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kd786
March 24, 2022
Question

Sales receipt

  • March 24, 2022
  • 1 reply
  • 0 views

Hi.

 

We are in the process of implementing Quickbooks for a local community which is a registered charity. Our major source of income is through donations for which I had a couple of questions, would be grateful if someone could advise and confirm if my understanding is correct. We are using the accruals concept of accounting and all our members are set up as Donors on the system.

 

1. Sales receipts - members usually pay donations directly into our bank account and for their personal records, would request a receipt. Therefore my understanding would be to raise a receipt through the sales receipt function. Would this process be correct and can someone explain me the Double entry that this would create?

 

2. Bank reconciliation - when we will get around to reconciling the bank, we would capture the donations that have been received for which we will have already raised a sales receipt under Question 1 above. Therefore, what will be the implication of the bank reconciliation against the sales receipts that have been raised and also what will be the Double entry impact of this?

 

Thank you. 

1 reply

G
GeorgiaC1
March 24, 2022

Hi kd786, thanks for joining the Community 😊 - this would be the correct process to record the transaction and send the receipt. The sales receipt is linked to two accounts creating the double-entry - the first is through the 'deposit to' account (this is typically the bank account) and the second is through the 'product/service' - the account that the 'product/service' is linked to is the designated on the 'Income account' field in the P/S settings. Once saved, you can view the debit and credit posting of the transaction by selecting More > Transaction journal on the sales receipt. 

The reconciliation tool allows you to check off transactions posted to the bank account in QuickBooks against your bank statement in real-life - if the sales receipts are posted against the bank account, you'll then be able to reconcile those here. There is no direct impact on double-entry during a reconciliation. 

K
kd786Author
April 4, 2022
Hi GeorgiaC1! Thank you for your response. Just a follow up question: Our bank statement is the source data so we would effectively be raising sales receipts based on what's been received and then doing step 2 which will be to reconcile the bank. Therefore, is it possible to send out automated receipts as and when transactions are reflected in the bank account which is connected to QB, after which we are only left with reconciling the data? I'm happy and open to hear about any other alternative approach! Regards.
G
GeorgiaC
April 4, 2022

Thanks for getting back to me, it's not possible to automate this process unfortunately - to do this you'd need to first review the transactions in the for-review section of the banking feed (from here you can add the transaction as a sales receipt). After this you can then navigate to sales > all sales or the 'categorised' tab on the bank feed to open and send the sales receipt via email. Please let me know if you have any further Q's!

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