Record Credit Card Transactions – Foundant Technologies

CommunitySuite provides three ways that your community foundation can record credit card transactions.

Create a voucher for each individual expense.
Create one large voucher that lists all the transactions under it.
Use a combination of the two listed above.

If your foundation uses credit cards to pay for expenses, each credit card vendor will require a credit card liability general ledger account that should be reconciled regularly.

Create a Voucher for Each Credit Card Expense

This option is often used by smaller foundations and is used to record large dollar amounts. Every single charge or transaction is entered as an individual voucher. Use your credit card statement to create a voucher for each transaction paid for by the credit card. Creating the voucher establishes a system record of the transaction.

Create a voucher for each credit card charge.
- Use the vendor for the business you made the credit card purchase from.
  - Example: Specific vendor of Mountain Office Supplies Company or a general vendor of Office Supplies.
Post and pay vouchers.
- Use the credit card account as the Payment Account and process the payment as an electronic check.
  - Example: General ledger account that with the purpose of recording what is paid with a credit card.

Navigate to the Accounts page and click the Account ID of the credit card account to check the balance throughout the month. This is the account from which the vouchers will be paid.

Resource: Create, Post, and Pay a Voucher

Create One Large Voucher for Credit Card Expenses

For this option, one large voucher is created once a month to reflect all the credit card expenses. It will have many line items within it and is processed like any other expense.

Create a voucher for the entire credit card amount.
- Use the credit card vendor account.
  - Example: Credit Card Services
Post and pay the voucher.

Resource: Create, Post, and Pay a Voucher

Combination Option

Once a month, pay your credit card bill following the steps below.

Create a voucher to the credit card company vendor and apply the total amount on a per fund basis.
- This may mean creating a multifund voucher before entering in the voucher information and processing.
- Use the credit card liability account for the Expense Account and enter the total amount as the Unit Cost.
Post and pay the voucher.
- Use the checking account for the Payment Account.

Resource: Create, Post, and Pay a Voucher