How do you track donations in QuickBooks?

[@sosherose]

My church recently switched to Quickbooks and watching this video, along with a few others, really helped onboard me. Thanks for creating!

[@JeffPospisil]

You're welcome!

[@antoinycemathis]

Thank you so much! Very helpful video. Our church recently switched to Quickbooks - lots to learn, but this video has been awesome!!

[@JeffPospisil]

Thanks!

[@jensngerj]

Great video, Jeff. It answered a few questions I had. Wondering how you match the donations when you download your bank feed and the deposit is a large amount of donations from multiple donors.

[@JeffPospisil]

I'm currently in the process of resetting up my QuickBooks Online so I'm doing this by memory. In your banking, if you go to "Find Match," you can then select multiple transactions to match against the bank deposit.

[@deanmielke8686]

Thanks for the info. I am wanting to migrate QB desktop to QBO for several reasons: 1) As the treasurer, we are working remotely and 2) accessing the office desktop remotely is cumbersome, slow and frustrating when multiple folks are attempting access at the same time. QBO seems like a good solution but I have been told of two issues when watching an older youtube video: 1) you can't track fund accounts and 2) you can't customize thank you letters (receipts). The last issue I am focusing is on the ease of bank reconciliation. I am not sure how that works if we post invoices individually. God Bless.

[@JeffPospisil]

I have really enjoyed QBO. There are work arounds for fund accounts...similar to the desktop version (kzbin.info/www/bejne/oHu9i4tsj82ghKs). We had separate donor software so I still have a lot to learn about that side of QBO.

[@bethherring6765]

First, thank you so much for all the information! I have watched and am still using your videos as I am working on setting up a nonprofit. Totally unrelated, but what is your opinion on integrating QBO with our website landing/donation page and adding PayPal as an option. I am NOT a CPA or a software guru, but the integration seems easy but I have board members who are worried about the security.

[@JeffPospisil]

I'm not worried about security. We use Kindful and Vanco through our websites which enforce good security. I would guess most service providers do that because their reputation is at stake as well. I have not done much integration. I would love to learn more about this too just to avoid some data entry. In short, providing the service is great. Integrating will be the difficult part.

[@bethherring6765]

@@JeffPospisil Thank you for responding. I have not integrated PayPal or QBO with MailChimp yet, but I did watch a KZbin and it seems pretty simple. I'll let you know when I have completed the integration and if I find any helpful tips. Thank you for sharing your knowledge. These kind of projects raise my anxiety. You do a great job simplifying each task.🙂

[@janellehopkins6096]

Thank you, Jeff! How do you enter cash donations that have no person to give a sales receipt to?

[@JeffPospisil]

Good question! I'm glad you found the answer.

[@noreendavidson8037]

Hello Jeff, Thank you for this beneficial video. It answered quite a lot of the questions I had. I have just started using QuickBooks 2023 online and would like to know the step-by-step process to acquire tax-deductible receipts for donors. My bank account is connected to QuickBooks so all transactions have been automatically pulled into the QB account and categorized. Should I manually enter the bank transactions for each donor in QB under Product/Services in order to pull a receipt? Would that create a double entry in the account? Thank you for your help.

[@JeffPospisil]

What I do is manually enter donations as Sales Receipts. I then wait for the Deposit to clear the bank and sync with QuickBooks. I then can Find Match, and, assuming I entered the amounts correctly, it should match the Deposit from the bank with all the related Sales Receipts.

[@chipcaldwell67]

Thanks for sharing. We are just converting to QBks Online & considering whether we need to purchase other software to track pledges.

[@JeffPospisil]

No problem. I hope that someday QuickBooks puts some work into making pledges and donations easier to track. Until then....

[@leilanireid5093]

Thank you for this video, we are just getting started moving from Quickbooks Desktop to Quickbooks online and the decision was made not to migrate the 20+ years from the desktop. When entering donations, I have entries that are split between specific ministries. Do you have a video on how to split the donation?

[@JeffPospisil]

This video may help: kzbin.info/www/bejne/qWaqfpx6qdSYrJI Around the 6:30 mark, I enter an electronic donation where I enter the fund as well as fees. This same process could have been used to record a donation to two different funds. I hope this helps!

