We haven't used a company to accept payments before. Stripe will collect money online and deposit it to our bank account as funds are received. Do you know how I will account for this? We are using it for Youth. We only have 1 bank account that everything uses.
I have a youth income 4880-000
Youth expense 5120-000
Youth equity account 3880-000
Would I enter each deposit in fund accounting? What would that look like?
Would I use accounts receivable?
How do I account for income coming from Stripe
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Re: How do I account for income coming from Stripe
Are these funds Contributions, if so, they should be accounted for in Contributions. Are they for something else, if so, what?admin@fbcwellston wrote: ↑Thu Jan 11, 2024 11:34 amWe haven't used a company to accept payments before. Stripe will collect money online and deposit it to our bank account as funds are received. Do you know how I will account for this? We are using it for Youth. We only have 1 bank account that everything uses.
I have a youth income 4880-000
Youth expense 5120-000
Youth equity account 3880-000
Would I enter each deposit in fund accounting? What would that look like?
Would I use accounts receivable?
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.
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- Posts: 2
- Joined: Thu Jan 04, 2024 1:23 pm
Re: How do I account for income coming from Stripe
These funds are monies for a youth event, they are not contributions.
I have debited the 01 fund account and credited the Youth Event Income account. When I ran a balance sheet, it showed the correct amount in the youth income account, so I think I've done it correctly.
I have debited the 01 fund account and credited the Youth Event Income account. When I ran a balance sheet, it showed the correct amount in the youth income account, so I think I've done it correctly.
Re: How do I account for income coming from Stripe
FWIW ...admin@fbcwellston wrote: ↑Tue Jan 16, 2024 9:30 amThese funds are monies for a youth event, they are not contributions.
I have debited the 01 fund account and credited the Youth Event Income account. When I ran a balance sheet, it showed the correct amount in the youth income account, so I think I've done it correctly.
It should have been entered like a normal Deposit, with a DEBIT of the checking account, and a CREDIT to the Income account. If the youth account was created as a Donor Restricted Fund, then the income account would be connected to the Fund Balance account and the system would take care of the update of the fund balance.
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.