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Tracking Pledges

by Kathy
(Massachusetts)

We use QuickBooks Online for the Operating Account in my church of about 100 members.

I am the treasurer, and have a question about tracking pledges.

Our next church fiscal year goes from July 1, 2011 to June 30, 2012.

Our Stewardship Campaign for this next fiscal year starts later this month. Many people pledge and make out a check right then, which is deposited into the bank THIS fiscal year.

For example, their pledge is for $1,000. They write out a check for $500, which is deposited this FY, and start paying down the next $500 after July of 2011.

My question is: how do I track payments of a pledge during two fiscal years?

We do not have any financial oriented members to help me with this, nor do we have funds to seek the advice of a CPA, so I am on my own with this. Any suggestions as to how to track this in QuickBooks would be much appreciated.

Thank you!

Kathy




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Tracking Pledges

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Mar 03, 2011
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starstarstarstarstar 		Pledges within QuickBooks
by: Bill OConnell

I have a lot of experience with churches and with QB - but no experience with QB online.

Having said that - your problem is an accounting problem and not a QB problem.

If QB online supports the concept of sub-accounts in the GL, then create a master [current asset] account named Pledges. Manage it through the use of sub-accounts. For each pledge debit a new sub-account with the name [Smith] [$100]. Offset it with a credit to the sub-account named Uncollected Pledges.

Done this way your debit sub-accounts become a trial balance of uncollected pledges, and will equal the Uncollected pledges [credit balance] - and not distort your other accounting.

With each check that arrives, debit cash in your deposit and relieve [credit] the [Smith] sub account. At the end of the month make a journal entry equal to all such relief and debit the Uncollected Pledges and credit Building Fund Revenue.

Call me with questions at 877-823-3101. Find me at www.wisdomoverwealth.com.
Mar 09, 2011
Rating
starstarstarstarstar 		Response to Tracking Pledges
by: Kathy

Thank you very much for your suggestions. QB Online does have the option of sub-accounts. I will set up a parallel "company" (to try this out until I really understand what I am doing!) with a Current Asset Account for Pledges, and sub-accounts for each pledging member. The Uncollected Pledge account will also be a sub-account of Pledges. I will follow your suggestions for debits and credits when member payments come in, and make a monthly journal entry with a debit to Uncollected Pledges and a credit to Pledge Income, rather than Building Fund Revenue.
I appreciate your help - this is the first time anyone has understood my questions about how to deal with this!
Kathy

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