Exporting Credit Card Expenses from Fyle as Credit Card Transactions on Netsuite is one of the popular methods of export among Fyle admins. When employees spend on behalf of the company, the expenses are filed and the amounts are logged directly to a specific expense account while exporting from Fyle to Netsuite.
Similarly, when a vendor cancels the sale at some point in the journey or when the employee returns a purchase, a refund would be issued to the employee. This would be reported as a negative expense by the employee and needs to be exported to Netsuite so that the accountant can balance out the refund to a previous spend and hence nullify the amounts.
It is important to export both the expense (+ve entry) and the refund (-ve entry) as the credit card account is credited while a purchase is made and it needs to be debited when the amount is refunded. Fyle supports exporting the refunds of Corporate Credit Cards in the Expense Report, Credit Card Charge and Journal Entry modules.
How to export refunds to Netsuite?
For the refund you're about to export, make sure that the respective expense has already been filed.
To file the refund, enter a -ve sign before the amount and submit it like any other regular expense.
Once the refund expense is submitted and approved, you can export it to Netsuite.
Points to remember while exporting refunds
The Fyle-Netsuite Integration does not export the data if the total report value is negative. For example, if the total report value you are trying to export is -$200, Netsuite will block this data from being created.
Make sure that the total amount in the report is either zero or a positive number. A few expenses in the report can still be negative.
Refund Export Examples
Following are the examples of how the expenses and refunds of a corporate credit card are exported in different modules.
Credit Card Charge
Credit Card Refund
Expense Report for the Expense
Expense Report for the Refund
Journal Entry for the Expense
Journal Entry for the Refund
Do write to us at [email protected] if you need any assistance with this.