[@garyhull]

Under Advanced>Other preferences....it doesn't give me the option to change label from CUSTOMERS to DONORS.

[@JeffPospisil]

What version are you using? I use the Plus version of QuickBooks Online. Not sure if that makes a difference or not.

[@BarefootLady2]

Thank you

[@JeffPospisil]

You're welcome

[@gisseldiaz8124]

OK thank you for the video very informational, question can the donors be the members of the church that way at the end of the year I have the statement ready? thank you for the answer

[@JeffPospisil]

Yep. That's what I would do. There is a way to classify donors too if you want to keep members separate from one-time visitors. I go over that in a webinar: kzbin.info/www/bejne/p5TSi3ScgJqEo68

[@anthonyfranciscosr]

Thanks, Jeff. I'm transferring from Peachtree mid-year in May, setting up my accounts and beginning balances. How do I enter the donor's donation balance?

[@JeffPospisil]

Hey Anthony, When I've switched over, it's usually been from QuickBooks Desktop to QuickBooks Online. That worked slick. In your case, I've never switched from Peachtree before. I would start by going to Settings >> Import Data. At the bottom, there is an Import from Peachtree. Sorry I'm not more help.

[@CibusMission]

great info

[@JeffPospisil]

Glad it was helpful!

[@tronchaser2u63]

How would i do this for the desktop version of QB? all the menus are different... We don't want people's financial details to be online...

[@JeffPospisil]

I have limited experience with the desktop version so this may not be as helpful. To setup your donation categories, go to the Lists Menu and select Items. I think it's then on the bottom left that you choose New Item. Once your donation "services" are entered, you can record donations. I think on the main screen in the customer area, there is a "Receive Payment." You would then enter each donation as a receipt with the donor as the payee. After you enter in all the "Payments," you can go to the next icon on the main screen..."Bank Deposit." In the Online version, you just check al the payments received until it adds up to the amount of the deposit. I hope it's similar in the Desktop version.

[@ccafKhmer]

Hello Jeff, my QuickBooks version cannot change Customer to Donor.

[@JeffPospisil]

I just found out about a week ago that this feature seems to only be available in the US version. I was working with a Canadian church, and the option is just missing.

[@ccafKhmer]

@@JeffPospisil thank you so much for your great works!

[@MyBuddyC]

Question: Does "Customer" or "Donor" populate automatically when you enter the donors name as Payee on the Banking section before ever importing into the bank ledger and/or will it populate if done on the bank ledger (entering the donors name as source of income)?

[@JeffPospisil]

Unfortunately, it doesn't automatically populate. You're going to end up with people in two places. I also think that the names may need to be slightly different (e.g. Jeffrey Pospisil vs Jeff Pospisil).

[@jmiller2030]

How do I record donated stock. Someone donates 4k worth of stocks. I need to show that in my brokerage account as what cost basis? My brokerage account doesn't provide a cost basis at the time the stocks are received they show that i have a set amount of shares and they give me the current value so I may thank the donor. So I also need to show on my books their 4K worth of donated stock so they can write it off. I notice on my brokerage statement when I sell the stock a cost basis pops up and a long term cap gain shows up. So how is that handled especially since at the time of receipt the brokerage did not show a cost basis they show me 45 shares in and the value is 4K and the cost basis column is empty.

[@JeffPospisil]

For the value of the stock, you're going to need to look at the high and low on the date it was transferred and average these numbers. That is technically the fair value of the stock gift to record. When it's sold, there will be a difference between this amount and the cash received. Some of the difference will be fees, but the rest will be gain/loss on investments.

[@lydamcpherson9480]

I have a church member who purchased supplies, submitted a receipt marked "donation." How do I, or can I, track this in quickbooks?

[@JeffPospisil]

Good question. Normally I would not use Quickbooks to track this. I would just give her receipt like you get from Goodwill. I have an example of a non-cash receipt here: www.dakotasumc.org/finance-and-benefits/finance/finance-and-adminstrative-resources As I think about it, you probably don't even want to use Quickbooks because you would have to assign a value which I try to avoid for non-cash donations. It can cause issues as you are basically providing tax advice.

