The Sweep Account is part of the new pay anytime statement processing. This functionality is optional and is only used if you have corporate paid credit cards and you are processing credit card statements. The purpose of the sweep account is so that an Accounts Payable Invoice can be generated for the total dollar amount of any credit card charges that have not been approved but have to be paid to your credit card vendor.
Please Note: Before Sweep Account is set up, you need to ensure invoice SAF approval is setup. The sweep invoice will be generated/routed for the invoice approval process and need to need to be approved before it is exportable.
Invoice SAF Approval Setup
Step 1: Go to Policies tab.
Step 2: Click on the root BU (Company Name).
Step 3: Go to S.A.F. tab on the right.
Step 4: Click on the Invoices tab.
Step 5: Set up at least 1 No Limit Approver.
Sweep Account Setup
Step 1: Login as user with Credit Card Administrator permission.
Step 2: Go to the Credit Cards tab.
Step 3: Click Card/Account Setup.
Step 4: Click on the Account Name or View Account.
Step 5: Click Edit Account.
Step 6: In the Sweep Definition, define Business Unit, GL account, and Project.
Step 7: Click Save.
Credit Card Statement Process
Once the sweep account is configured for the credit card account, you will have the ability to pay charges that have not been fully processed yet via a statement.
Step1: Go to the Credit Cards tab.
Step2: Click Manage Accounts.
Step3: Choose the Account on the View Accounts page by clicking the Account Options link on the upper right of the account. Then click Statements from the dropdown menu.
Step 4: Create a new statement or choose an existing statement. If creating a new statement, enter a Statement Name and Statement Date then click the Create Statement link. This will bring you to the Credit Card Statement page.
Step 5: On the top of the statement page, enter the Statement Date range then click Add Charges to Statement. The statement date range is optional.
Step 6: To select the charge, click each charge or Select All. The charge will highlight in yellow. Then click the Add to Statement link on the bottom of the page. This will populate the Statement Details area of the Credit Card Statement page.
Step 7: Highlight the charges you want to add to an invoice for payment then click the Pay Charges link at the bottom of the page.
Step 8: Confirm the charges being added to an invoice for payment by clicking the Pay link. This will generate an invoice which must be approved by your invoice approver.
Step 9: You will be brought back to the Statement Details page.
Invoice Approval Process
Step 1: Now, you need to login as the invoice approval and approve the sweep invoice. You should see a credit card invoice with the total amount of unapproved charges.
If you are unsure where the invoice routed, then you can simply check your “Invoices Pending” queue from the Home tab.
Step 2: Once you find the invoice in the approval inbox from the approver’s account, approve the invoice by selecting Checkmark on the line item and click Process.
Step 3: Once the invoice is approved by the invoice approver, it will be routed to the accounting reviewer. Login as the accounting reviewer and approve the invoice.
Step 4: You should see the following message. Click Continue. The sweep invoice item should now be available in the export.
Invoice Export Process
Step 1: Login as the accounting reviewer and go to the Invoices tab.
Step 2: Click Export Invoices.
Step 3: Click Preview, at the bottom of the page, to review the export file.
Step 4: You should be able to see the sweep invoice item in the export file that is debited to the sweep account.
Step 5: Click Export to export the item via the chosen file format.
After the users submit their charges and approved, in the export file, you should see the following transactions:
1) Debit amount towards allocated BU/GL account from the user’s expense report
2) Credit amount towards sweep account to balance the book in your AP system