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calvarycincy
Level 1

How do I record tithes given through paypal ?

 
5 Comments 5
Anonymous
Not applicable

How do I record tithes given through paypal ?

Hello, @calvarycincy.

 

Thanks for posting in the Community. I'm here to help record your tithes in QuickBooks Online.

 

If you've already integrated you PayPal app to your QuickBooks Online account, you can now record the tithes you received by creating either a Sales Receipt or Invoice. Once you're done you can now match the transaction created in QuickBooks to the downloaded transaction from PayPal.

 

Let me route you to this helpful article for the detailed steps on how to record your tithes: How to record donations received.

 

Don't hesitate to let me know if you have other questions about recording your tithes. I'll be here to help.

calvarycincy
Level 1

How do I record tithes given through paypal ?

So it looks like Paypal only comes into the bank account when we transfer an amount over. Going forward I will look into Sync & connect, but for the last year, I need to figure out a way to quickly record tithes given through paypal.

1)People give through paypal ( I have monthly records of this from paypal)

2)Accountant transferred random amounts from Paypal into the checking account

3)I need to accept these deposit amounts and make sure each doner gets their credit

4) i need to account for paypal fees

5) there were some purchases made from paypal through out the year

 

Thanks for your help!

Connie

[removed]

 

 

Anonymous
Not applicable

How do I record tithes given through paypal ?

Hello, @calvarycincy.

 

It's nice to see you again in the Community. Let me help share some information about recording tithes given through PayPal. 
 

If sales or donations are given through PayPal, you'll just need to deposit that to the Undeposited Funds account. Then once you transfer the money from PayPal to your business bank, you can create a bank deposit and select sales/donation and then enter the PayPal Transaction fees/expense under the Account table. Please see attached screenshot below.

 

 

 

The Undeposited funds will serve as your PayPal account or money received that wasn't deposited to the bank yet.

 

Let me know if you have other questions about recording your tithes. I'm here to help however I can.

smzsoenen
Level 1

How do I record tithes given through paypal ?

Quickbooks is telling me I can't make a deposit into Undeposited Funds. 

ChristieAnn
QuickBooks Team

How do I record tithes given through paypal ?

Hi there, smzsoenen.

 

Welcome to QuickBooks Community and thank you for posting here about your concern. I'll share information about how making deposits and undeposited funds work in QuickBooks.

 

Let me start with how the Undeposited Funds (UF) account works.  Undeposited Funds account in QuickBooks Online serves a special function. it’s a special temporary account that QuickBooks uses to hold payments received from invoices before you deposit them into the bank. This workflow is especially important for QuickBooks users who don't process transactions through QuickBooks Payments and import payment data from external processing services. Some accountants call it "Cash on Hand." For additional information, you can click this article: What’s the Undeposited Funds account?.

 

Once you start recording a bank deposit and combine the payments in QuickBooks. All payments you put into the UF account automatically appear in the Bank Deposit window. With this, you're unable to make a deposit into Undeposited Funds because this is the time you'll transfer your income to combine transactions so your records match your real-life bank deposit. 

 

 

Please refer to this article to see detailed steps on how you can reconcile your accounts so they always match your bank and credit card statements and to avoid discrepancies: Reconcile an account in QuickBooks Online.

 

Feel free to drop by again if you have additional questions about features works in QuickBooks. I'm always here to answer them for you. Have a great day!

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