Located within the NonprofitCore Accounting module there are seven revenue categories you can choose from to identify revenue you have received. Below is a brief description and some examples of the standard revenue categories.
Revenue that is categorized as a grant typically comes from a foundation, however there are some occasions in which an individual provides a grant. Grants typically come in the form of a commitment letter. Due to the nature in which grants are given, you can mark this type of revenue as "Accounts Receivable" since it is a form of an "I owe you." Grants can come in various forms, such as: local, state, federal, and private. Grants are typically a source of revenue that has been applied for and awarded.
Revenue that is categorized as a donation can come from any of the three profile types: individual, household, and organization. Most donations most come from individuals or households, however donations can come from organizations as well. Donations can come in the form of an electronic payment or sent to your nonprofit as a physical check. In the case that a donation comes in the form of a physical check, you will need to classify the check as "Undeposited Funds" until you have deposited the check at the bank.
An in-kind donation is a donation of goods or services to your organization, rather than a monetary donation. This type of donation is often especially helpful when working to meet matching requirements for certain grants. One example of an in-kind donation could be a caterer donating half of the food for a fundraising event your organization is hosting. Another example could be an individual donating a used car. Your organization might later choose to sell the car for cash, but this would first be recorded as an in-kind donation.
A receivable/invoice is a service your nonprofit has provided and a constituent owes your nonprofit for that service. Select this revenue category when you are collecting money from an individual, household, or organization. This type of revenue is typically in the form of an outgoing invoice. When you add revenue to this category you can select a due date and invoice number. When entering this type of revenue you will need to select a debit account for where you want the money to go when the invoice is paid.
A remittance is a payment made toward a receivable/invoice you have sent. This type of revenue is connected to an invoice that has been sent requesting payment. The only time you will see this revenue category is if there is an outstanding receivable associated with the profile from which the revenue is given.
Program fees are received when no invoice has been provided in exchange for a service. One example of revenue categorized as a program fee, is a deposit made on afterschool childcare but no invoice was sent requesting payment for this service.
Revenue that falls under the category "Other" can be received in several different ways. Some examples of revenue that fall under the category of "Other" include: a reimbursement from a board member, a donation that doesn't fit under any other revenue category, and interest that your nonprofit earns from a checking account.