Track Donations and Fund Raiser Revenue
Do you want to know how effective your fund-raising efforts are? With Procare Software® you can track donations to your childcare center, preschool or other child-centered business a couple of different ways, depending on your needs. Track detailed contributions for individual families in the Family Accounting module, with amounts included in deposit reports or, if you don’t need family-level tracking and reporting, you could use the Expenses and Ledger module to record this revenue as a simple journal entry. We’ll examine both of these options in this article.
Be sure you have a revenue account for donations in your Chart of Accounts. Then Create a Charge Description that fits your needs, such as Donations or Fund Raiser (or both!) to use for this type of revenue and assign it to the account number.
Note: You won’t need a Charge Description if you intend to make a journal entry only (see below).
Using Family Data and Accounting
Track by Person: For donations received from your active families, simply post the charge on their Ledger Card the same as you would post tuition fees. You could even set up accounts for individual donors who may not have children at the center.
Track a Lump Sum Amount: If you only want to post a total amount for a fund-raiser or donations drive (instead of tracking it by family) you could Create a New Account just for this purpose. You might use an Account Key of DONATION with the payer last name of Donations, first name General (so their name is “General Donations” or something similar). This account would probably not have any children attached to it because it is only used to track this kind of revenue.
Record the Revenue and Post the Payment
Post the charge and associated payment, either one family at a time or to the special donation account described above. If you’re using a donation account you could record the payment as a single lump sum (image below) or show the payment as made up of multiple checks and cash, if you prefer, which would then be itemized on your deposit report.
Here’s the Bank Deposit (showing a lump sum for General Donations):
Post as a Journal Entry in Expenses and Ledger
If you only want to track the donations or fund raising revenue in your general accounting reports (that is, you don’t need the amounts included in your Family Accounting reports or deposits) you could Make a Journal Entry in the Expenses and Ledger module. Donations entered in this way would be listed as Other Credits during Bank Reconciliation rather than Deposits.
Create a Journal and post the entry
You’ll probably want to Create a Journal to use just for donations and fund-raising revenue. Once created, go to the journal and make the entry referencing your revenue account number for donations.
Until next time, Happy Motoring….
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