Adding revenue under the receivable/invoice category is used when the nonprofit has provided a service and is owed funds for that service. For example, providing low-income housing or childcare. The nonprofit sends a bill and adds the receivable in their NonprofitCore site. As payment is received for the service, the nonprofit can choose to apply the remittance to the open receivables.
In order to have a remittance, you must have added and posted a receivable first.
Add Revenue Remittance
- Ensure that the receivable has been added and posted, as this must be done before a remittance can be added.
- Navigate to the Revenue page within Accounting.
- Click Add Revenue.
- Complete the fields and click Add Revenue.
- Received From must be the same profile listed under the receivable.
- The Amount must be less than or equal to the amount of the receivable, otherwise the remittance cannot be applied.
- Check the box next to each line item you want to apply the funds to, enter the amount to apply towards each line item, then click Apply Remittance.
- The total applied must equal the revenue amount.
- This page will show a list of any outstanding receivables owed by the selected profile. If there are no outstanding receivables, this page will not appear and you will be directed through the remaining steps to add revenue.
- If you do not want to apply this new revenue to an outstanding receivable, you may click Skip Remittance Step to move on.
- Click Add Revenue.
- This page is read-only and shows all account information from the receivable.
- The revenue Category will automatically be set to Remittance.
The receivable will not show a reduced amount until the remittance has been posted.
Post and Unpost Revenue Remittance
- Navigate to the Revenue page within Accounting.
- Locate the revenue remittance that was previously added and click Post.
- The next time you add revenue received from the same profile, the remaining balance is reduced by the amount from the posted revenue remittance
- In this example, the previous balance was $200.00. After the remittance of $100.00 was added and posted, the balance is now $100.00.
- In this example, the previous balance was $200.00. After the remittance of $100.00 was added and posted, the balance is now $100.00.
- If you unpost the revenue remittance, the balance of the receivable will increase by that same amount.