How to Record Nonprofit's Restricated and Unresticated Funds Using Bank Deposit
Welcome to QuickBooks Online for nonprofits. My name is Ufuoma Ogaga, I am the owner of Goshen ... bookkeeping & Consulting. I am a Financial Controller and a QuickBooks ProAdvisor ... helping nonprofits to increase profitability one mission at a time. In today's tutorial, I will show you how to record ... bank deposits in QuickBooks Online. Before you record your physical Bank deposits or ... your mobile check scanned deposits in QuickBooks ... Online, you need to create two ... separate deposits slips or make the deposit in your physical bank as two separate transactions. Once you do that, you have to come into ...
QuickBooks Online to replicate the same process. The reason why you are separating it as two separate ... transactions is because your tracking the restriction of your ... donation using location tracking in QuickBooks. So you're tracking whether your donations are restricted ... or whether they are unrestricted. Now to create a bank deposit in QuickBooks Online, you will click on the Quick Create plus icon. And then select Bank deposits. Now, this is the bank deposit screen. Here you will see all the payments as well as the ... sales receipt that you have entered inside of QuickBooks Online. Select a checking account to make the deposit to. Select the deposit date. Under where it says "show payments for this division" filter by without donor restrictions. So it will show you all of the deposit under that particular location.
Check the box next to customers that you want to make the deposit for. Since I have a Vanco Payment Solutions which is a ... third-party merchant processor, I need to record the fees that comes out of the gross ... amount for the transaction before it gets to the bank ... account. So here, I'm just creating a vendor name that just says bank ... charges and merchant fees. You can call this vendor ... name Vanco fees or PayPal fees. Here I am creating a vendor name. Then, I'm going to select my ... existing bank charges expense account. In the description, I am going to answer ... merchant processing fees or you can enter a vanco ... processing fees.
Or PayPal processing fees or any merchant processing ... name that you tend to use here. I'm selecting the same payment method that I have ... at the top and I'm copying the reference number again from ... the top to the bottom. Here you going to enter a negative amount, which is the fee that came out of the gross transaction ... for this online giving and you are going to select the same ... class that used for the online giving in this screen. At the bottom, you can enter a memo in the memo field like you know if ... you have a bank deposit reference number, you can enter that in the memo. The "cash back goes to" field can be used if you ... withheld petty cash, from you physical deposit, you can enter. At the bottom where it says attachments, you can drag-and-drop a copy of that deposit that you ... are recording into that field.
So once you go through everything, you can print a copy of this deposit, make it recurring and click save and close or click save ... and new.I will click save and new. To record the second deposit, I am going to switch my ... location to with donor restrictions. And I'm going to check the box for the check that I ... entered before. I will leave the checking ... account and the dates the same. At the bottom I don't have to answer any merchant fees, so I'm going to leave that blank. And you can enter a memo if you want to in a memo field. You can add an attachment. I don't need to add any one ... of those two items, so I am going to click save ... and close to save this deposit.
How to Record Nonprofit's Restricated and Unresticated Funds Using Bank Deposit
QuickBooks Online to replicate the same process. The reason why you are separating it as two separate ... transactions is because your tracking the restriction of your ... donation using location tracking in QuickBooks. So you're tracking whether your donations are restricted ... or whether they are unrestricted. Now to create a bank deposit in QuickBooks Online, you will click on the Quick Create plus icon. And then select Bank deposits. Now, this is the bank deposit screen. Here you will see all the payments as well as the ... sales receipt that you have entered inside of QuickBooks Online. Select a checking account to make the deposit to. Select the deposit date. Under where it says "show payments for this division" filter by without donor restrictions. So it will show you all of the deposit under that particular location.
Check the box next to customers that you want to make the deposit for. Since I have a Vanco Payment Solutions which is a ... third-party merchant processor, I need to record the fees that comes out of the gross ... amount for the transaction before it gets to the bank ... account. So here, I'm just creating a vendor name that just says bank ... charges and merchant fees. You can call this vendor ... name Vanco fees or PayPal fees. Here I am creating a vendor name. Then, I'm going to select my ... existing bank charges expense account. In the description, I am going to answer ... merchant processing fees or you can enter a vanco ... processing fees.
Or PayPal processing fees or any merchant processing ... name that you tend to use here. I'm selecting the same payment method that I have ... at the top and I'm copying the reference number again from ... the top to the bottom. Here you going to enter a negative amount, which is the fee that came out of the gross transaction ... for this online giving and you are going to select the same ... class that used for the online giving in this screen. At the bottom, you can enter a memo in the memo field like you know if ... you have a bank deposit reference number, you can enter that in the memo. The "cash back goes to" field can be used if you ... withheld petty cash, from you physical deposit, you can enter. At the bottom where it says attachments, you can drag-and-drop a copy of that deposit that you ... are recording into that field.
So once you go through everything, you can print a copy of this deposit, make it recurring and click save and close or click save ... and new.I will click save and new. To record the second deposit, I am going to switch my ... location to with donor restrictions. And I'm going to check the box for the check that I ... entered before. I will leave the checking ... account and the dates the same. At the bottom I don't have to answer any merchant fees, so I'm going to leave that blank. And you can enter a memo if you want to in a memo field. You can add an attachment. I don't need to add any one ... of those two items, so I am going to click save ... and close to save this deposit.
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