How Can I Reconcile Virtuous Giving Transactions With my Bank Account?

Reconciliation of credit card gifts with bank deposits can be a challenge sometimes, requiring data from multiple systems to be combined and reviewed manually. But good news! Virtuous Giving clients using Stripe as their processor can use the Reconciliation features in Virtuous to do all of this without too much hair pulling or gnashing of teeth.

Payouts

When credit card or direct debit payments are processed by Stripe, the funds will be delivered to your bank account as part of a payout. The timing of payouts may vary, based on the card type. Each payout may contain payments from several transactions, made over a range of dates. The difference between transaction dates and payout dates accounts for much of the challenge with credit card reconciliation.

On the main Reconciliation tab, you will see a listing of all Payouts for your organization, in reverse chronological order. For each Payout, you will see a few key data points:

• Payout Date - The date when the funds were/will be deposited in your bank account.
• Amount - The net deposit amount, minus processing fees.
• Currency - The currency for all transactions included.
• Status - Payouts may be listed as "Paid," meaning the money has already been deposited, or "Pending," meaning that the funds have not yet been deposited in your account.

For each Payout, you can select one of the three views: Gift Detail, Project Detail, or Project Summary. Which view you select will depend on your organization's accounting practices. Each view combines data from Stripe and from Virtuous to make it easy to reconcile giving with a single export, and can be easily downloaded in CSV file format.

Gift Detail

The Gift Detail for Payouts displays the Virtuous Gift ID, Stripe Transaction ID, Gift date, and the Contact Name (with a link to view the Contact record) for each donor.

For each Gift, you will also see the gross amount, and a breakdown of the fees and the net donation amount received. Click on the preview icon to the right to view the complete Gift record for any Gift listed.

Project Detail

The Project Detail for Payouts will also list both the Virtuous Gift ID and the Stripe Transaction ID, the Gift Date, and the Contact Name for each Gift.

In this view, you'll also see the Project Name and Project Code for each transaction, with a breakdown of the gross amount, fees, and net donation amount designated to each Project. Since a Gift can be split among multiple Projects, this means that a single Gift transaction may be split into multiple rows in this view, with one row for each split.

Project Summary

The Project Summary for Payouts will list the Project Name and Project Code for each Project included in that particular Payout, with a total sum of the gross amount, fees, and net amount designated to each Project. If your organization does not itemize Gifts in your accounting system, this roll-up view will be the easiest option.

After you have viewed or downloaded the Payout data you need, use the breadcrumbs in the upper left of the screen to return to the main Payouts view to select another.