Credit Card Transaction Entry - Detail Version
When a church obtains a credit card, the purchases can be recorded and managed in Jewel one of two ways.
Summary Version: Monthly purchases are reported on the statement. The monthly balance is then paid by a check or electronic payment, and the various purchases are combined and posted to appropriate local funds using the “Account” lines on the check. Click here for instructions for this method.
Detail Version: The credit card is set up as a bank account in Jewel. Each individual purchase is entered as an “electronic payment,” and the account is reconciled monthly. This is the method described on this page.
The method of credit card entry that a church chooses should be based on:
- How much the card is utilized – the monthly ending balance owed
- How many separate credit cards are in use
- How much detail for budgeting and tracking the board wishes to have
- The organizational capabilities of the local church treasurer
Detail Version
The Credit Card is set up as a bank account in Jewel. Each purchase is entered into Jewel as an electronic check and its details show on the check report.
The account is reconciled monthly to ensure accuracy.
Advantages of Detail Entry
- Detail for each purchase is contained on the check report and so is available to the board.
- Expenses can be traced, both for budgeting and for analysis
- User accountability is available, since it can be easily determined whose card was used for what purchase
Disadvantages of Detail Entry
- More complex. Works best for an organized and detail-oriented treasurer
- The time lag between the actual purchase, the date the statement is posted and the payment date makes it impossible to post the purchase in its actual month in Jewel.
- A system for dating and posting must be strictly followed, or confusion can be the result.
Because of variables in cards and statements, if you are interested in setting up your church’s credit card as a bank account, contact your support person for assistance and your database can be customized for your situation.