Correcting Pledge / Payment to Inactive Fund

Kim Berry

Just realized that one of the final gifts recorded for our 2014-15 fund year which closed on June 30 was the final pledge payment to a fund that we closed in June 2014 right before we converted to Raiser's Edge.  Since the original pledge, we decided that this particular fund was not needed and collapsed it into another fund, and that is now where we want the final pledge payment to go.



In order to make our records reconcile with QuickBooks (our financial package) my finance manager thinks I should adjust the gift.  Can I simply adjust the final pledge payment and apply it to a different fund than what the pledge states and still show the pledge as paid in full? Or do I need to adjust the pledge as well and then just show this as a cash gift to a different fund?



Thanks in advance.

Kim

Dalton Funkhouser

Yes, you can commit the gift as a pay-cash with a different fund than the pledge that it is being applied to. The pledge will show a $0.00 balance in your reporting.



If the payment was already committed as a cash gift, you will first need to apply the current gift to  the open pledge and then make your adjustment. After you make the adjustment to the gift you will no longer be able to apply it to a pledge.



If you are switching from cash to pay-cash, be sure to add a note of that in your adjustment. Raiser's Edge will not capture that change in any adjustment/error reports.



Is the open pledge still listed as a receivable for the old fund in your Quickbooks? Or did they update the fund on their end?

John Heizer

In addition to what Dalton has written I'll add one caveat.  If, when reporting on pledges, you check "Calculate gift balance based on date range, campaign, fund, and appeal" the pledge will show with an outstanding balance if the Campaign and Fund on the payment don't exactly match the Campaign and Fund on the pledge.  I'm not sure how Gift Adjustments might affect this.