Credit Card and Loan Management Extension for Business Central

The Credit Card and Loan Management Extension for Business Central streamlines the process of managing and reconciling credit card and loan transactions. It automates the tedious tasks of entering, validating, and posting transactions, reducing the time spent on manual data entry from 30 minutes to just 30 seconds. Users can easily import large batches of transaction data using a predefined template, eliminating errors and minimizing duplicate entries. The system automatically validates the information against existing records, fills in missing details, and flags potential duplicates, ensuring accuracy. With features like one-time vendor mapping and auto-suggestions for transaction details, the add-on simplifies credit card and loan accounting. This boosts productivity by enabling quick, efficient processing of credit card and loan transactions, making it ideal for businesses looking to save time and improve financial operations. Whether it’s for payments, invoices, or credits, the extension enhances accuracy and efficiency. 

In this article,

1. Credit Card/Loan Setup.

2. Credit Card/Loan Accounts.

3. Credit Card/Loan Transactions.

4. Posted Credit Card/Loan Transactions.

1. Credit Card/Loan Setup

• Search for "Credit Card/Loan Setup" & click on the result.
• To get started, you need to set up the "No. Series" for "Account No.", "Transaction No.", "Posted Transaction No."

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  • Account No.: Select a "No. Series" for Credit Loan Account Number where the List of Credit Cards or Loan Accounts will be maintained. 
  • Transaction No.: The Credit Loan Transaction Number uniquely identifies each bulk of transaction performed on a Credit or Loan account, such as payment or invoices made to Vendors. 
  • Posted Transaction No.: The Posted Transaction Number uniquely identifies each batch of transactions posted to a Credit or Loan Account Ledger. This includes transactions such as payments, invoices, or credits made to a vendor, which have been successfully posted and recorded in the system.

2. Credit Card/Loans Accounts

• Search For "Credit Card/Loan Accounts"

• Click on "New" and add a new credit card and loan account.
• Add the details for fields that are mentioned:   

• No.:  Requires a unique number which can be manually entered or auto-generated based on the No. series selected on the Credit Card/Loan Account No. in Credit Card /Loan Setup.
• Name:  The "Name" field is used to assign a descriptive name to the credit or loan account. It is a mandatory field for better identification of the account. Users are advised to input the bank name consistently to avoid discrepancies across records.
• Payment Method Code:  Payment methods define the way you prefer for customers to pay you, and how you like to pay your vendors, for more info on Payment Method Code. 
• Credit Card/Loan Posting Group:  The Bank Account Posting Group field determines the general ledger account linkage for this bank account. It specifies which ledger accounts will be used to record transactions related to this loan or credit card account. 
• Bank Branch No.: The "Bank Branch No." field identifies the specific branch of the bank associated with this account. Enter the branch code provided by the bank. This helps in scenarios where multiple branches of the same bank are involved.
• Search Name:  The "Search Name" is an optional field to enable quick search and filtering for the account. It can be a shorthand, nickname, or alternative name for the account.
• Bank Account No.:  The "Bank Account No." field refers to the actual account number issued by the bank. This is necessary for linking the credit or loan account to the correct bank account. Ensure accuracy to avoid issues with payments or reconciliations.
• Address, City, State, Post Code:  These fields capture the address of the bank or account provider. Include details like the bank’s location or the main branch address. 
• Country/Region Code: The "Country/Region Code" specifies the location of the bank or loan account. Select the appropriate country or region from the dropdown list.
• Mobile Phone No., Phone No., Fax No.: Contact numbers for the bank.
• Email: The email address for the bank.
• "Number", "Name" and "Bank Account Posting Group" and "Payment Method Code" are the mandatory fields.

3. Credit Card/Loans Transactions

• Search for "Credit Card and Loans Transactions".
• Click on "New" to access the transaction screen.                                                                         
• The screen will appear like this.

