Credit cards can be confusing to report correctly, especially if your committee is carrying a balance! Most of the time Credit Card expenses are considered a type of debt and not a regular expense. Reporting requirements may vary, so check with your agency!
You can track each credit card purchase as an accrued expense, but that will be a lot of data entry, and will cause your compliance reports to be very large (since each purchase would be treated as a separate debt)! The easier way, is to look at each month as a separate debt (accrued expense). That still meets reporting requirements and simplifies the amount of data entry.
1. Treat each month that is not paid off in full, as a new accrued expense.
2. Payments are standard payments on accrued expenses.
3. Each purchase that makes up the total amount accrued that month should be entered as a split on the accrued expense.
4. Interest charges are just like any other split, but to the credit card company. They will appear on the statement they showed up on and should be reported.
Given the above, here is an example:
If you racked up $1000 in credit card bills in April and made a $100 payment, that would reduce the April Accrued Expense down to $900. Then if you rack up another $1000 in credit card bills in May, you would have two accrued expenses. April = $900 and May = $1000. Then if you paid $200 more off in May, you could apply that payment to one credit card accrued expense or split between both. How, or if it is split, does not matter overall as long as the total payments are correct.
Regarding interest (using the example above). Lets say you have $90 in interest charged on your May statement. Given that the $1000 racked up in May includes the $90 interest charge, you would enter the splits as usual, including a $90 split for the interest charge (just like any other expense on the card).