OK .. from the looks of things, the donor does not realize that they are being charged the fee, if they did, then Faithlife could not say its tax deductible as they are paying for a service. So, in reality, the church is eating the fees, as you're not getting the entire amount donated.Rising Sun Sailor wrote: ↑Wed Jan 20, 2021 9:02 amI don't know that we're eating the fees. As I understand it, when someone donates, they pay a cc fee to Faithlife to process the transaction. As far as Faithlife is concerned, both the donation to the church as well as the fee are considered donations for tax purposes.
For our tracking in QB, we only track the donation itself since we don't see the fee (nor do we pay it). So long story short, there's a disconnect from what we see as donations from someone and what their actual tax deductible amount is.
Just curious if there's a way to track this from an accountability standpoint so we can let folks know what their total tax deductible amount is.
I'm assuming a few things here, so let me know if this is correct:
1. You get a list of persons and amounts donated
2. You also get a notice of how much was taken out as fees.
So, in order to give the donor the full credit on their statement, you can enter the full amount in Contributions. You should do this SEPARATE from the normal Sunday contributions, so you can POST these entries separately. When you POST, you POST TO CONTRIBUTIONS ONLY. Do not post these to Funds Accounting.
In Funds Accounting you'll enter a transaction to show the deposit of the actual funds received from Faithlife. So while Contributions will show the entire amount, your Income & Expense report will only show the amount actually received as income.
This will cause your Contributions totals to be more than what you actually took in as income. I would create a separate Contribution Fund to handle these, so that your normal "Tithes & Offerings' fund will reflect what came in from the actual collection.
FWIW .. the Vanco online integration with Powerchurch takes care of all this so its one less thing to worry about. Not sure if it would pay for you to switch or not. That depends on the amount of online giving you're seeing.