Are you being overwhelmed with the coding of credit card transactions? Are your credit card statements split across multiple general ledgers? How are processing your credit card payments? (Directly from the credit card web site, check, or thru bill pay services?) Have you or your client been a victim of credit card fraud?
The biggest challenge with high volume credit card transactions is not only making sure that the coding is done correctly in the general ledger, but you also have to keep track of the balance of the credit card to ensure that the credit line has not been exceeded. This business issue opens up potential risk of both fraud and unauthorized credit card payments. The solution to this business issue is to become more efficient with the coding of the transactions to ensure that the transactions are authorized. The other key solution is to make sure that credit card payments are approved and authorized by the signer/partner on the account. The bookkeepers are normally very reactive and just make payments directly on the credit card web site. It is also recommended that the cardholder be involved in the review process as well. These best practices are the key to becoming more efficient, accurate, and more secure.
With AgilLink you can download the detailed credit card transactions and code each and every line, splitting the transactions across multiple general ledgers from one single screen. Once the transactions are recorded, the credit card statement image is automatically duplicated into the proper general ledger and related, or stapled electronically. The key to lowering the risk of fraud is to narrow the window of opportunity. If the credit card transactions are being reviewed on a monthly basis, the lower your risk will be for unauthorized transactions.
If you are dealing with these business issues of high volume transactions across multiple credit cards and multiple general ledgers, use AgilLink to make this process more efficient, accurate, and more secure.