Accounting for VISA Expenses

Suzisu

Hey,

Anyone in accounts know a good way of keeping track of VISA expenses.
Every month I have trouble getting invoices and receipts from staff that use the company card.
The money is spent, the company pays the bill so no one cares except me, trying to do my month end and VAT returns.

S

jjjd

Suzisu wrote: »

Hey,

Anyone in accounts know a good way of keeping track of VISA expenses.
Every month I have trouble getting invoices and receipts from staff that use the company card.
The money is spent, the company pays the bill so no one cares except me, trying to do my month end and VAT returns.

S

Just don't lend it out!!! Failing that tell them it's maxed out! If they need a credit card to pay for transactions ask them to put it through their expense claims. Ask them to check with the supplier/vendor first if they will accept a bank transfer rather than resorting to the credit card - most suppliers would prefer a bank transfer in any case and avoid credit card fees. Credit card should be only be used as a last resort rather than the first port of call for paying regular vendors. Tell staff/management you cannot claim the VAT back in the absence of a valid invoice - so it is costing the company money if you don't have a valid invoice for visa payments and you end up expensing the VAT. Give all staff a list of registered/preferred suppliers from your AP ledger and tell them only these vendors can be used, and that you have bank account details for all these suppliers so credit card payment is not necessary. Tell staff to ask for credit when ordering goods/services from suppliers, this will give you time to post any invoice to your AP system prior to making payment. Operate a PO system for all invoices and payments to vendors going forward.

Suzisu

Thanks, some good tips there.

mr_edge_to_you

We've all been there - incredibly frustrating. In my experience there are only two ways that improve things.

1. When people are made personally liable for any missing invoices or receipts and any VAT that we can't reclaim.

2. Switch to monthly vouched expenses.

Either option requires management buy-in. Fortunately in my experiences CEOs were on board.

Start sending out a report each month (if you don't already do so) detailing the amount of VAT being lost and and amount of expenses for which you've no invoices. Once peoplestart seeing €€s attitudes change.