In this article you will learn about two topics: how to prepare your company to support receipts, and how to add new payment methods to your company that you want to select on your receipts. The first also covers how to set up Corpay One so that you can select a contra account for your receipts.
If you use Corpay One's integration with Billy, Corpay One is automatically set up to support receipts. Read more about this here.
Setting up support for receipts
Before you can start adding receipts to your company account, you need to complete the following two steps so that the receipts are handled and posted correctly:
1. Create a list of the payment methods that you and other coworkers in the company use for the payments you receive receipts for. This list is matched with the contra accounts to be used for receipts.
You have to create a list yourself of all the payment methods your company uses to make the payments you add receipts for. You then manually select a payment method on each individual receipt once you have added it to Corpay One. This ensures that the receipt is posted to the correct contra account in your ERP system.
1. Click Lists in the side menu on the left, and then click Create new:
2. Give the list a suitable name (e.g. "Payment methods for receipts"), and click Create.
3. Create a label for each individual payment method (e.g. "Cash", "Company card", "Personal reimbursement", etc.).
You can then select the payment method you want on each individual receipt:
2. Update your accounting or ERP integration setup so that receipts are synchronized to the right cash journal.
If you have turned on one of Corpay One's integrations with accounting or ERP systems, a journal entry is created automatically for every receipt added to Corpay One. So once you have created the list of payment methods as described above, you need to make sure that your integration is updated to handle receipts correctly.
For example, this may involve selecting a cash journal that entries for receipts are created in.
If you use Corpay One's integration with e-conomic, for example, you have to select a cash journal for receipts under the Receipts heading in the integration setup:
If your accounting or ERP system does not use cash journals, the entry is created in the same place as your other entries.
You also need to remember to select a contra account for each of the payment methods you have created for receipts. In the e-conomic integration, for example, you manually select which payment method is linked to which contra account:
In some integrations you can only select one contra account for receipts.
Adding new payment methods
If you want to add more payment methods/contra accounts to your list of payment methods for receipts, simply create each new payment method as a label in the list. You do this in the list itself under Settings > Lists > [Payment methods for receipts].
Note that you cannot add more payment methods to the list if it is already being used in an integration. So first make sure that the list is not used in any integration before you try to add a new payment method. Once you have added the new payment method to the list, you can safely use the list in the integration again.