I entered my donations in the 'Enter donations(Sales Receipt)' section. My goal was to create a receipt that I can mail to our donor's. I didn't think it would add to my figures. How do I correct this. My balance sheet is off. I also looked at the transaction detail and saw the undeposited funds. HELP
You can erase any donation (Sales Receipt) before you have recorded the deposit by going back to the Donation form(s) and click Edit-->Void Sales Receipt.
(As you probably already know) the Donation (Sales Receipt) form is where you want to record amounts given to your organization which might be income, expense reimbursements, designated gifts, etc. For each donation you assign the appropriate "Items" that people have given to...each item being associated to various accounts from your Chart of Accounts. The total amount of the sales receipt should exactly match what you plan to deposit into the bank.
It remains in an undeposited fund account until you record the deposit in Quickbooks (in the banking section on the home page). For instance, our church records the donations dated on Sunday...but do not record the deposit until Monday when the money is deposited and we have a corresponding deposit slip from the bank. We do this because as soon as you create a Donation (Sales Receipt) it makes the appropriate adjustments to our income, expense, or asset accounts. So if the last day of the month falls on a Sunday and the actual dollars are not deposited until the first day of the next month, Quickbooks will record the donation in the appropriate month's balance sheet and income statement.
If that did not answer your question please let us know more specifically what you are attempting to do.
-Brian
Thank you for the feedback Brian. The piece of the puzzle that I forgot to mention was that the donations are coming from our Google donation account online. Google is currently charging us 2.9% + $0.30 for every online donation. Therefore, the difficulty I face is the donation receipt (given to the donor) that I record will not match the deposited amount into our account. The question: How do I record the expense from Google on QB's? and will the sales receipt/undeposited funds match the account transactions?
Thank you in advance.
I am a bit hesitant to offer an opinion since I have not encountered this at our church...and my Nonprofit Edition of Kathy Ivens' book is loaned out at the moment. However, her recommendation in her QB for-profit edition is to enter the donation normally and then at the Record Deposit screen "In the first empty line below" the deposit you are making, "click the Account column and select the account to which you post merchant card fees." "Move to the Amount column then enter the fee as a negative number. Now the net matches the ammount that the merchant card company deposited in your bank account, and your merchant card expense has been posted to the general ledger."
So it sounds like she recommends creating a Transaction Expense account and entering the fees that are taken out (as a negative number) when you go to record the actual deposit.
Maybe check her NonProfit edition and see if she offers the same suggestion and let me know how it works out.
-Brian
Brian4414 is correct - when you create the sales receipt, make sure you're sending the payment to Undeposited Funds. Then use Make Deposit to move the funds to the bank. In the make deposit window, in the next line under the sales receipt total, create a new line. Select the expense account for the fee, and enter the fee as a minus figure. Don't enter a Name in the Name/From column. The transaction will give full credit for the full amount to the donor, post the fee, and put the right amount in the bank.
