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jhumbarg
New Member - Level 1

Reconciling your GL clearing account

We are set up as CBCP and actually pay our credit card company before associates submit their expense reports. In doing so we are having a difficult time reconciling our liability GL clearing account. Is there any other client that is doing their expense reports and corporate card program this way that is able to provide their experiance with this?

 

Thanks,

Jamie Humbarger

Wabash National Corporation

 

 

5 Replies
rwalsh
New Member - Level 3

Re: Reconciling your GL clearing account

Hi Jamie!  We, too, pay the credit card before our reps submit their expense reports.  The best we can do is run an extract of data each week, analyze and make any account/department corrections, then save it in a monthly file.  At the end of the month, after the last extract has been added, we make a summary of expenses charged to debit the expenses and credit the liability account.  When we pay the credit card company, we debit the same liability account while we credit cash.  Also, at the end of month, we run an accrual of all expenses not yet on a report (from Concur) and debit the expense accounts and credit an accrual account as a reversing entry.  Hope this helps!  Good luck!

kyliekallhoff
Occasional Member - Level 2

Re: Reconciling your GL clearing account

Each of our associates has access to their CBCP credit card statement which shows them their specific charges for that specific credit card cycle period. The credit card charges on their Concur report must balance to this amount. If they submit and it doesn't match, we send it back before we process it. Each person only does 1 Concur report each credit card cycle. We are a smaller company with about 120 associates with credit cards. Our clearing account always balances because of these checks and balances that we do before processing the reports in Concur.

Routine Member - Level 3

Re: Reconciling your GL clearing account

Yes we have a CBCP account and load the SAE file at the of each month into the Clearing Account. I had Advantage services build a customised accrual account for all incomplete transactions and that is loaded into Clearing Account at the end of month too. The accrual file is automatically reversed out of the Clearing Account at the beginning of the next month as those transactions will hopefully appear in the next month's SAE file.
Richard Grigg
Assistant Director, Business Services
Australian Bureau of Statistics
dworsley
Occasional Member - Level 1

Re: Reconciling your GL clearing account

Apologies for "necro'ing" an old thread, but I have a similiar issue:

We use SAP Native Integration and would like to utilize Blackline to reconcile our Suspense account. We have Corporate pay for IBCP and after the Batch closes it the suspense account is then updated with the transactions. Unfortunatly, I am being told we need a reference id or reference key for the Batch...but accounts post prior to Batch Close, so this means no batch id or batch key is passed to SAP. 

Any Thoughts? 

DWorsley

 

nkiel
Occasional Member - Level 1

Re: Reconciling your GL clearing account

@rwalsh I would like to understand more of what your accrual process is? Are you manually downloading the transations from concur and creating the accrual journal?  My company utilizes a connector between Quickbooks and concur which automatically syncs the activity to our general ledger.  The issue that I'm having with the sycn is that once expense reports are approved,  the activity hits the gl in the month that the transaction occured.  For example if I accrue $1000 in expense in June, if that $1000 includes an exspens from april that was approved in June the sycn will post that transaction to April, and not in June where I've accrued for the activity ...if that makes sense.  I'm interested in learing new way to tackle accrual so that I'm not constantly chasing changing gl balances. Any advice is greatly appreciated.