How to Track Funds Received from Donors in QuickBooks Online?

It’s simple to monitor the funds you get from donations if you manage a nonprofit organization. You can document and […]

Voiced by Amazon Polly

It’s simple to monitor the funds you get from donations if you manage a nonprofit organization. You can document and keep track of a contribution as a deposit or a sales receipt, depending on how you receive it. In this article, we will delve into the methods how you can track funds received from donors in QuickBooks Online.

Save Time, Reduce Errors, and Improve Accuracy

Dancing Numbers helps small businesses, entrepreneurs, and CPAs to do smart transferring of data to and from QuickBooks Online. Utilize import, export, and delete services of Dancing Numbers software.

Steps to Track Funds You Receive from Donors in QuickBooks Online

Follow the below mentioned steps to track funds you receive from donors in QuickBooks Online:

Step 1: Creating an Account for Fund Donations

To keep track of the funding you get from contributors, You have to Create an Income Account in your chart of accounts.

  • You have to Navigate to Settings and opt for Chart of Accounts.
  • You have to choose New to create a new account.
  • Select an account type from the Account Type menu.
  • Choose the detail type that best suits the transactions you wish to track from the Detail Type selection. Study the various detail types.
  • You have to provide your new account with a suitable name. In this regard, You can take the help of the detail type description to create the name that perfectly defines what you are tracking.
  • You have to add a description.
  • Choose is sub-account before entering the parent account if this is a sub-account of an existing account.
  • Let’s check that your QuickBooks account matches your actual bank or Credit Card Account now. Determine the start date for your financial tracking. Enter the account’s balance and the as-of-date in the Balance column. If you want to start tracking currently, use the present day’s date.
  • Once through with the process, Choose Save and Close.
  • You have to ensure to choose the Income for the account type. And you have to opt for the Non-Profit Income as the detail type.
  • You can name this account “Non-profit Income”.

Step 2: Creating the Fund Donation Item

You must choose a good or service while Creating a Sales Receipt. You can alternatively set up a non-stock segment because you only get paid in cash.

Each time a fund gift is made, You are not required to create a new item. To monitor fund donations from several donors, You often only need one item.

  • You have to opt for Products and Services under Get paid & pay.
  • Choose New.
  • Select Service or Non-stock.
  • You have to add a name. If you want to track the SKUs, You have to provide the SKU for the product.
  • Choose the category that best fits your product or service from the Category selection. Study up on item categories.
  • You have to select the checkbox that specifies that you sell a particular product or service to the customers. In case you do not sell the product, you should leave it unchecked.
  • You have to provide a description. This is what the customers will check on the sales form.
  • The Sales price/rate field must include a value. Note: You can leave the Sales price/rate data column empty if you bill clients on an hourly basis. When filling up the invoice or sales receipt, including the price.
  • Choose the account you wish to use to track the sale from the Income account selection.
  • Choose tax from the Tax dropdown if you need to track sales tax. Follow the instructions to set up sales tax in QuickBooks if you can’t see this dropdown.
  • Select Save and close when finished.
  • You can name this item ‘Non-profit Income‘.
  • You must not forget to use the income account you create in the above-mentioned steps.

Step 3: Adding the Donor as the Customer

You have to add the donor as a customer in QuickBooks if you have not already.

Step 4: Tracking the Fund Donation

  • To Acknowledge the donation, Create a Sales Receipt.
  • Next, Pick your contribution template by clicking Customize.
  • You have to fill up the receipt details. You have to ensure to opt for the donor and the donation item you set up.
  • Choose how to receive the gift after selecting the Payment method selection.
  • If you wish to send your donor an email acknowledging their donation, choose Save and send or Save and close.

How to Create a Bank Deposit?

You have to create a bank deposit if you wish to record the money donated to the organization.

