Hey all,
Searched the forum for answers to this, but figured some fresh eyes might help. My organization just switched to Tessitura from Raiser's Edge. How do you all enter gains and losses for stock gifts? We want to make sure that we reconcile with fiscal--looking for some ideas and best practices I can bring to the team.
Thanks!
Hi Michael,
We use two different payment methods to do this. It's not perfect for tracking down losses later though. I input the gift at the value it was received at with the payment "Non-Cash: Stock", and issue the tax receipt. When the money from the sale arrives at our bank, I adjust the gift up with the incoming money value and use "Direct Deposit" as the payment method. Then adjust out the "Non-Cash: Stock" so the value is what we received. That way it matches our GL. (going in and out, not out then in makes sure the membership isn't cancelled). I try to add a note about what the actual gain/loss is.
I think we used to record it under Direct Deposit first, and then adjust only the loss/gain with Non-Cash: Stock. You would easily be able to tell your loss/gain overall but I think there were problems with accounting?
I can answer questions if you'd like to know more.
Ann
Thanks Ann!