QBO #6: Entering Donations and Matching with Bank
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- čas přidán 1. 06. 2023
- Continuing my march through setting up QuickBooks Online
- Post on setting up QBO for Donations: jctaccounting.com/2023/05/26/q...
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I LOVE THIS VIDEO. This was exactly what I needed to solve my problem of bank transactions matching donations and not counting everything twice. Thank you! Simple request: could you put video numbers for the order of what to watch in the "Quickbooks for churches" playlist? I set stuff up out of order and it made my life harder for a bit. Thank you!!!!
Will do.
I’m currently using quick books to enter donations for my church. Was wondering if you could clarify how to add a new product/service? I replaced the old treasurer 2 years ago but was never taught how to add a new product/service.
Under Sales, you will find Products/Services. In the upper right, click the green New button. I usually use Service. Give it a name. I usually ignore Category & Class. Important: Income Account will be that account a donation hits for accounting purposes. Usually this is a revenue account or, for donor-restricted accounts, it may be an Equity account. Save and close.
Hello
How would you reconcile bank statement with some cash app expense and donation not recognize by the bank??
With one client, we setup Cash App as a bank account in QuickBooks Online. We recorded the donations and expenses directly to this Cash App account. When the money is deposited in a checking account, this was recorded as a Transfer from the Cash App account to the Checking account.
This video was very helpful. I am still unsure how to enter donations in QuickBooks after the entries have been pulled in from my bank account and categorized. Is a manual entry still required for each donor under the menu Sales/Product and Services/Donor?
This is related to your earlier question. I've tried to enter from Deposit screen, and it just doesn't work to get reports on donor giving. The only way I've found that works is by entering Sales Receipts. What I might try is waiting for the deposit to clear and Add the transaction from there. Not sure if that will work or not.
I found that doing the "sales receipts" for the donors first, then assigning the bank transactions with the 'match' button worked a lot easier!
Thank you so much for this information! When I add a donation as a sales receipt it shows as BOTH a payment and a deposit in the bank register. Which of course is making the amount in the General Fund incorrect. Any idea what I am doing wrong?
In the setup for the General Fund (under Product/Service), check the Income Account (on the bottom right). What this is really asking for is where you want the revenue recorded...not which bank account it will be going into. It should be something like "Offering" or "Donations".
Hello Jeff, Thank you for this video, it was very helpful. We are currently integrating Quickbooks in our Church. We are currently having problem with electronic donations made directly to the bank. Every time we attribute a transaction to a member, when we check under that member summary, there’s no amount. Can you please help me. Thank you!
So the big thing is that donations need to be recorded as a Sales Receipt. If you record it as a Payment, I think you need to create a Pledge.