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Join nowDonations posted in QBO via bank feed net of e-giving processing fees. Fees have not been entered at all during the year. Bank reconciliations were done without accounting for e-giving fees. Therefore, both the donations and fee expense under reported. What is best way to correct the donation and fee accounts now at year end in QBO and bank reconciliations are done? What is best way to account for the fees going forward and adjust the bank feed amounts, which are under reported? The nonprofit tracks the full donations in a separate software.
Hello and welcome to the QuickBooks Community, Sheila221.
I'll be happy to help. In QuickBooks Online, editing or adding a transaction to a reconciled period can cause discrepancies to the account. You can undo the reconciliation for that period and add the service or processing fee in the Reconcile window.
With regard to fee account, we have the Bank Charges. This is an expense account where you can post charges received from customer donations. However, I'd still recommend consulting with your accountant for advice. This is to make sure your reports are accurate.
To undo a reconciliation, I'd like to verify, are you using the accountant version of QuickBooks Online? If so, you have the option to undo it entirely.
Here's how:
Please see this sample screenshot for a visual reference:
You can check this article for reference: Undo a client’s reconciliation in QuickBooks Online Accountant.
For the regular version of QuickBooks Online, you'll have to manually undo each transactions in the bank register. The instructions are found here: Undo or remove transactions from reconciliations in QuickBooks Online.
Once done, follow these steps to add the fee:
The other way of including a bank fee is to edit the deposit and add the amount under Add funds to this deposit section. Here's a link for more details: Record and make bank deposits in QuickBooks Online. Go to the Include bank or processing fees section.
Finally, reconcile the account again.
Should you have more questions about your QuickBooks Online account, Just leave a reply below and I'll get back to you as soon as I can. Thanks for dropping in and take care.
Thanks for your reply. I think I should add some clarification to my issue. The e-giving fees relate to hundreds of individual donations deposited net of those fees (Givelify app deducts fees before depositing donations). All months for prior year have been reconciled but the fees and donation revenue are understated. If I understand correctly, the recommended approach would involve undoing every month's reconciliation - since each donation deposited is net of fees this would involve an enormous task. We know the total cumulative fees charged by Givelify for the year. Is there another approach we can take? What is best way going forward for each month? Again, thanks for any followup response.
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