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Paid nonprofit credit card with personal charitable contribution. How do I link a sales receipt to the credit card payment?

Forum|Forum|6 years ago
March 30, 2020
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When I first set up my nonprofit, I paid our first two nonprofit credit card bills with my own personal money. I'm considering this a donation since I'm not asking for reimbursement from the nonprofit account. I entered a sales receipt for the amount along with the credit card payment date. When I try to "match" this, my sales receipt doesn't show up. The sales receipt is in Undeposited Funds. How do I resolve this?

QuickBooks Online

Best answer by MirriamM

Jane,

Thank you for your reply. I matched the Credit Card Credits to the transactions in my credit card list. That said, this still doesn't address how do deal with the Sales Receipt that is recording that the money provided to pay these bills is a charitable contribution. The original Sales Receipts are still sitting out in Undeposited Funds. How can this be resolved?

Hello again, @Count on Kids Finance. I appreciate your prompt response.

To zero out the balance of the Undeposited Funds account, you'd also need to deposit the sales receipt like what you've done on the credit card credit.

You can follow the steps provided above by my colleague @JaneD to complete the task.

Once done, check the Undeposited Funds account again if it now works.

Get back to me if you have any other follow up questions. I'd be happy to answer it for you. Have a great day!

Tori B

Hey there, @Count on Kids Finance.

I hope you're enjoying this beautiful day and staying safe.

To record that you paid a company expense, you'll want to do this using a journal entry. I've included the steps to record this below. Please have your accountant look over the steps to ensure this is the best course of action for you and your business.

1. Click the +New button at the top and choose Journal Entry.

2. On the first line, you'll select the expense account for the purchase.

3. Enter your amount in the Debits column.

4. The second line you'll choose Partner's equity or Owner's equity.

5. Enter the same purchase amount in the Credits column, then Save and Close.

Check out: Pay for business expenses with personal funds for more details.

Please let me know if there's anything else that I can do for you. I'm here to help you every step of the way. You can always reach out to the Community or me anytime you find you have questions or concerns. Take care!

C

Count on Kids FinanceAuthor

Thank you for your response. This doesn't seem to address the Sales Receipts that I entered to record the "charitable donation" that I made to pay the credit card bills. How do I "match" those to the payment so that the Sales Receipts don't just sit out in Undeposited Funds forever? So, just to reinterate what I'm trying to accomplish;

Problem:

I paid for the first two nonprofit credit card payments out of my personal funds AND I do not want to be reimbursed for these payments. Essentially, these are charitable contributions that I made to the nonprofit organization. I created two Sales Receipts to reflect the "charitable contributions" that I made to pay these credit card bills. I want to match the Sales Receipts (Undeposited Funds) to the payments made to the credit card.

Please note that when I click "match" for the credit card transactions, the Sales Receipts do not show up.

Thanks in advance for your support.

G

GlinetteC

It's good to have you back here, Count on Kids Finance.

I can help you share additional information about matching the Sales Receipts. Let's make a Bank Deposit to move the money from the Undeposited Funds to your account.

Here's how to do it:

Go to + New icon.
Select Bank Deposit.
Under the Account drop-down menu, select an account you want to deposit the funds into.
Select the box for the payment.
Click Save and close.

You can learn more information on how to record and make Bank Deposits in QuickBooks Online in this article.

I'd appreciate it if you can update me how this works. I want to make sure this is taken care of. Thanks!

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