Credit Card Payments

This module provides a way to record Credit Card purchases and to pay
them the same way regular purchases are recorded (via Vendor Bills) and
paid (via Vendor Payments).

By default, if vendor bills are used to record credit card purchases,
the liability (AP) from the supplier/vendor must be moved to the credit
card company via a manual journal entry.

Because a journal entry contains less information than a vendor bill,
there may be a loss of information that affects book keeping accuracy
and the ability to properly reconcile the AP amount when the credit card
statement arrives and needs to be settled. This method also requires an
additional step not needed when a vendor bill is paid via bank or cash.

This module automates the creation of the manual journal entry required
to move the AP to the credit card company, retains all information about
the purchase in an invoice document, and leverages the standard purchase
and payment workflow already in place for bank and cash payments.

It supports as many Credit Cards as are needed, configured in the same
way an additional payment method would be (i.e. via the creation of a
new journal).

To settle a Credit Card statement, the regular workflow to record a
vendor payment is used – allowing the removal of charges not included in
the statement. Non-purchase transactions like fees for annual
membership, balance transfers, cash advances and foreign transactions;
as well as charges for late payments and returned checks; can be entered
either as Vendor Invoices or manual Journal Entries as users elect.

Both of these methods will allow these items to be settled when making a
payment to the credit card company.

This module also supports payment cancellation and re-entry (in the case
a mistaken amount is entered) as well as refunds (where the purchase is
returned and a credit from the credit card company will be issued).