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  1. FAQ - Spending card
  • December 22, 2022 21:31
  • Updated

What are best accounting practices for spending card transactions?

Goal:

  • 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. 


Steps:

  1. When making a transfer to your spending card account, record the transaction as Prepaid (similar to a clearing account).
  2. When a purchase is made on the spending card, the expense will be recorded under the correct account code within Procurify.
  3. 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.

Additional Information:

  • Learn more about Spending Card
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