- Tracking spending card funds and movement
- Accounting for spending card transactions (as it does not integrate with any AP software/ERP)
- Source: Anna Sun
Please note that the following is only a suggestion on preparing your accounting for spending card and is how we prepare accounting for spending card within our own organization. Ensure to refer to your company's best practices.
- When making a transfer to your spending card account, record the transaction as Prepaid (similar to a clearing account).
- When a purchase is made on the spending card, the expense will be recorded under the correct account code within Procurify.
- In Spending Card -> Reconciliation, you will find the transactions and their associated account codes. You can use this list to record your accounting transactions and/or adjust the Prepaid/Clearing account.