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ALG4
Level 1

Entering donations

We use an online platform for donations. Then, the donations are transferred to our bank via a 3rd party. I'm not sure how to enter the donations. What I did was enter them as a Sales Receipt into undeposited funds. I needed to move them out of undeposited funds into the income account and have the amount match the 3rd party transfer so I could reconcile the bank statement. I did this with a journal entry. I can see that this is incorrect as all of the journal entries are waiting as deposits. 

I linked out bank account and have the same problem - the 3rd party transfers do not match with the weekly donation sales receipts that I am entering. Can anyone help? Thank you

Solved
Best answer October 14, 2021

Best Answers
Rasa-LilaM
QuickBooks Team

Entering donations

Thanks for dropping by the Community today, ALG4.


I’m here to help and guide you on how to properly record your donation. We’ll have to delete the journal entry and then deposit the donation to the correct bank. This is to ensure you can easily match the transaction.


To remove the entry:   

 

  1. In your company, choose the Accounting menu on the left panel to choose Chart of accounts.
  2. On the Accounting page, look for the account you created the journal entry.
  3. Click the View register link to see all the transactions added to the account.
  4. Find the journal entry in the account register. The word "Journal" should be in the Ref No. or Type column.delete je3.png
  5. Click on the entry to expand the line and press the Delete button.delete je2.png
  6. Press Yes to confirm the deletion.

 

Next, create a bank deposit. Let me share this article to walk you through the process: Deposit payments into the Undeposited Funds account in QuickBooks Online.


After performing all these steps, you can now match the deposit to the third-party transfer. For detailed instructions, check the following link: Categorize and match online bank transactions in QuickBooks Online.


I’m adding some articles below for future reference. These resources will guide you on how to track different types of donations in QuickBooks Online (QBO). From there, you’ll learn how to set up donation items for each category.

 

 

Additionally, this write-up provides detailed information on how to move funds using a check, transfer journal entry, and imported transactions: Transfer funds between accounts.


Drop a comment below if you have additional questions about tracking donations. I’m more than happy to answer them for you. Wishing you and your business continued success.

View solution in original post

4 Comments 4
Rasa-LilaM
QuickBooks Team

Entering donations

Thanks for dropping by the Community today, ALG4.


I’m here to help and guide you on how to properly record your donation. We’ll have to delete the journal entry and then deposit the donation to the correct bank. This is to ensure you can easily match the transaction.


To remove the entry:   

 

  1. In your company, choose the Accounting menu on the left panel to choose Chart of accounts.
  2. On the Accounting page, look for the account you created the journal entry.
  3. Click the View register link to see all the transactions added to the account.
  4. Find the journal entry in the account register. The word "Journal" should be in the Ref No. or Type column.delete je3.png
  5. Click on the entry to expand the line and press the Delete button.delete je2.png
  6. Press Yes to confirm the deletion.

 

Next, create a bank deposit. Let me share this article to walk you through the process: Deposit payments into the Undeposited Funds account in QuickBooks Online.


After performing all these steps, you can now match the deposit to the third-party transfer. For detailed instructions, check the following link: Categorize and match online bank transactions in QuickBooks Online.


I’m adding some articles below for future reference. These resources will guide you on how to track different types of donations in QuickBooks Online (QBO). From there, you’ll learn how to set up donation items for each category.

 

 

Additionally, this write-up provides detailed information on how to move funds using a check, transfer journal entry, and imported transactions: Transfer funds between accounts.


Drop a comment below if you have additional questions about tracking donations. I’m more than happy to answer them for you. Wishing you and your business continued success.

View solution in original post

Fiat Lux - ASIA
Level 15

Entering donations

@ALG4 

Which online platform are you using to accept donations?

Which 3rd party solution are you using to transfer the donations to your banks?

ALG4
Level 1

Entering donations

Planning Center for online donation. They use Stripe for the 3rd party transfer.

ALG4
Level 1

Entering donations

Rasa-LilaM  - Thank you for your detailed reply.

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