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Volunteer Treasurer
Level 3

Pledge Payments - How to match online banking transaction

Hello,

 

I followed these instructions to record pledges and payments from donors in our QB account. It worked great! https://quickbooks.intuit.com/learn-support/en-us/accounts-receivable/record-donations-received/00/1...

 

My question, though, is what do I do with the online banking transaction in the QB banking feed? We received this donation via PayPal. I don't see any way to match the transaction in the banking feed to the payment transaction that I created in our PayPal register. If I just add the transaction, then it will be a duplicate. 

 

Please let me know the best way to proceed. 

 

Thanks

Solved
Best answer November 28, 2020

Best Answers
Catherine_B
QuickBooks Team

Pledge Payments - How to match online banking transaction

Hello there, nirmana.

 

I do appreciate that you've performed the steps on how to create pledges and the payment. You have the option to exclude the bank downloaded transaction since you've already recorded the payment within QuickBooks and to avoid duplicates. 

 

Here's how to exclude a bank transaction:

 

  1. Go to the Transactions or Banking page and select Banking.
  2. Select bank.
  3. Locate the transaction and check the box beside it.
  4. Click Exclude

The transaction is now moved to the Excluded tab.

 

If you want to match them, just ensure that the payment you recorded is in the same bank the deposit was downloaded in your bank feeds. Also, the date range in the Match transactions window from the Banking page is within the payment you recorded the payment. 

 

For more details on how to manage bank transactions, you can read the Categorize and match online bank transactions in QuickBooks Online link. 

 

Let me know if you have other questions. Take care!

View solution in original post

6 Comments 6
Catherine_B
QuickBooks Team

Pledge Payments - How to match online banking transaction

Hello there, nirmana.

 

I do appreciate that you've performed the steps on how to create pledges and the payment. You have the option to exclude the bank downloaded transaction since you've already recorded the payment within QuickBooks and to avoid duplicates. 

 

Here's how to exclude a bank transaction:

 

  1. Go to the Transactions or Banking page and select Banking.
  2. Select bank.
  3. Locate the transaction and check the box beside it.
  4. Click Exclude

The transaction is now moved to the Excluded tab.

 

If you want to match them, just ensure that the payment you recorded is in the same bank the deposit was downloaded in your bank feeds. Also, the date range in the Match transactions window from the Banking page is within the payment you recorded the payment. 

 

For more details on how to manage bank transactions, you can read the Categorize and match online bank transactions in QuickBooks Online link. 

 

Let me know if you have other questions. Take care!

Volunteer Treasurer
Level 3

Pledge Payments - How to match online banking transaction

Hi Catherine_B,

 

Thanks for your reply. That was helpful. I discovered that I wasn't applying the payment to the same bank account the deposit was downloading into. Fixing that solved the problem. 

 

Take care,

Nirmana

 

bhretreatcenter
Level 1

Pledge Payments - How to match online banking transaction

Do you need to make a sales receipt for a pledge payment?

AbegailS_
QuickBooks Team

Pledge Payments - How to match online banking transaction

It's nice to see you here in the Community, @bhretreatcenter.

 

Yes, you can create a sales receipt if pledge payment is on the spot.

 

If it will be paid on a later date and invoice is already created you can use the receive payment option.

 

To record the pledge you can follow the steps below:

 

First, record the donation.

  1. Click+ New. Then, select Pledge.
  2. Choose Customize, then choose your donation template.
  3. Make sure to select the donor and the donation item you set up.
  4. Select Save and close 

 

Once you receive the donation, record the receipt.

  1. Select + New. Then, select Receive payment.
  2. Choose the donor and update the payment date.
  3. Click the Payment method ▼ dropdown, then choose how you receive the donation.
  4. Select the Deposit to ▼ dropdown, then choose where the donation is going.
  5. Click the checkbox for the pledge, then Save and send if you want to email your donor a receipt of the donation.

 

For more tips about recording payments in QuickBooks, you can open this article: Record invoice payments in QuickBooks Online.

 

You can check out this article for more details about the process: Track funds you receive from donors in QuickBooks Online

 

Please feel free to get in touch with me here for any additional questions, I always have your back. Thanks for dropping in and have a great weekend!

bhretreatcenter
Level 1

Pledge Payments - How to match online banking transaction

Thank you, Abegail. My understanding is that a pledge is the non-profit version of an invoice. I don't think there is a way or a need to convert it. My issue seems to be in the way payments are applied--if the deposit downloaded and is matched--it works fine. If the deposit is added manually then matched, it becomes a duplicate. If I exclude the transaction in my checkbook register, it is thrown off, but if I include it, the income is duplicated on my P&L statement.

MaryLandT
Moderator

Pledge Payments - How to match online banking transaction

I've got the steps to ensure that the manual deposit won't create a double entry on your register, bhretreatcenter.

 

The invoice should remain open if you choose to manually add a deposit. That way, you'll be able to link these two transactions and only one entry will appear on the checkbooks register.

 

For the deposit, here's how you enter it:

 

  1. Click + New, then Bank Deposit.
  2. From the Account ▼ drop-down, choose the account you want to put the money into.
  3. Go to the Add funds to this deposit section
  4. From the Received From ▼ drop-down, and enter the customer the deposit was from.
  5. From the Account ▼ drop-down, select  Accounts Receivable.
  6. Click Save and Close.

 

After making a deposit, link it to the invoice. Here's how to do it:

  1. Go to Sales, then Customers.
  2. Open the customer's profile and proceed to the Transactions List tab.
  3. Find the invoice, then click Receive payment.
  4. In the Outstanding Transactions section, select the invoice you need to mark as paid.
  5. Under Credits, mark the deposit.
  6. Click Save and Close.
     

You can also navigate the Receive payment from the + New menu and record the transactions from there.

 

I'm adding these articles to learn more about the process:

 

 

To help ensure your bank accounts have accurate records, always reconcile them so there aren't any duplicate transactions.

 

Keep me posted if you have follow-up questions about recording payments in QuickBooks. I'm always right here to help you.

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