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William Munk | Forum Activity | Posted: Fri, Aug 6 2021 8:35 AM

Do you recommend posting online gifts in the week that they are received by Faithlife, on in the week that they are received by the bank?

We typically get less than 5 online gifts per week, and have only had 1 electronic transaction "reconsidered" by the donor -- and only about 4 checks returned NSF by the bank in 10 years.  We have a few folks who have switched from "the Sunday offering" to the "weekend e-check", so funds are always "in transit" over the weekend, and often aren't posted to our account until Tuesday.

With a "cash offering" it's easy to count checks and cash and post totals immediately to the bank account.  Do you recommend the same practice with online donations?  The necessary processing time between when the system acknowledges the gift and when the gift reaches the bank account creates some reporting challenges. (I'm not a "trained" bookkeeper, and -- for transparency -- produce weekly reports for church leaders every Sunday night, after counting the in-person/by mail offering and preparing the bank deposit).

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MJ. Smith | Forum Activity | Replied: Sat, Aug 7 2021 9:20 PM

bump for attention 6

Orthodox Bishop Hilarion Alfeyev: "To be a theologian means to have experience of a personal encounter with God through prayer and worship."

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William Munk | Forum Activity | Replied: Sun, Aug 8 2021 1:25 PM

please elaborate .... ?

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Damian McGrath | Forum Activity | Replied: Sun, Aug 8 2021 2:37 PM

MJ is just bumping your post for attention.

I am not an accountant either. BUT, if you account on a cash basis, that is recording transactions when accounts are paid or monies received, then you should account for faithlife donations when the money enters your bank account.

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