Credit card

[duymak]

What ways do you find is the easiest way to keep up with all the different credit card receipt amount?
When you receive a credit card receipt, do you put them in separately in power church?

[NeilZ]

What ways do you find is the easiest way to keep up with all the different credit card receipt amount?
When you receive a credit card receipt, do you put them in separately in power church?

Assuming you mean that as a credit card purchase is made, you want to track the purchase, then reconcile the credit card statement.

The procedure is as follows:

1. Create a liability account for credit card purchases, for example: 01-2500-000 Church Credit Card
2. When a purchase is made for a ministry, say Worship, the receipt is brought to the treasurer/bookkeeper and entered in to Powerchurch as a MANUAL CHECK.



As you can see, I enter the code OFC-CC as the check number, I use a specific vendor for the purchase, as you really want to track who you are purchasing from for audit if nothing else. Then you would enter the CREDIT CARD Liability account instead of the checking account for the credit, and the amount of the purchase as the debit. I also enter a description of the purchase in the note entry box, again for audit purposes.

You would then post this to funds accounting as you would any normal Accounts Payable transaction. I save the credit card receipt in a file folder to attach to the credit card statement when it arrives, again for an audit trail.

3. When the credit card statement arrives, you would proceed as you would for the bank statement and select Reconcile Bank Statement/Credit Card Accounts



Then you would enter the Credit Card liability account number as the Account to Reconcile, the statement date, and amount shown on the statement.



Continue to the reconcile screen, and check off the statement to what Powerchurch shows as being entered in the same manner you would normally reconcile the bank statement.



If you have a normal reconciliation, and the system To Balance line is zero, you can click on done, if not, click postpone to figure out where either the missing receipt came from, or why an additional entry was made for that statement period. You may have entered the Credit Card account on a purchase when it should have come out of checking instead.

4. After a successful reconcile, print the reconciliation statement. What I do now is for a local audit trail, you may have different procedures.

• a) I then create an invoice for the payment. I already have the credit card liability account setup for the vendor entry so the system fills in the proper entries.
  
  
  
  b) I print the check, have it signed, and take the check stub, the CC statement, the reconciliation statement, and the CC receipts, staple them together and file with the other paid bills for the quarter.