PayPal

Question

Hello! Today I jumped in to create our PayPal business account to begin accepting those payment types on our online NXT donation forms. I would need to add in our banking information within the Business profile settings area to connect to our banking area in which these transactions would need to be applied/received through by us correct? It seemed like a lot of various questions/scenarios leading up to even getting the account up and now that we received the first transaction, I'm just wanting to validate that I'm on the correct train track. I know we cannot do reconciliations through BBMS since those transactions do not flow through there but through the PayPal account, so just needing that verification. Thank  you!

Austen Brown · Answer

To make Finance's life a little easier (at a past org) we would do a manual transfer for everything received within the same time period as our BBMS disbursements. And when we posted online gifts (received through BB forms) to FE NXT, we'd group gifts together - BBMS and PayPal - along with breakdowns of BBMS vs PayPal totals. The benefits were two-fold: It made reconciliation easier for us down the road, and it helped Finance reconcile bank deposits efficiently.

Bobby Steurer · Answer

Hi Denise,

We get quite a few PayPal transactions.

For the bank account - yes, just link to your org's main account that donations are deposited to.

For reconciling - I generally check our PayPal account every morning. It's a manual transfer, which usually takes 1-3 business days to hit our bank account upon transfer. The frequency at which you transfer is up to you. I then FWD the confirmation of transfer email to our Finance department, as a heads up to be looking out for the ACH.

I'm sure you all will handle the process in your own way, but that's the gist of it. Pretty straightforward once everything's set up and you do it a few times.