I'm new here.
Was wondering if someone can help with the journal entries for the end to end processes of Concur/LIABILITY account, accruals - I'm a bit confused.
For reconciliation purposes.
Appreciate your help.
@Tammy2304 Could you maybe clarify a little bit on what your confusion is? That might help others know how to better respond to your post.
In Concur, there are APPROVED reports that get posted to the ledger dr expense cr pcards liability;What happens to unapproved transactions im Concur? Its not accrued? Why? If its not accrued it wont reconcile with the bank because the money that goes out from the bank refers to transactions not from last month but the month before last month.
Do we rconcile the bank carrying out the balance from the past month?
I'm new. I really want to learn.
@Tammy2304 so depending on how your company card program was set up in SAP Concur things are handled a little different. If your company card is what we call Company Billed/Company Paid, then the company pays the entire bill regardless of employees submitting their expenses through SAP Concur. I believe companies do it this way mainly to avoid possible late fees on the company cards and to avoid mismatches in what they paid out to the bank and what employees submitted. The other option for company cards is called Individual Billed/Company Paid. In this set up, employee must submit their company card expenses. This then tells the company how much to send to the bank to cover the balances on all the assigned company cards. This requires Accounting or Finance to create a report to show what was paid out that month and how much the total of all company card transactions were that uploaded into SAP Concur that month. Then they look at the difference in these two numbers to see what the outstanding company card liability is.
I need to put a disclaimer here that my background isn't in accounting, but I do know how the system works. So as far as reconciling month-end liabilities, everyone probably has their own method. Have your colleagues discussed this with you at all or as the new person, were you put in charge of reconciling in SAP Concur?