1. Field of the Invention
The present invention generally relates to automatically posting transactions associated with a transaction account or transaction card into a general ledger.
2. Related Art
Currently, accounting products used by small business owners allow for automatic migration of invoiced purchases associated with a transaction account and/or a transaction card into respective categories in a general ledger portion of the accounting product. This substantially reduces the time and effort needed by the small business owner to balance and reconcile invoiced accounts on a periodic basis. This also allows the small business owner to more freely use their transaction account/card to make business purchases, while substantially reducing their burden of having to manually review all the periods' purchases. This is because any charges associated with an invoiced vendor are automatically migrated by the accounting software into proper categories in the general ledger. Many of these transaction accounts/cards have associated rewards programs, so the small business owner benefits greatly from using them.
However, current accounting products do not allow for migration of non-invoice or point-of-sale transaction information associated with the transaction account/card into the general ledger. This can deter the small business owner from using the transaction account/card to make these kinds of purchases. This can also reduce the potential rewards the small business owner could receive.
Given the foregoing, what is needed is a system, method and computer program product for automatically posting substantially all transaction information associated with a transaction account into a general ledger.