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Join nowHello,
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! Go to Solution.
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:
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!
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:
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!
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
Do you need to make a sales receipt for a pledge payment?
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.
Once you receive the donation, record the receipt.
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!
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.
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:
After making a deposit, link it to the invoice. Here's how to do it:
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.
This helps, thank you! I have a couple of these deposits that were combined and therefore need to be split. I would need to exclude one item and not the other, but I can't seem to figure out how to exclude without excluding both items. Any additional thoughts will be helpful, thank you.
I think this could be a good solution to my issue. I don't however have the "receive payments" available as it has already recorded the payment through Quickbooks. Can I delete the payment and then manually receive the payment?
We're glad you've come into this forum, jessv23. Let me share additional insights to help you manage your deposits.
With this situation, you can directly go to your banking tab and have the Find Match option. Doing so will help you streamline the items associated with the transaction. Thus, you'll have to select all the invoice payments associated with it and ensure the difference amount must be zero (0).
Also, another option is to get back to your invoice payments and ensure Undeposited Funds are assigned to these payments. This will help you match the transactions and have them categorized in your banking feeds. To do this:
Furthermore, you can manually review all your transactions and run specific reports to help you get a detailed data on your business finances.
We'll get back to you anytime you need further assistance handling your accounts, jessv23. Please don't hesitate to keep us posted. We're here to back you up. Have a good one!
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