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bmcc1200
Level 3

Compiling Donations for Meaningful Deposits

St Vincent de Paul is a non profit.  We receive several checks each week and right now are entering them as sales receipts.  Whether they are sales receipts or receipts I don't think makes any difference to our books.  To us they are donations.  We take money in and we distribute money out.

 

Our challenge is reconciling.  When we go to the ATM and deposit 5-20 checks, we get a print out of each check on the tape, but out monthly bank statement has only the total, say $1000.  

 

Each of the donation checks is entered as a single sales receipt because it has to be coded to that individual.  That means that there are 10 check entries for this 1000 deposit which isn't bad, but we have 40-60 of these to match up in a month.  What I am hoping this very resourceful community can provide me is some sort of tool or other entry methodology that allows me to make one deposit entry in QB such that I can allocate the sum of these donations allocated to each individual donor within that deposit.  I visualize this similar to writing a check to the utility company for 1000 with 10 different individual client whose utility bills we paid 100 each.  Hope this is not too confusing.  Thanks in advance for any input on this subject.

Solved
Best answer December 09, 2020

Best Answers
JonpriL
Moderator

Compiling Donations for Meaningful Deposits

Hello @bmcc1200,

 

You can use your undeposited funds account so you can group your donations before recording deposits into your bank. Let me show you how.

  1. Go to the +New button.
  2. Under CUSTOMERS, select Sales receipt.
  3. Select a customer from the Customer menu.
  4. On the Deposit to menu, select Undeposited Funds.
  5. Enter the donation and the amount.
  6. Click Save and Close.

Once you entered all of your 10 donation transactions, you can record them as a single deposit. To do so:

  1. Go to the +New button.
  2. Under OTHER, select Bank Deposit.
  3. Select your bank account on the Account menu.
  4. On the Select the payments included in this deposit section, select all your 10 donation transactions.
  5. Click Save and close.

In addition, here's an article you can read to learn more about how you can use your undeposited funds account: Learn how to put payments into the Undeposited Funds account before you combine them into a deposit.

 

Lastly, I've also included this helpful article for the steps in reviewing a bank transaction and other functions you can use: What are account registers in QuickBooks Online?

 

If there's anything else that I can help you with, please let me know in the comments below. I'll be here to lend a hand. Stay safe and well!

View solution in original post

4 Comments
JonpriL
Moderator

Compiling Donations for Meaningful Deposits

Hello @bmcc1200,

 

You can use your undeposited funds account so you can group your donations before recording deposits into your bank. Let me show you how.

  1. Go to the +New button.
  2. Under CUSTOMERS, select Sales receipt.
  3. Select a customer from the Customer menu.
  4. On the Deposit to menu, select Undeposited Funds.
  5. Enter the donation and the amount.
  6. Click Save and Close.

Once you entered all of your 10 donation transactions, you can record them as a single deposit. To do so:

  1. Go to the +New button.
  2. Under OTHER, select Bank Deposit.
  3. Select your bank account on the Account menu.
  4. On the Select the payments included in this deposit section, select all your 10 donation transactions.
  5. Click Save and close.

In addition, here's an article you can read to learn more about how you can use your undeposited funds account: Learn how to put payments into the Undeposited Funds account before you combine them into a deposit.

 

Lastly, I've also included this helpful article for the steps in reviewing a bank transaction and other functions you can use: What are account registers in QuickBooks Online?

 

If there's anything else that I can help you with, please let me know in the comments below. I'll be here to lend a hand. Stay safe and well!

View solution in original post

bmcc1200
Level 3

Compiling Donations for Meaningful Deposits

JonpriL  Very clever!!  That will works perfectly.  Thank you and thanks for the other articles.

JonpriL
Moderator

Compiling Donations for Meaningful Deposits

You're always welcome, @bmcc1200!

 

I'm happy to know that you're able to accomplish your goal for today and share the resolution you need to finish your task.

 

Tag me (@JonpriL) in the comments below if you have any other concerns. Wishing you a joyful and safe end of the year. Enjoy the rest of your day!

bmcc1200
Level 3

Compiling Donations for Meaningful Deposits

This is a great solution.  Perfect for what we need.  Thank you!!

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