Managing Credit Card Transactions

Written by Dana Kinsey

Last published at: May 14th, 2021

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. 
  4. Insert the credit card account as the Payment Account and enter the Payment Date. You can process this payment as an electronic check.
  5. Click the box next to the open voucher that you would like to pay and click Next.
  6. Click Create Checks.
    • 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 Description, Qty (quantity), and Unit Cost. Click Save.
  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

The hybrid approach is a combination of the first and second option. For example, when looking at your credit card statement you can choose to have any charges over $50 entered as an individual voucher like option one, then for any charges under $50 use one large voucher like option two.  

Workflow Option 3:

  1. Navigate to the Vouchers page. 
  2. Create individual vouchers for all the charges over $50. Follow the workflow for Option 1. 
  3. Create a separate voucher for any charges that are under $50. Follow the workflow for Option 2. 
  4. Post and Pay the vouchers. 

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.
  4. Post and Pay.
  5. Select the checking account for the Payment Account and choose a Payment Date.
  6. Click the box next to the open voucher and click Next. 
  7.  Click Create Checks.

To reconcile your credit card account follow this article.