Corporate Credit Card – Basic Overview

The Corporate Credit Card was ascertained as an unconventional purchasing and expenditure mechanism to advance payment performance, simplify clerical processes, and provide more valuable currency management and in many cases better service delivery.

There is a two main components for Corporate Credit Card system:

1.Creditcards and credit proficiency provided by designated credit supplier; and

2.Credit card organization software operated by Card Supervisors and the Corporate Card Controller for accounting purposes and control of credit card data.

Basic terms:

ATM – referers to Automatic Teller Machine.

PIN – reiter to the Personal Identification Number supplied to new Cardholders by the credit provider. The PIN enables the Cardholder to access the credit card balance at an ATM.

Cardholder – reiter to the employee associate whose name appears on the corporate credit card

Card Supervisor – refers to the employee associate assigned to a corporate credit card to perform the online accounting process, follow up as essential and filing of completed statement settlement.

Corporate Card Controller – refer to the employee associate in the Finance who manages the credit card system

Line Manager – refer to the employee associate with budgetary control over the cost center allocated to a corporate credit card.

GST – referers to Goods and Services tax.

FBT – referers to Fringe Benefits Tax. Fringe Benefits Tax may be applicable to expenses paid by Corporate Credit Card. Cardholders are required to note on the reconciliation the number of staff and the number of non-staff attending any function related as entertainment.

Private Expense – The procure of hand-outs, food and related items in relation to non-business activities, such as party celebration and the like is a private expense which, if undertaken, should be covered by way of voluntary contributions.

Source by Narendra Kumar Singh

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