Business (Company Paid) Credit Cards can be integrated with Nexonia by administrators, providing daily automated credit card feeds directly to your users. Automatically capturing credit card transactions in Nexonia allows you to conveniently link credit card transactions directly into your expense reports.
Card charges are imported into Nexonia after they have been posted to the statement by the bank. Depending on the merchant recording the charges, the day of the week, and other factors, this can take anywhere between one or two business days to one week.
Several factors typically account for the longer posting times. The day of the week when the charge is made can be a factor as charges are typically not posted on the weekend. A charge made on a Friday may not show up until the next Monday or Tuesday. Sometimes when a charge is made offsite from a vendor's typical location (e.g.: they have a booth at a trade show), those charges are not reconciled at the end of the business day but rather at the end of the event.
These instructions apply to integrating a business or commercial credit card issued by your financial institution with Nexonia. For a true Corporate Credit Card program, issued by a credit card provider, please contact email@example.com for assistance with the initial integration.
These instructions will assist with integrating your Business Credit Cards with Nexonia, by going through the following steps:
- Configuring the Credit Card Transaction Source
- Entering your Credit Card credentials
- Initiating the First Transfer
- Assigning The Credit Card Feed to a Nexonia User Profile
- Corporate Credit Cards: Filtering out old Transactions
- Mapping Credit Card Exports for Integrated ERPs or Accounting Software
Note: the ability to add a company paid credit card is enabled by default. If it's not available, an administrator can enable the feature. Instructions can be found in this article: "Features for Automated Credit Card Transactions".
1. Configuring the Credit Card Transaction Source
To start with, you’ll need to login to Nexonia on the web as an Administrator.
Navigate to Integration* > Integration Setup tab.
*This tab is typically relabelled with the name of your accounting platform or ERP.
Towards the bottom of this page there will be an Add Corporate Cards button.
Click Add Corporate Cards to add a new card source.
Enter the Name and select Source Type
- Name = the name of the card as seen by the Administrator
- Label = the name of the card as seen by the User
- Description = type of card for reporting purposes
Source type: Business credit cards use a third party integration platform to retrieve transaction data and deliver it directly to Nexonia. Select an appropriate source type from the drop-down menu.
Helpful Tips when Selecting a Source Type:
- Finicity - wide variety of institutions supported in the US and Canada.
- Yodlee - wide variety of institutions supported around the world.
- Plaid for credit cards in USA only. Plaid typically transfers sub-cards 24h after the primary card has been integrated.
- OFX for individual credit cards in the US, without sub-cards
- PEX Cards for PEX cards only
- SFTP and FTP are exclusive to Corporate Credit Cards and would not be used in this scenario
Once you select the source type, you'll see two tabs below:
- Source Configuration: These are the expense item defaults for any credit card transactions imported via this source
- Source Type Configuration: This is where you'll configure the integration for the credit card
Corporate Card Transaction Source: Source Configuration
Select the Source configuration tab - these settings define defaults to be applied to the transactions brought in via this source. Source configuration settings will be automatically defaulted; however, you can change these default settings as needed. The main ones to be aware of are:
- Paid By - allows you to configure whether the credit card transactions are paid by the Company or reimbursable to the Employee. Typically, this is only changed if employees are responsible for paying the corporate credit card themselves
- Memo is read only (default = unchecked) - Credit card transactions arrive in Nexonia with extra information, such as Vendor, Reference, and Description. By default, these go to the Expense Item memo field. You can prevent them from being modified or deleted by non-Administrator users by checking this box
- Active allows you to “pause” or “un-pause” a credit card feed if necessary. As long as this box is checked, all charges will be automatically imported from this card source. If unchecked, the card is made inactive and no charges will be imported.
For more details on these settings, please read: Corporate Card Transaction Feed: Source Configuration
Corporate Card Transaction Source: Source Type Configuration
Under Source Type Configuration, you may enable the following common settings:
- Scheduling: click Edit > check Activate Scheduling and Everyday > OK. This setting requests the feed to import transactions on a daily basis.
- Institution (for Plaid, OFX, Yodlee): click Edit > select banking institution
- Override Statement: if the credit card feed doesn't provide a statement date, you can configure this setting to apply a recurring statement date to any transactions imported from this source. See: Setting an Override Statement Date.
- Marked as duplicate transactions: allows you to flag duplicate credit card transaction data based on matching amount and date. If this box is selected, you can further refine this detection feature by flagging transactions that also have matching reference number and/or vendor name.
- Send Errors to: enter email address where any error messages should be sent.
- Send Alerts for duplicate transactions to: enter email address where any alerts should be sent.
- Currency (Finicity, OFX): select the currency for the credit card feed.
Click the OK button to save your configuration settings.
Depending on which Source Type you've selected, you'll need to provide different values. Please refer to the links below for specifics depending on your Source Type:
2. Corporate Card Transactions: Business Credit Card Login Credentials (Finicity, Yodlee, Plaid)
Once you’ve completed the Corporate Card Configuration Settings, you’ll now see a tab to the left of Integration Setup called Cards. You will have to navigate to that tab to enter the login credentials for the cards and initiate the transaction feeds.
To add a credit card:
- Navigate to *Integration tab > Cards tab.
- Choose new feed from drop-down menu.
- Click the Add Cards button.
- Enter the online banking login credentials for the card you wish to add and click Authorize. The system may take a few moments to authorize the card integration. If the results show multiple accounts, check mark which account is to be imported to Nexonia.
Once the card is authorized and integrated, click OK.
Tip: When integrating a Business Credit Card with multiple sub-cards or "child" cards, it is recommended that individual logins are provided for each card as a separate feed is generally needed for each card. This means establishing separate card sources for each card.
Once the card is integrated, you'll want to run an initial import of any available charges.
3. Corporate Card Transactions: Credit Card Transactions Transfer
Once the card is added, click Transfer > OK to initiate the initial transfer and bring any recent transactions directly into Nexonia.
This will import transactions and display the number of transactions imported. Otherwise, it will display an error message. If transactions are imported, the next steps are assigning the card imported on the new feed, filtering out any old charges which you've already reconciled and mapping the card to the integration software. Transaction feeds may load anywhere from 30 - 60 days of historical transactions on the initial transfer.
Your Business Credit Card is now integrated with Nexonia. Credit card transactions will be imported automatically in Nexonia, allowing you to conveniently link transactions directly to your expense reports!
4. Corporate Credit Cards: Assigning Transaction Feeds to Users
5. Corporate Credit Cards: Filtering Out Old Transactions
6. Mapping Credit Card Exports for Integrated ERPs or Accounting Software