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  • Managing Credit Card Transactions

    In CommunitySuite, there are three ways community foundations can record credit card transactions. The first option entails creating a voucher for each individual expense, the second option involves creating one large voucher that lists all the transactions under it, and the third option is a hybrid version that is a combination of the previous two. If your foundation uses credit cards to pay for expenses, each credit card vendor will need to have a credit card liability GL account in the system that will need to be reconciled regularly. 

    Option 1: Create a Voucher for Each Credit Card Expense

    The first option is used by smaller foundations and is also used to record large dollar amounts. It allows you to enter in every single charge or transaction as an individual voucher. When you get your credit card statement, you will create a voucher for each transaction paid for by the credit card. When you create the vouchers, the system will now have a record of each transaction.

    Workflow Option 1:

    1. Create a voucher for each credit card charge. Follow this workflow to create a voucher. 
    2. The Vendor should be set to the business you made the credit card purchase from. Once you have created a voucher for a credit card expense, click Post on the left side menu.
    3. Click Pay.

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    4. Insert the credit card account as the Payment Account and enter the Payment Date. You can process this payment as an electronic check.

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    5. Click the box next to the open voucher that you would like to pay and click Next.

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    6. Click Create Checks.

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      • You can check your credit card balance throughout the month by clicking Accounts, then clicking on the Credit Card Account the voucher will be paid out of.

     

    Option 2: Create One Large Voucher for Credit Card Expenses 

    The second option is to use one large voucher to look at all the credit card expenses. In this scenario, you enter in the voucher once a month. For this option, there will be many line items for the one voucher, and you will process it like any other bill. 

    Workflow Option 2:

    1. Create a voucher.
    2. Choose the business you made the credit card purchase from for the Vendor.
    3. Insert the relevant information in the Create Voucher window.
    4. For each line item, select an Expense Account, and enter a DescriptionQty (quantity), and Unit Cost. Click Save.

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    5. Post and Pay the voucher.
    • If multiple funds need to be charged for the expense, click Make Multifund on the left side menu.
    Option 3: Hybrid Approach

    Pay Credit Card Bill

    At the end of the month, you will need to pay your credit card bill following these steps:
    1. Create a voucher to the credit card company vendor and make sure to apply the total amount on a per fund basis. This may mean creating a multifund voucher before entering in the voucher information and processing. Enter the relevant information for the voucher. 
    2. The Expense Account needs to be the credit card liability account with the Unit Cost as the total amount. 
    3. Click Save.

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    4. Post and Pay.
    5. Select the checking account for the Payment Account and choose a Payment Date.

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    6. Click the box next to the open voucher and click Next. 
    7.  Click Create Checks.

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    To reconcile your credit card account follow this article.  

  • Print a Bank Reconciliation*

    After completing a reconcile you can select "Print Page" from the left menu to print a hard copy of the reconcile page.

    If you want to print a past reconciliation, follow these steps:

    • Go to Bank Reconcile from the Home Page
    • Pick [history report] next to the bank account you will be printing
    • Pick the hyperlinked date of the reconciliation you want to print under the Account Reconcile History Date column, ie. 2015-03-31
    • Select Print or Print Page from the left-hand menu
  • First Reconcile*

    During your implementation process, you will reconcile your Accounts. However, you may have an account that needs to be reconciled for the first time, here are the steps to doing your first Bank Reconcile.

    To reconcile an Account for the first time:

    • From the Home screen click Bank Reconcile.

    The screen will show the Accounts that have been previously reconciled listed in the Reconcile Bank Account table. If you do not see the Account you wish to reconcile you will need to add it.

    To Reconcile an Account for the first time you will select “List Accounts” from the left side menu to see all Accounts in your Chart of Accounts.

