Here's how to set up and reconcile a Certificate of Deposit in
Jewel.
- Maintenance/Edit Accounts/Add New Account
- “Type” – Bank Account
- “ID” – A number that is not already being used, preferably just
below/near your existing bank accounts.
- “Name” – Savings CD. If you have more than one, you can give it a
number. Use the “Memo” box if you need to identify it any further.
- “Bank Name” under Bank Information, enter “Savings CD” and any
number if you gave it one.
- “Statement Frequency” – whatever the term of the CD is – quarterly
or semi-annually would be typical.
- Open the CD at the bank.
- Create the transaction in Jewel. If it was a transfer at the bank,
use “Transfer Funds” on the home page. If it was a
paper check, this link tells you how to write it in order to
create a transfer. Take time to do this step correctly.
Typically you only get a statement and see the interest when the CD
matures. Reconciling it at each maturity point, whether you are taking
it out or rolling it over, is fine. These are the steps.
- Find the CD Reconcile page in Jewel.
- Enter the “Ending Date” which can be a withdrawal date or a rollover
date.
- Enter the “Ending Balance” on that ending date, even if it is
rolling over. The “Difference” should be the same as the interest that
shows on the statement, for that period.
- Click on “Interest Earned or Deposit Correction” in the bottom right
of the screen.
- “Account Name” – whatever local fund you typically use for interest
earned.
- “Income” – the amount of the interest.
- “Date” – the “Ending Date.”
- “Memo” – something like “Feb – July 2025 CD interest” (give period
dates and identify which CD if you have more than one.)
- Click on “Add Entry.” The interest will appear in the “Deposits and
Interest Earned” section, already checked off. Your Difference should
now be zero.
- Click the green “OK √,” print the report, staple it to the statement
and file it.
- If you are rolling it over, just keep the same CD name and account
in Jewel, recording the interest the same way the next time it
matures.
Click
here for more topics related to Edit Accounts
Click here for more
topics related to Bank Reconciliation
The original version of this page was provided to Jewel by the
Georgia-Cumberland Conference Audit Team. Created by Linda McCabe.