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NextStepMinistry
February 14, 2023
Question

Updating transactions to show in quickbooks

  • February 14, 2023
  • 1 reply
  • 0 views

Hi All,

 

I have taken on the accounting for a non profit ministry.  When the information was handed off to me they told me to just take the bank statements and record the deposits and checks that way.  As I am going over things I can see that someone had actually been recording the transactions using the donations (sales receipt) method until the end of 2020.  So, I would like to go back and actually record the transactions to the donors so I can get started doing things right.  There have not been any expenses recorded for the fees that Stripe takes and I am trying to get accurate records to apply for some grants.  

Does anyone have any suggestions on the simplest way to update the donor records in QB for the last 2 years to reflect the actual income/expenses.  I have all the checks and credit cards donation information as well as bank statements just not sure where to start.  Any help would be so appreciated

1 reply

M
Mich_S
February 14, 2023

Hello there, NextStep. I'd like to share some ideas about updating transaction information in QuickBooks Desktop.

 

At the moment, you can only manually edit donations from prior years. Locate the transactions you wish to update. Ensure that you have the correct dates to avoid further errors. I'd also agree to use your bank statement as a basis to begin.

 

Then, open the existing sales receipt and make sure to select the Undeposited Funds in the Deposit to field, not a bank account.

 

 

 

After that, record a bank deposit and add the Stripe fees as a negative amount.

 

  1. Go to the Banking menu and select Make Deposits.
  2. On the Payments to Deposits window, choose the sales receipt.
  3. Click on OK.
  4. Enter the negative amount under the Amount column.
  5. Once finished, click on Save and Close.

 

You may follow the same steps above to achieve the task. Just make sure to indicate on the Received from area where the money is coming from.

 

For more details about handling deposits, see this: Record and make bank deposits in QuickBooks Desktop.

 

Keep in touch so we can help you further about how to manage grants, fees, or QuickBooks in general. Stay safe.

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