    • Click the Account number of the Account to be reconciled
    • Choose Reconcile from the left
    • There will be three (3) options that you can use to complete your first reconcile
      • Reconcile Option 1 - If you select "Yes, Auto Reconcile" the system will Auto Reconcile all transactions in the account up to the date selected - do not use this option if you have any outstanding items 
      • Reconcile Option 2 - If you select "Yes, Do Reverse Reconcile Process" you can enter the last date the account was reconciled and enter the last balance on that date, and then you can search and find any outstanding items that need to be addressed
        • Use the last full month end date you reconciled as your Last Reconcile Date
        • Enter the Last Reconcile Balance amount from the statement
      • Or, select the hyperlinked selection [I will reconcile all transactions myself] at the bottom of the page, this will allow you to reconcile all transactions in the system manually

    It is often a best practice to select Option 2. You will have the opportunity to search and uncheck any transactions that were outstanding at the end of the last reconciliation. Note: the search option only supports looking for dollar amounts.  

    Option 2 Example: If you decide to do a Reverse Reconcile you will see the Un-Reconciled Transactions table. 

    • Use the search box to find amounts that were outstanding as of the period you indicated previously.
    • Select the items from the search results. Selection from the list, marks an item as unreconciled or outstanding. Repeat this process for all outstanding items for the period.
    • Compare the transactions with your statement
    • Once you get the Difference to zero (0) then you can pick the Reconcile button. You have now reconciled CommunitySuite to the last reconciliation on your prior system. You can now start a new reconciliation for the current period.

     If you are unclear about the reconcile process, contact your CSM for further guidance.

  • Bank Reconcile Overview

    The system makes it simple to reconcile your banking, investment and credit card accounts. You can do a reconcile from Bank Reconcile or from Accounts.bank_reconcile_2.png

     

    Starting out you will need to reconcile each Bank, Credit Card and Investment Account to verify all transactions and balances. You can choose to reconcile your accounts at any time, although it is advisable to wait until you have your statement in hand. An accounting best practice is to reconcile all your accounts on a monthly basis.

    If you start the reconcile process and need to come back, don't worry the system will save the progress you made and you will see the reconcile date that is in process and you can return to where you left off.

    You can see past reconciliations by selecting the [history report] link located in the farthest right column of the Reconcile Bank Account table.

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  • Unreconcile All

    Do not use this feature unless instructed to do so by a CSM. The Unreconcile All feature will unreconcile all transactions associated with an account. This can not be undone.

    1. Navigate to Bank Reconcile from the Home page.
    2. In the Reconcile Bank Account window, click History Report for the Account that you want to unreconcile.
    3. Select Unreconcile All from the left-side menu.
    4. In the Unreconcile All window, read the warning message.
    5. If you're sure you want to unreconcile all transactions on the account, click YES, I UNDERSTAND THE RISKS, UNRECONCILE EVERYTHING ON THIS ACCOUNT.
  • Reverse Reconcile an Account

    To Reverse Reconcile an Account:

    1. Navigate to Bank Reconcile from the Home page.
    2. Click the ID for the Account that you want to Reverse Reconcile.
    3. Click Reverse Reconcile from the left-side menu.
    4. Search for Transactions that have not cleared by typing an amount in the Search box. 
    5. Select a Transaction from the drop-down to add it to your Reconcile.
    6. Click Check to Reconcile a Transaction. 
    7. Click Reconcile
  • Unreconcile an Account

    To Unreconcile an Account:

    1. Navigate to Bank Reconcile from the Home page.
    2. Click History Report for the Account that you want to Unreconcile. 
    3. Select Unreconcile. 
    4. Click Yes to confirm that you want to Unreconcile the Account.

    Note: To Unreconcile previous reconciliations, repeat steps 1-3.

  • Reconcile an Account

    To Reconcile an Account:

    1. Navigate to the Accounts page.
    2. Click the ID for the Account that you want to Reconcile.
    3. Click Reconcile from the left-side menu.
    4. Click Edit next to Statement Date. 
      1. Enter the Statement Date that you want to Reconcile.
      2. Click Save.
    5. Click Edit next to Statement Balance. 
      1. Enter the Ending Balance of the Account.
      2. Click Save.
    6. Check the box next to each unreconciled transaction until the Difference is zero. 
    7. Click Reconcile.

    Note: If the Trial Balance is different than the Statement Balance, the Account will not Reconcile. The Trial Balance is the expected Account Balance, based on the previous statement.