Hello. We are a Faith-based company and our entire budget is funded from contributions from churches in our association. We have Quickbooks Desktop Pro 2019. I made my first deposit using Receive Payments. When I review the deposit in the register, it shows the account the deposit is coming from is Undeposited Funds. Is that correct? Is Receive Payments the best method with which to enter contributions (no invoices) for deposit?
Good day, @tcba2016,
I appreciate the time you've given checking this with our forums. I can share some insights on how to record your contributions correctly in QuickBooks Desktop.
Using the Receive Payment option without an invoice creates a positive A/R balance or credit for that donor or customer. To account the contribution correctly, you'll need to add an invoice first before receiving payments. Note: Before you start, please make sure the Donors or Members are added in the Customer Center.
Here's how to record donation as an Invoice
To receive payment:
If you don't have the Deposit To field on your transactions, it's possible that the Undeposited Funds is your default deposit account. To turn off this preference, follow the steps below:
You can also use the following method:
Record donation as a Sales Receipt
Record donation as a Bank Deposit
That should get you pointed in the right direction, @tcba2016. Please update me if you have any questions with the steps or if you encounter any issues along the way. I'm here to lend you a hand. Have a great day!
Thank you so much for the input. I was hoping to not have to create more work by having to create an invoice, but if I must, I must.
I will try this out and see how it goes!
It's nice to have you back, @tcba2016,
You're welcome with the steps. I'm glad I came across your post and provide assistance with recording your donations.
Just in case you need reference with the steps, I've added here some related articles for you:
If I can be of further assistance, please let me know by posting a comment below. I'll be keeping an eye out for your response. Best regards!