To effectively record credit card transactions in ChMeetings, follow these three key steps:

1. Configure Categories and Funds

If the Categories and Funds required for credit card transactions are not already configured, you must create them before being able to set up your credit card. 

• Navigate to Accounting > Categories and create the Categories that you want to associate with transactions made on this credit card.  
• Navigate to Accounting > Accounts > Funds and create the Funds required for transactions made on this credit card.

2. Set Up the Credit Card as an Account

Now you are ready to create a Financial Account for your credit card.

• Navigate to Accounting > Accounts.
• Click Add New Account and configure it as follows:
  • Name: e.g., “Church Credit Card”
  • Type: Liability

This setup allows you to track credit card balances separately from other accounts. The balance within this account will be negative. The amount increases with expenses and decreases with incoming funds, thus reflecting the amount owed.

3.  Record Credit Card Expenses

For each purchase made using the credit card:

• Create a new Expense transaction.
  • Account: Select the Credit Card account.
  • Category: Choose the appropriate expense category (e.g., Supplies, Travel).
  • Fund: Choose the appropriate expense fund (e.g., Mission, Youth).

These transactions will increase your credit card balance, representing the amount owed.

4. Record Credit Card Payments

When paying off the credit card from your bank account:

• Add a Transfer transaction.
  • From Account: Bank Account
  • To Account: Credit Card Account

This action reduces the credit card liability (the amount owed) and the bank account balance, ensuring your financial records stay accurate and up to date.

When recording the transfer to your Credit Card Account, you pay off the principal. Any interest must be paid separately, from your bank account, as explained below.

5. Record Interest Payments

Interest Payments are an expense incurred by your credit card and will therefore NOT decrease the balance of your Credit Card Account.

Note: You do not need to record interest payments manually if the account you make your credit card payments from is linked to ChMeetings, and you run automatic imports, then the interest payments will be imported. 

Here is how to record interest payments manually if you need to:  

1. Go to Accounting > Accounts.
2. Select the Bank Account used to make the payment.
3. Click Add Transaction.
4. Set the Type to Expense.
5. Select a Fund or create a dedicated one.
6. Under Category, select an existing one (or create a dedicated category if needed).
7. Enter the Interest Amount.
8. Click Save.