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Finance Committee

O365 SharePoint
Planning Center
Church Center

The Finance Committee is a non-standing committee of the Space City Tres Dias Board of Directors.  The committee is chaired by the President, and members are appointed by the President at the recommendation of the Treasurer.  The committee does not have a vote on Board decisions.  

The Finance Committee assists the Treasurer by performing the day-to-day bookkeeping tasks of recording transactions, reconciling Planning Center to QuickBbooks, and keeping the accounting records ready for the Treasurer to review.

Training by Topic

To view a person or family account activity in QuickBooks, navigate to the Customer Hub, then Customers & Leads. Search for a name to open the activity.

The information displayed in the chart below the contact information can be edited by tapping on the gear in the top right corner of the Transaction List tab.  We suggest the following columns to display:

General Guidelines for recording invoices:

  1. Customer:  one invoice per team member or candidate (not one per family.)
  2. Dates:
    1. The invoice date and due date should be the Thursday of the weekend. 
    2. The payment date will be the date that the payment was received.
    3. By recording in this way, QuickBooks will automatically show the liability of prepaid income (shown as negative A/R) and will automatically change to weekend revenue when the weekend begins.  
  3. Add the Weekend # in the custom field.  This will need to be updated in the settings.
    1. If you do not see the Weekend # field on the Customer page, click the settings gear to toggle it on.  You may have to expand your screen all the way to the right to see the gear…
  4. Memo: make sure to put the name of the person in the “Memo on statement (hidden)” field at the bottom of the invoice. 
    1. Do NOT use the “Internal Customer Notes” field – that will carry over to each invoice, not just to the current one!
    2. Keep it clean and easy to read – names only in the Memo field.  There is no need to include the weekend # in the Memo field since it is listed in a separate column
  5. Please double check to make sure any new payments that you’re recording have not already been recorded.  Just go to the family “donor” page first before you create a new invoice.  With several committee members helping to keep everything recorded, it can be easy to double-count.

To record Team or Candidate drops in QuickBooks, mark the invoice as “void.”  This will preserve the history and automatically credit a credit on the account.

Steps:

  1. Locate the original invoice, click “edit”
  2. Edit the Memo on Statement field to add  “(Dropped)”
  3. Click “More Options”
  4. Click “Void”

Credit Balances

Notification of a refund request should come to the Treasurer/Finance Committee from either Weekend Leadership (team) or Pre-Weekend Committee (candidates).  There are two steps involved:  1) Issue the refund in Planning Center, 2) Record the refund in QuickBooks.

Steps:

  1. Navigate to Planning Center Registrations; open the appropriate Registration event.
  2. Open the “Cancelled” attendees on the left side of the page.  The Weekend Leadership Team or Pre-Weekend Committee should take care of cancelling the registration. 
  3. Click to open the registration
  4. Tap “Issue Refund” to refund to the card used for the original registration payment
     

If a full refund and the original invoice HAS NOT been voided:

  1. Tap “+New” then “Refund receipt”
  2. Enter the name of the person who paid the fee (generally the sponsor or team member)
  3. Enter the Weekend Number
  4. Enter “Stripe” as the payment method
  5. Enter “Undeposited Funds” as the “Refund From” account. 
  6. Enter the category of the fee (team fee or candidate sponsorship.)  This will record the reduction of fees for the weekend
  7. Enter the weekend number in the “Class” field
  8. Enter a memo in the “Message displayed on Statement” field.

 

If a full refund and the original invoice HAS been voided:

  1. Record “Expense” (not a “check”) to the payee using “Undeposited Funds” as the Payment Account.  NOTE:  Undeposited Funds will not be an option unless using the “Expense” tool.
  2. The Category will be “Accounts Receivable”, Description “Refund Deposit”, Donor/Project = payee’s name.

 

If refunding a deposit only (less than a full fee):

  1. Create a Credit Memo to reverse the invoice
  2. Record “Expense” (not a “check”) to the payee using “Undeposited Funds” as the Payment Account.  NOTE:  Undeposited Funds will not be an option unless using the “Expense” tool.
  3. The Category will be “Accounts Receivable”, Description “Refund Deposit”, Donor/Project = payee’s name.

Very often Pescadores with a credit balance will request that the credit be donated to the community.  The process is very similar to a refund request.

Note: frequently the Pre-Weekend Committee will record the refund for Candidates drops.

Steps:

  1. Navigate to Planning Center Registrations; open the appropriate Registration event.
  2. Open the “Cancelled” attendees on the left side of the page.  The Weekend Leadership Team or Pre-Weekend Committee should take care of cancelling the registration. 
  3. Click to open the registration
  4. Tap “Issue Refund” to clear the credit balance
  5. Select “Other” as the refund type
  6. Put a note in the memo field “Donate to SCTD Community”

To record the donation:

  1. Record a customer invoice with the Product/Service Item: Donation
  2. Save, then tap “Receive Payment”
  3. Apply the credit balance to the donation invoice.  The amount received should be zero.

Often a credit balance will be held by the team/sponsor to be used on a future weekend.  In this case, first follow the steps to void the original invoice (this will create the credit.)  

When it is time to use the credit on a future weekend:

  1. Create the new invoice
  2. Click “receive payment”

  3. Amount received = $0, check the invoice and the Unapplied Payment

Sometimes a credit balance will not be applied to a specific invoice, resulting in a $0 Open Balance but an amount overdue.

To solve this, edit the unapplied payment and attach to the open invoice by clicking the box next to the payment:

Once the credit is attached to the original payment, the Amount to Credit will be $0 and the account will be cleared.

After each weekend, it is important to reconcile the final headcount in Registrations to the headcount recorded in QuickBooks.  Repeat the steps below for all four Registration “events” (Men’s Team, Women’s Team, Men’s Candidates, Women’s Candidates):

Steps:

  1. Planning Center Registrations final reports:  ask IT to provide or follow these steps if you have permissions:
    1. Download the reports
      1. Open each Registration Event (if archived, tap the “All Categories” then select “Archived”)
      2. Click the “Actions” button on the right side of the page, then “.csv” under the Export options
      3. Save the files for editing & comparison
      4. There should be 4 files (2 team, 2 candidates)
    2. Open each report and remove unnecessary columns.  Keep:
      1. Team files:
        1. First name
        2. Last name
        3. Selection (this is team member vs SD)
        4. Registration Amount Paid
      2. Candidate files:
        1. First Name
        2. Last name
        3. Registration Amount Paid
        4. What is the name of your sponsor?
    3. Sort name files by last name
  2. In QuickBooks, run the custom report “Candidate Fees #xx” and “Team Fees #xx”
    1. Create a copy using the prior weekend if needed
      1. Edit the filters
      2. Edit the title
      3. Save customization in the same folder, share with all
    2. Export the list to Excel if desired for easy comparison to the Registration reports
  3. Compare and make corrections to QuickBooks as necessary to match the Registration reports.

It is possible for the weekend Outside Head Cha or Pre-Weekend Committee to record a credit roll-forward without notifying the Finance Committee.  Before contacting community members with credit balances, check all “other” payment transactions for each Registrations event.

Steps:

  1. Open Planning Center Registrations
  2. Navigate to the “Payments” menu
  3. Filter for Payment Type = Other
  4. Click on each “other” item in the Payment Method column to view details of the credit
  5. Confirm credit has been recorded in QuickBooks