Step 1: Keep Transactions in QuickBooks with a Bank Deposit

Put any invoice payments and sales receipts you want to combine, if you haven’t already, into the Undeposited Funds Account. The account takes into consideration everything before you record a deposit.

Step 2: Combining Transactions in QuickBooks with a Bank Deposit

In QuickBooks, Every bank deposit generates a unique record. For each of your deposit slips, make one deposit at a time.

  • Choose + New.
  • Choose the Bank Deposit.
  • Select the account you wish to deposit the money into from the Account menu.
  • For each transaction, You wish to combine, Tick the appropriate box.
  • Verify that the sum of the chosen transactions matches the amount on your deposit slip. You can very well use the deposit slips as a reference.
  • Choose Save and close or Save and new.

You just have to make sure that you opt for the donor and the revenue account you create for the donations.

The article highlights the methods one has to follow to track funds received from donors in QuickBooks Online. You also get to learn about the creation of a Bank Deposit.

However, If you cannot follow the steps, you should take the help of a professional QuickBooks expert. He or she will guide you through the process.

If you have further queries related to tracking funds received from donors in QuickBooks Online, you should get in touch with Dancing Numbers team via LIVE CHAT.

Accounting Professionals, CPA, Enterprises, Owners
Accounting Professionals

Looking for a professional expert to get the right assistance for your problems? Here, we have a team of professional and experienced team members to fix your technical, functional, data transfer, installation, update, upgrade, or data migrations errors. We are here at Dancing Numbers available to assist you with all your queries. To fix these queries you can get in touch with us via a toll-free number
+1-800-596-0806 or chat with experts.


Frequently Asked Questions (Faqs)

How to Remove a Payment from a Bank Deposit?

If you wish to remove the specific payment from the deposit, Then stick to the following steps:

Step 1: You have to navigate to Bookkeeping, Opt for Transactions, and then choose All Sales.

Step 2: Find the payment you wish to erase and then open it. The appropriate state is “Closed“.

Step 3: Uncheck the checkbox for the payment you want to remove.

Step 4: Select Save and new or Save and close.

How to Delete a Bank Deposit?

If you wish to delete a bank deposit, You have to adhere to the following steps:

Step 1: You have to navigate to Bookkeeping and opt for Chart of Accounts.

Step 2: Choose Account history after locating the bank account where you made the deposit.

Step 3: To gain additional information, Perform a search for the bank deposit and choose it.

Step 4: Decide to delete.

Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

Exports

Deletes

Deletes

Customization

Customization

Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

Technical Details

Easy Process

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Error Free

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

On-time Support

We provide round the clock technical assistance with an assurance of resolving any issues within minimum turnaround time.

Pricing

img

Importer, Exporter & Deleter

*See our Pricing for up to 3 Company Files

$199/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Unlimited Export
  • Unlimited Import
  • Unlimited Delete

img

Accountant Basic

*See our Pricing for up to 10 Company Files.

$499/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Importer,Exporter,Deleter
  • Unlimited Users
  • Unlimited Records
  • Upto 10 companies

img

Accountant Pro

*See our Pricing for up to 20 Company Files.

$899/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Importer, Exporter, Deleter
  • Unlimited Users
  • Unlimited Records
  • Up to 20 companies

img

Accountant Premium

*See our Pricing for up to 50 Company Files.

$1999/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Importer, Exporter, Deleter
  • Unlimited Users
  • Unlimited Records
  • Up to 50 companies

Dancing Numbers: Case Study

Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


Which file types are supported by Dancing Numbers?

XLS, XLXS, etc., are supported file formats by Dancing Numbers.


What is the pricing range of the Dancing Numbers subscription Plan?

Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

We provide you support through different channels (Email/Chat/Phone) for your issues, doubts, and queries. We are always available to resolve your issues related to Sales, Technical Queries/Issues, and ON boarding questions in real-time. You can even get the benefits of anytime availability of Premium support for all your issues.


How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

Get Support

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

Close X
Call Now+1-800-596-0806
Top