Thanks to a member, we found out we had a mistake in our treasury reporting. It involved how we reported donations coming from people using PayPal. No donations were lost, only the summaries we created didn’t record the donations as donations. Fiscal Year 2020 has been corrected where the issue occurred and summaries that have been updated are marked with “Corrected”on our Monthly Treasury Summary page. Fiscal Year 2019 will be checked this weekend and summaries will be corrected if needed.
Donations from people who use PayPal to donate are held by PayPal until the President or Treasurer manually transfer the funds to our bank. When the transfer happens only the total amount held shows up as a deposit but if it was a donation it doesn’t include who donated or the amount.
For example, Joe Smoe donates $25 and Karen Bow donates $25 – in PayPal it is held as $50. The funds are transferred to the bank as $50 and when we would run the report for the month it would show $50 income but not as a donation.
The fix required creating a special entity for the deposits and then creating a sales receipt that then had listed the category “donations” then the person making the donation, and then the amount. That receipt then is matched to the amount being deposited in the bank.
Now when the report is created the $50 will show up under “Donations”.
Again no money was lost. It is just a change in how PayPal donations are listed in our books.
If you have a questions or concerns feel free to send us a note using our contact form.
One Reply to “We Made A Mistake”
Betcha Joe Smoe and Karen Bow will be relieved to find everything is legit!
Comments are closed.