Creating Liability Accounts
With ChurchTrac you can track assets such as checking and savings accounts, as well as record and track liabilities such as a credit card or other debt. This article shows how using a credit card as an example.
Creating Your Liability Account
After selecting the "Add" button on the Accounts screen, name your liability account, select the "Liability" Account Type, and insert your beginning balance. For this example, we used a "Credit Card #2":
Use your statement beginning date and assign your liability account to the Category and Fund of your choosing.
Edit your beginning balance transaction to include the categories that make up the expenses.
Liability Transactions
To enter liability transactions, select the date and "Expense/Charge" Transaction Type, enter your reference, and add/select your Payee/Description. You can add multiple line items to your transaction.
Liability Payments
For a liability account payment, use the Account-to-Account Transfer transaction to make the payment.
If you're using multiple funds in your credit card transactions, you'll still need to create an Account-to-Account Transfer for each transaction, but you'll do one transfer per fund. This ensures that your reports reflect correctly. For simplicity, we recommend using the General Fund for your liability transactions whenever possible
Here is an example with the credit card account we made:
