Default Transaction Configuration - Card Transactions

Overview

The Default Transaction Configuration section defines how card transactions from Ramp will be created in FE NXT. These default values ensure all transactions meet the required fields in FE NXT's APIs and help streamline transaction processing.

This guide explains how to configure the Card Transactions tab within the Default Transaction Configuration screen.

Accessing the Card Transactions Menu

1. Navigate to Settings > Card Transactions

Setting the Import Type

Syncing card transactions from Ramp to FE NXT can be done either as Journal Entries or as an Invoice. Determining which one to use is an organizational preference.

To change from one import type to another, click on the Edit button:

Then, select either:

• Journal Batch Entry - Enters card transactions into the General Ledger as a Journal Entry Batch
• Invoice - Invoices will be automatically generated for merchants based on card transactions. Each merchant will be set up as a vendor in FENXT.

 NOTE: Changing the import type will clear the current defaults set for the entity under Card Transactions

Once you have determined which import type you would like to use, click Save. You will then be prompted to confirm that you would like to change the settings:

Click Yes to confirm and then set the default settings for the Import Type.

Default Settings - Journal Batch Entry

For Journal Batch Entry, the default setting options are as follows:

• Batch Description  - How you would like the description of the batch to be labeled in FENXT.
• Journal Type  - This value should be the description for the JE code in the Journal Table.
• Batch Status - Select whether you would like the batch status to be: Open, Approved, Posted or Pending Approval when the batch is created in FENXT.
• Create Balancing Interfund Entries - Recommended to be checked unless you're certain all of your Ramp card transactions will always be within the same fund.
• General Ledger Attachment Type - Select which attachment type to be used when attachments are passed to FENXT.
• Liability Account - By default, only 20 records will be shown. You can search in this field to select which account you would like to set as the default.
• Liability Account Memo Description - Determine what you would like your Liability Account Memo Description to be labeled.
• Encumbrance - Recommended to set this as Regular.
• Projects - By default, only 20 records will be shown. You can search in this field to select which account you would like to set as the default. 
• Class - By default, only 20 records will be shown. You can search in this field to select which account you would like to set as the default. 
• Transaction Codes - If your organization uses the transaction codes, select for each transaction code whether you would like to use the code when not available on the Default Account or to Always use this.

• Journal Entry Reference Field Options - Determine how your organization would like the reference field to appear. The options are Cardholder-Merchant-Memo, Merchant-Memo, Cardholder-Memo, or Memo. Most organizations default to Cardholder-Merchant-Memo
• Negative Amount Changes - Convert negative transaction amounts into positive Credit entries instead of debits.
• Foreign Currency - Leave unchecked unless your finance team specifically requires tracking original transaction amounts for reporting or compliance.

Default Settings - Invoice

For Invoices, the default settings are as follows:

• Invoice # Prefix - Prefix of the invoice number to be used when the invoice is created in FENXT.
• Liability Account - By default, only 20 records will be shown. You can search in this field to select which account you would like to set as the default. 
• Invoice Payment Method - Set the default payment method to be listed on the invoice.
• Mark Invoice as Paid - Determine whether to mark the invoice as paid.
• Post Status - Determine the default post status when the invoice is created. Options are Not Yet Posted or Do Not Post.
• Attachment Type - Select which attachment type to be used when attachments are passed to FENXT. Attachment Type
• Projects - By default, only 20 records will be shown. You can search in this field to select which account you would like to set as the default. 
• Class - By default, only 20 records will be shown. You can search in this field to select which account you would like to set as the default.
• Transaction Codes - If your organization uses the transaction codes, select for each transaction code whether you would like to use the code when not available on the Default Account or to Always use this.

• Payment Setup for Check
  • Default Bank Account - Select the default bank account to be used when the payment is check.
• Payment Setup for Credit Card
  • Default Credit Card Account - Select the default credit card account for the invoice payment.
  • Default Credit Card - Select the default credit card for the invoice payment.
• Defaults for Vendor Setup -When a new vendor is created in FENXT, select the defaults to be set for this new vendor once it has been created:
  • Vendor Type - Select Individual or Organization
  • Status  - Active, Inactive or On hold
  • Payment Method - Bank Draft, Check, Credit Card or Electronic Funds Transfer
  • Payment Terms - What terms you would like to use when this vendor is created
  • Payment Option - One payment for all invoices or one payment per invoice.
• Invoice Line Item Description - Select how the invoice line item description should be formatted. You can include the combination of employee name, merchant, and memo.
• Foreign Currency - Leave unchecked unless your finance team specifically requires tracking original transaction amounts for reporting or compliance.

NOTE: Once you have finished setting your defaults, be sure to click the Save Card Transaction Defaults button to save your new settings.