Financial Info

Ashley Petty

I am curious how everyone keeps track of the finances for their organization. A short background: I am new to my position and company. We are a nonprofit for a local hospital system. Currently we use RE and RENXT to track our constituent data and gifts. When it comes time to deposit the actual money from those gifts, it is given to accounting for the Health system and they deposit it and track it on the general ledger. For the purpose of our office to keep track of it all, we currently use excel spreadsheets to log all of our batches for deposit. I am curious if anyone else has encountered the same issues that make it tedious to keep track of everything.

Dariel Dixon

@Ashley Petty Welcome to the community!

The question I am wondering is why, but I think it may be how your organization is constructed. Is your organization a part of the hospital or it's sole purpose is to support the hospital, I would think that would be a part of the hospital's bookkeeping? When I worked for a health system, we would batch the gifts and send the batch reports up to accounting with the funds to be deposited. If you just need to keep a log of what batches you had, then I guess it is what it is. I've never had to log that information before, but I did reconcile with our accountant counterparts once a month to verify everything.

Ashley Petty

@Dariel Dixon

Yes, we are a part of the Hospital system. So I have to send everything to them to deposit and post in the GL. And I do have to reconcile what we have in RE to what they have on the GL. Part of that reconciliation process is matching from the spreadsheet I have of batches that have been posted into RE and then sent over to accounting to deposit.

Lee Grisham

@Ashley Petty
I feel like you should be able to send them a monthly report out of RE that lists all the batches you've committed. If everything you are committing is part of a batch, then it should be easy to just run the Gift Detail and Summary (under Financial Reports in db view) and send it over. When gifts are being imported, it doesn't work in the same way since they don't go into batches…

Bobbie Pierri

@Ashley Petty
I would think there would have to be some sort of reconciliation at the end of the month. I provide our finance department all the batches throughout the month and a final GL report at the end of the month which they reconcile with the bank. If they don't have an accounting system I guess logging donations/payments on a spreadsheet is doable.

Pamela Hall

@Ashley Petty

I work for a Medical Center that has a Foundation. Both entities are a 501c and each have their own Fed ID numbers so the Foundation gifts are deposited into their own bank accounts. How is your office set up? I am part of Finance. I reconcile the RE batches to the bank statement on an excel spreadsheet, then tie it to the RE monthly and YTD reports.