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Mar 22, 2022 at 05:36 PM

what is the process of recording payment done by card to vendor? what would be FI entries?

1496 Views Last edit Jan 12, 2023 at 02:55 PM 2 rev

Hi

What is the process of issuing a lodge card or virtual card?

I would like to know the process of payment to Vendors through virtual cards / credit card / lodge cards?

What entries would go with these in GLs? How is bank liability recorded and settled when the card statement is received? how do we match the payments and card statement transactions? What would be the due date on the liability?