Withdrawal of cash on company credit cards is divided into two actions:
Afterwards you can Enable or disable automatic submitting
Action 1: Withdrawal of cash:
A user uses his company credit card to withdraw cash (possibly abroad) in order to pay at places that do not accept credit card payments.
Example: The user withdraws 100EUR on the company credit card
- This triggers a transaction from the bank to Acubiz that 100EUR has been withdrawn from the credit card. In the Acubiz accounting principles, the employee will now owe the company the 100EUR (converted to system currency eg DKK = 750.00).
- In order for the employee not to be deducted from salary for this withdrawal (See the posting flow for withdrawing cash on company credit cards), the user must now explain what the money has been used for, for company-related purposes by creating cash outlays.
- In Acubiz, the setup is per. standard that a cash withdrawal on a company credit card is automatically sent for approval to the user's manager, without the user having to decide on the actual withdrawal transaction. This can be changed as needed.
See Enable or disable automatic submitting
Action 2: Uses the cash for payment
Now the user has cash (100 EUR) in his pocket and can now pay for his goods in that store. Once the user has paid, one (or more) cash outlays must be created corresponding the receipts for the purchase.
- Since the user has withdrawn 100EUR, the user now has a debt to the company ... the user has thus received cash in his pocket withdrawn from the company's account.
- The user buys for 100EUR in a store and receives a receipt for the purchase.
- The user takes a picture of the receipt and creates a cash expense
The user now has:
- Debt = 100EUR (cash withdrawal)
- Receivable = 100EUR (cash expense)
- Balance = 0.00
Depending on the setup in Acubiz, debt and receivables can be handled according to different methods.
- Either deducted or paid via the salary (a specific salary file is exported from Acubiz)
- Or via a posting on the employee creditor/vendor (where, respectively, deductions or payments are made via another process in the company)