[@volunteercoordinator9797]

can you customize the statement and rename it as Tax Receipt, and add the required information for charitable tax receipts?

[@JeffPospisil]

I'll have to do a future video on this.

[@chytealthedeal]

@@JeffPospisil Have you done a video on this yet?

[@JeffPospisil]

@@chytealthedeal, Unfortunately, I haven't. Thanks for the reminder to look into this.

[@d.shannon261]

I always fear that the statements will go to all the donors instead of just the one donor receiving his one statement. Because of that, I send them one at a time. Ugh.

[@JeffPospisil]

I'm wondering if using "Donor Types" would make it easier? I usually send statements to everyone. I'm setting up a new type as "Statements" to see if that makes it easier to filter.

[@tyjampetway9867]

I don’t get the option to do new transactions

[@JeffPospisil]

I wish I would have filmed that better. I think be default there is a "Save and send" shows there. If you click the little arrow to the right. It let's you choose "Save and new." That button will stay like that for the entire batch saying "Save and New" so you don't have to keep going to that little arrow.

[@gisseldiaz8124]

Anyone that can please advice or help me how to set up accounting for my church. I want to doing the accounting for my church and not sure how to start with quickbooks, any advice?

[@JeffPospisil]

Hey Gissel, at my website (jctaccounting.com/) there is a place on the far right to setup a consultation. This is currently a free service. I might be able to provide some guidance.

[@kearstinwalztoni]

How do you start a new year of receipts without 2021 showing up on the prints?

[@kearstinwalztoni]

And start a new total amount for 2022 only

[@JeffPospisil]

Hey Kearstin, I'm on the road now but will get back to you later this week.

[@JeffPospisil]

Hey Kearstin, if I'm understanding you correctly, the 2021 pledge is still showing up because they didn't pay their pledge in full? What we've done is adjust the initial pledge amount to the amount actually paid. It's kind of a pain, but I'm not sure there's another way to do it.

[@kearstinwalztoni]

@@JeffPospisil Hey Jeff, I made transition receipts of donors to keep track of Donations only, and printed them for yearly tax contributions. I want to use the same donors and keep track of now 2022 yearly donations, without the 2021 donations showing up

[@happydonkeyofjesus6431]

What if i have both donor n customer types?

[@JeffPospisil]

I do to. I chose to use "Clients" as it sounded somewhat in between. Not sure if that will work for you or not.

[@jennyalonzo7034]

is that statement the same as sending a donor statement?

[@jennyalonzo7034]

also can u edit that to put in thank notes etc?

[@JeffPospisil]

Correct. Donor Statement or Year End Giving Statement. There is a place to edit the statements, but my Quickbooks Online seems to be down right now. You should include the IRS language..."no goods and services received as a result of this gift besides intangible religious benefits."

[@JeffPospisil]

kzbin.info/www/bejne/Z6Hcg2ZtqtyppqM this one seems to give some good info on customizing the statements.

[@jennyalonzo7034]

@@JeffPospisil thanks jeff

[@LAMA]

anyway yuu can share your chart of accounts that you made or used for this ?

[@JeffPospisil]

I think it was pretty similar to this one: www.dakotasumc.org/media/files/old/00/Conference/Finance/StewResrces/QuickBooks_Online_COA_Sample_File.xls

[@LorenDuPuy]

@@JeffPospisil Jeff, I consider your video and your replies to be a "God send" to me. Thank you on behalf of anaheimumc.org. (You won't see me on their websight. I am a "volunteer" on the steep end of the QB Desktop learning curve.)

[@JeffPospisil]

@@LorenDuPuy, Thank you for the feedback, Loren.

[@johannacl120]

I need help in setting up quickbooks for a church do you have a phone number that I can call to ask questions

[@JeffPospisil]

Hey Johanna, my number is 605-630-2897.

[@johannacl120]

Thank you Jeff

[@bucksauvageau]

🥿👞👟🎽👔👕🥻👗👘💃

[@JeffPospisil]

Yep