Credit card contribution posted with incorrect transact. fee

Contributions, Faith Promises

Moderators: Moderators, Tech Support

Post Reply
gccc
Posts: 36
Joined: Thu May 06, 2010 6:07 pm

Credit card contribution posted with incorrect transact. fee

Post by gccc »

We use Vanco for online payments, but I enter them manually right now. I'm working on the setup to upload them directly from Vanco so PC will automatically make these adjustments for me. But for now this means that I have to manually enter the transaction fees in Fund Accounting, Modify Unposted Transactions before the contributions are posted to Fund Accounting. I realized while reconciling the bank account that I had entered the wrong transaction fee for a credit card contribution made last month. I need to add an additional $.69 in fees to the transaction, but want to check about the correct way to do this. Do I reverse the transaction in Fund Accounting as I made the adjustments in the accounting module then reenter everything correctly starting in Contributions? Or do I also need to reverse it in Contributions? I'm a little confused on what the reversal will do with the adjustment fees.

NeilZ
Posts: 10209
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
Contact:

Re: Credit card contribution posted with incorrect transact.

Post by NeilZ »

gccc wrote:We use Vanco for online payments, but I enter them manually right now. I'm working on the setup to upload them directly from Vanco so PC will automatically make these adjustments for me. But for now this means that I have to manually enter the transaction fees in Fund Accounting, Modify Unposted Transactions before the contributions are posted to Fund Accounting. I realized while reconciling the bank account that I had entered the wrong transaction fee for a credit card contribution made last month. I need to add an additional $.69 in fees to the transaction, but want to check about the correct way to do this. Do I reverse the transaction in Fund Accounting as I made the adjustments in the accounting module then reenter everything correctly starting in Contributions? Or do I also need to reverse it in Contributions? I'm a little confused on what the reversal will do with the adjustment fees.
I take this is only for one transaction? I'm assuming that the donor gets full credit for the donation, that is, if he gave 1,000 by credit card, it lists 1,000 on the contributions statement, right?

If so, then the only adjustment you'll have to make is adding $.69 cents to the transaction. Since the fee entry was made in Funds Accounting, you would reverse the transaction in Funds Accounting only.

So basically, you reverse the posted transaction, then using the original transaction as a guide, re-enter all the transactions, making adjustments as needed to reflect the additional 69 cents.

Does this help?
Neil Zampella

Using PC+ since 1999.

gccc
Posts: 36
Joined: Thu May 06, 2010 6:07 pm

Re: Credit card contribution posted with incorrect transact.

Post by gccc »

You are correct...the donor gets full credit for the donation.

When you say,"...reverse the posted transaction, then using the original transaction as a guide, re-enter all the transactions, making adjustments as needed to reflect the additional 69 cents." where do I do the re-entering? I reversed the transaction in Fund Accounting and posted it, but the original transaction is still showing up in Contributions. If I don't reverse it in contributions and re-enter everything there, I have no transaction in Fund Accounting on which to adjust the fees. I'm sure I'm missing something simple... :?

NeilZ
Posts: 10209
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
Contact:

Re: Credit card contribution posted with incorrect transact.

Post by NeilZ »

gccc wrote:You are correct...the donor gets full credit for the donation.

When you say,"...reverse the posted transaction, then using the original transaction as a guide, re-enter all the transactions, making adjustments as needed to reflect the additional 69 cents." where do I do the re-entering? I reversed the transaction in Fund Accounting and posted it, but the original transaction is still showing up in Contributions. If I don't reverse it in contributions and re-enter everything there, I have no transaction in Fund Accounting on which to adjust the fees. I'm sure I'm missing something simple... :?
The 'transaction' in Contributions is correct. There is no need to 'change' anything there. The only thing that happens when you Post Contributions is that the Contributions history is updated, and the system then creates a transaction in Funds Accounting to update accounting.

You reverse that transaction in Funds Accounting, this is the one that the church is most concerned with.

Since you're already done that, you then use the ORIGINAL transaction that you reversed in Funds Accounting, and using the Enter Transactions function of Funds Accounting, reenter the ORIGINAL transaction making the adjustment there as needed.

I don't understand what you mean by 'the original transaction is showing in Contributions' , as you said that the contributor gets the full credit for the original amount of the donation. You shouldn't have to change anything there as you're making the manual changes in Funds Accounting.
Neil Zampella

Using PC+ since 1999.

gccc
Posts: 36
Joined: Thu May 06, 2010 6:07 pm

Re: Credit card contribution posted with incorrect transact.

Post by gccc »

Thank you for explaining it out in detail for me. As soon as I read your reply, it clicked! I knew I was missing something simple! I re-entered the transaction and all looks good. Thanks so much for your help!

Post Reply