• No.: Requires a unique number which can be manually entered or auto-generated based on the No. series selected on the Credit Card/Loan Account No. in Credit Card /Loan Setup.
• Credit Card Loan Account No.:  Select the "Credit Card loan Account No." from the dropdown list. This field links the transaction to a specific credit card or loan account in the system. 
• Payment Method Code: The payment method for your transaction will be automatically chosen from the payment method you've already set up on your credit card or loan account.

Important Note:

    The initial setup of mapping descriptions to vendors only needs to be performed once.

    Subsequent  transactions will automatically recognize the vendor based on the description.

• The field which needs to be imported from excel or entered manually.
  • Posting Date: The Posting Date field records the exact date on which a transaction has taken place in the Credit Card and Loan Statements.
  • Description: Phrase the exact description that has been provided in the statement. 

• • • Amount: The Amount field specifies the monetary value associated with the transaction. This value represents either the payment made, a charge incurred, or the overall financial impact of the entry.
    • External Document No.: This field links the transaction to any external document, such as an invoice, receipt, or reference number. If you don't have External Document No. system will generate it automatically.
• The system will suggest fields based on historical transactions.

Note: You need to fill this fields when you are entering the transaction very first time, system will start suggesting you vendors and Lines for creating and posting the purchase invoices based on the previous transaction entered through credit card and loan app.

• Select the "Vendor no." ,"Type" and "No." while you are mapping it for the first time.
• Vendor No.: Please select the Vendor Number for the transaction listed on the statement.
• Vendor Name: The Vendor Name field displays the name of the vendor or service provider. This field stores the vendor name for each transaction this field will get auto populate based on "Vendor No.".
  
• Type: Select one type from the following options: G/L Account, Item, Resource, Fixed Asset, Charge (Item), or Allocation Account.
• No. : Select the No. based on the type.
• Transaction Type: Select one Transaction type from the following options: Invoice, Payment and Credit Memo.
• Action Type:  Choose the appropriate action for each line from the following options:
  1. Select "Post": When the line is ready for posting to the purchase invoice.
  2. Select "Skip": To exclude the specific line from posting.
  3. "Posted": Indicates that the line has already been posted.
  4. "Error": Signifies that the line contains an issue that must be resolved manually.
• Matched: If a line has a corresponding transaction in the existing posted transaction list for the same Posting Date , Description and Amount the action type will automatically change to Skip and display as Matched. If you still wish to post the transaction, you can proceed to post it. Otherwise, the system will skip the line since an identical transaction already exists.

   Validate Transaction

• Clicking Validate action button starts the validation process, where the system checks the details in the current transaction lines against records in the Posted Credit and Loan Transactions. This process helps identify duplicates, missing information, and provides suggestions for faster data entry.
• If the system finds a match, it will automatically fill in certain fields for you.  Automatic field filling reduces manual data entry and ensures accuracy by pulling details from previous, verified records. These fields include:
  • • Vendor: The vendor’s details from the matching posted transaction.
    • Vendor Name: Name of the Vendor. 
    • Type: The type of transaction.
    • No.: The related account number or identifier.
    • External Document No. : This will be filled automatically if user has not entered it.
    • Transaction Type: Invoice, Payment or Credit Memo.
• Once validated, a validate checkmark will appear.
• These suggestions will help you choose the correct data based on similar past records. You can review these suggestions and make any necessary adjustments before finalizing the transaction.
• If the system finds an duplicate entry in the Posted Credit and Loan Transaction then it will provide you with the Matching Document No. and Line No. against the line.

Post Transaction

• Click the "Post" button to finalize the transaction.
• A Purchase Invoice will be generated and recorded in the system, and payments will also be posted according to the Payment Method Code based on the Transaction Type.

4. Posted Credit/Loan Transaction

• Go to the search bar and type "Posted Credit and Loans Transactions".
• You can navigate to Posted Purchase Invoices for each transaction by clicking on the Action "Source Document" on Lines.