Making A Deposit from PayPal

Making A Deposit from PayPal

Organizations that are NOT using the Membership Toolkit Accounting Tools should transfer funds from their PayPal account to their checking account on a regular basis.

For treasurers that are needing help to identify funds deposited into PayPal and to record these using other financial software (not Membership Toolkit Accounting), we recommend the following:
  1. Transfer funds into your checking account.
  2. Complete a deposit form for your organization.
  3. Attach a copy of the list of PayPal transactions (printed from PayPal).
  4. Attach a copy of the Order Financial Matrix from MTK.  (Store & Forms / Reports)
 
Example of record keeping and book keeping for Non-Profits:
If you transfer $10,000 from PayPal to your checking account, you will use the Order Financial Matrix to determine how the funds should be distributed into your budget.  It might look like this:
 
Income:
$2,500 - school supplies
$2,500 - donations
$2,000 - membership
$2,500 - spirit wear
$600 - hospitality
 
Expense:
$100 PayPal transaction fees

For instruction on how to set financial categories in your Membership Toolkit account, see our Knowledge Base article: How to Set Financial Categories

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