PayPal Gifts

Andrea,

We ran into a similar situation with Stock Gifts (value of the gift not matching the check) and to remedy that, we created a custom payment type of stock linked to a special GL account. At the point of gift entry, we would;

1.       Utilize the custom payment method

2.       Enter the full value of the stock contribution (amount that should be credited - not the check amount)

3.       Finance would reconcile the fees/difference in the check to the fee account on the backend/ledger

*One thing to note if you utilize controlled batches. You must add into the received amount the full value, not the check amount, or the batch won’t balance.

I hope this can help and be applicable to you situation!

~Rebecca

Rebecca J. Sach
Director of Annual Fund
Baltimore Symphony Orchestra 
Phone: 410.783.8073 | Fax: 410.783.8078 | rsach@BSOmusic.org | BSOmusic.org
Joseph Meyerhoff Symphony Hall | 1212 Cathedral St. Baltimore, MD 21201  
The Music Center at Strathmore | 5301 Tuckerman Lane North Bethesda, MD 20852

Choose 3 Concerts and SAVE!
Now through January 31^st

Experience your favorite concerts:
Hairspray in Concert!: JAN 24-27
Mozart’s Requiem: FEB 28-MAR 3
Carmina Burana: JUNE 6-9
…and many more!

I'd like to start a conversation with those of you who use PayPal (or a similar resource) for online giving.

We made a decision as a department to acknowledge donors for the full amount of their gift, despite the fact that when we receive the check from PayPal, around 3% is taken out. We decided to expense those costs out of our usual Credit Card Fee line, but don't know how to reflect that decision in Tess. 

So what I have on my hands is a pledge entered for the full amount of the gift (example $100), a check for a lower amount (ex. $97.50), and the need to fulfill the entire pledge payment.

What have other organizations done to remedy this situation?

This message was sent automatically to you by www.tessituranetwork.com because you subscribed to the Tessitura Development Forum. You may reply to this message to post to the Development forum or visit the site to search, read and post to the forums. In the interest of keeping the forum posts from becoming cluttered, we encourage you to delete previous message text from your reply before sending. Thank you!

Andrea,

We ran into a similar situation with Stock Gifts (value of the gift not matching the check) and to remedy that, we created a custom payment type of stock linked to a special GL account. At the point of gift entry, we would;

1.       Utilize the custom payment method

2.       Enter the full value of the stock contribution (amount that should be credited - not the check amount)

3.       Finance would reconcile the fees/difference in the check to the fee account on the backend/ledger

*One thing to note if you utilize controlled batches. You must add into the received amount the full value, not the check amount, or the batch won’t balance.

I hope this can help and be applicable to you situation!

~Rebecca

Rebecca J. Sach
Director of Annual Fund
Baltimore Symphony Orchestra 
Phone: 410.783.8073 | Fax: 410.783.8078 | rsach@BSOmusic.org | BSOmusic.org
Joseph Meyerhoff Symphony Hall | 1212 Cathedral St. Baltimore, MD 21201  
The Music Center at Strathmore | 5301 Tuckerman Lane North Bethesda, MD 20852

Choose 3 Concerts and SAVE!
Now through January 31^st

Experience your favorite concerts:
Hairspray in Concert!: JAN 24-27
Mozart’s Requiem: FEB 28-MAR 3
Carmina Burana: JUNE 6-9
…and many more!

I'd like to start a conversation with those of you who use PayPal (or a similar resource) for online giving.

We made a decision as a department to acknowledge donors for the full amount of their gift, despite the fact that when we receive the check from PayPal, around 3% is taken out. We decided to expense those costs out of our usual Credit Card Fee line, but don't know how to reflect that decision in Tess. 

So what I have on my hands is a pledge entered for the full amount of the gift (example $100), a check for a lower amount (ex. $97.50), and the need to fulfill the entire pledge payment.

What have other organizations done to remedy this situation?

This message was sent automatically to you by www.tessituranetwork.com because you subscribed to the Tessitura Development Forum. You may reply to this message to post to the Development forum or visit the site to search, read and post to the forums. In the interest of keeping the forum posts from becoming cluttered, we encourage you to delete previous message text from your reply before sending. Thank you!