Then when money is spent through spending card: The expense will be accounted for and the funds will be moved from the prepaid account.