SayPro Bank Transaction Records

SayPro: Bank Transaction Records or Payment Gateway Statements Confirming Donations

Objective:

The collection and verification of Bank Transaction Records or Payment Gateway Statements is crucial for confirming and validating donations made by individual donors. These documents help ensure that all donations recorded by the organization are accurately processed, received, and correctly attributed to the donor. They also play a vital role in financial transparency, auditing, and reconciling donation data with actual payments.

Documents Required:

1. Bank Transaction Records:
   • Purpose: Bank transaction records are official documents from the organization’s bank that provide a detailed list of all financial transactions, including donations made by individual donors. These records confirm that funds have been received by the organization and provide additional details about the payment method, date, and amount.
   • Key Details:
     • Transaction Date: The exact date when the donation payment was processed.
     • Donor Name: The name of the individual making the donation (if available on the bank record).
     • Transaction Amount: The exact amount received for the donation.
     • Payment Method: The method of payment used (e.g., bank transfer, check deposit, direct deposit).
     • Transaction ID: A unique identifier for the transaction, useful for reference or troubleshooting.
     • Organization’s Bank Details: The organization’s bank account number or name under which the donation was received.
   • Example:pgsqlCopyBank Transaction Record Date: [MM/DD/YYYY] Donor Name: [Donor’s Full Name or Bank Reference Number] Amount Received: [$Amount] Payment Method: [Bank Transfer, Check, etc.] Transaction ID: [Transaction ID Number] Account Number: [Bank Account Number]
2. Payment Gateway Statements:
   • Purpose: Payment gateway statements provide a record of all online transactions processed through a third-party payment gateway (e.g., PayPal, Stripe, or other online payment systems). These statements help verify that donations processed online have been successfully completed and received by the organization.
   • Key Details:
     • Transaction Date: The date when the donation was processed.
     • Donor Name or Email Address: The donor’s name or email (depending on the payment gateway).
     • Transaction Amount: The total donation amount.
     • Payment Gateway Fees: Any transaction fees charged by the payment gateway, if applicable.
     • Transaction ID: A unique identifier for each transaction.
     • Payment Method: Details of the method used for the donation (credit card, debit card, etc.).
     • Organization’s Payment Gateway Details: Information about the payment gateway account to which the donation was processed.
   • Example:pgsqlCopyPayment Gateway Statement Date: [MM/DD/YYYY] Donor Name: [Donor’s Full Name or Email Address] Amount Donated: [$Amount] Gateway Fees: [$Fee Amount] Net Amount: [$Net Amount After Fees] Payment Method: [Credit Card, PayPal, etc.] Transaction ID: [Transaction ID Number] Payment Gateway: [Gateway Name]

Collection Process:

1. Bank Transaction Records:
   • Monthly Bank Statements: Retrieve monthly bank statements from the organization’s bank for each month (February, in this case). These statements will contain details of all deposits, including donations received from individual donors.
   • Transaction Filters: Use filtering options in the bank portal to specifically search for deposits made under donation categories. This helps isolate relevant donation transactions from other payments or account activities.
   • Transaction Reconciliation: Match the bank transaction records with the corresponding donor details and donation amounts listed in your internal records to ensure that all payments are correctly recorded and attributed.
   • Export Formats: Bank transaction records should be available in downloadable formats (e.g., PDF, CSV, Excel), which can be uploaded into SayPro for further processing.
2. Payment Gateway Statements:
   • Download Monthly Reports: Most payment gateways offer downloadable monthly transaction reports that summarize all payments processed through the gateway. These reports typically include all donation-related transactions for the month.
   • Export Formats: Payment gateway statements are often available in formats like CSV or PDF, which can be easily imported into SayPro for integration with other donation data.
   • Identify Donation Transactions: Filter the statements to identify donation-related transactions by the relevant payment gateway accounts. This will ensure that only donor transactions are considered in the report.
   • Reconciliation with Internal Data: After identifying the donation transactions, reconcile them with your internal records, confirming donor names, amounts, and payment methods to ensure data consistency and accuracy.

How SayPro Can Process These Documents:

1. Data Integration:
   • Automated Import: SayPro can integrate with bank and payment gateway APIs (if available) to automatically import transaction records into the system. This would save time and reduce human error in manual entry.
   • Upload Process: If integration is not available, employees can manually upload bank transaction records or payment gateway statements into SayPro in formats such as CSV, Excel, or PDF.
2. Data Matching and Reconciliation:
   • Cross-reference Donor Data: Once transaction records are uploaded, SayPro’s system can cross-reference the donor information (names, amounts, payment method) in the bank or payment gateway records with the donor records in the system to ensure everything matches.
   • Transaction ID Validation: SayPro can validate transactions by checking unique transaction IDs from both the bank records and the payment gateway statements against the donation records, ensuring no donations are missed or double-counted.
3. Automated Donation Confirmation:
   • Donation Confirmation Status: SayPro can automatically flag donations as confirmed when they appear in both the bank records and payment gateway statements. This provides an extra layer of assurance that the donation has been successfully processed.
   • Notification of Discrepancies: If there are discrepancies between the donation amount in the internal system and what is listed in the bank/payment gateway records (such as missing donations or transaction mismatches), SayPro will notify the relevant team members for further investigation.
4. Reporting and Documentation:
   • Report Generation: After reconciliation, SayPro will generate a comprehensive Monthly February Donation Report that includes all donations made, cross-referenced with bank and payment gateway data. This ensures transparency and accurate tracking of donations.
   • Audit Trail: The system keeps a detailed audit trail of all reconciliations and confirmations, which is important for internal auditing and financial compliance.

Benefits of Using Bank Transaction Records and Payment Gateway Statements:

1. Verification and Accuracy:
   • Ensures that all donations are verified and accurate, with each transaction tied to a specific donor and donation amount.
2. Compliance and Transparency:
   • Provides essential records for financial audits and tax reporting, ensuring the organization complies with local regulations and nonprofit financial standards.
3. Efficient Reconciliation:
   • Automating the reconciliation process between internal records, bank transactions, and payment gateway statements reduces the potential for human error and discrepancies.
4. Data Integrity:
   • Ensures that the data entered into the system matches the actual financial transactions, providing an extra layer of confidence for both internal stakeholders and auditors.

Example Workflow:

1. Transaction Occurs: A donor makes a payment via bank transfer or an online payment gateway.
2. Bank/Payment Gateway Report Retrieval: The organization retrieves the bank transaction records or payment gateway statements for the relevant period (e.g., February).
3. Data Import: The transaction records are uploaded into SayPro’s system, either manually or through automatic integration.
4. Reconciliation: SayPro cross-references the bank/payment gateway data with the organization’s internal donation records to confirm that all donations have been received and accounted for.
5. Report Generation: SayPro generates the Monthly February Donation Report, incorporating both donor data and financial transaction details, ensuring accuracy and completeness.
6. Distribution and Access: The finalized report is made available to stakeholders, such as fundraising teams, auditors, and management, via SayPro’s cloud platform for easy access and transparency.

Conclusion:

The use of Bank Transaction Records and Payment Gateway Statements is an essential step in ensuring that donations are accurately tracked, confirmed, and reconciled with the organization’s financial records. SayPro’s automation tools help streamline the process of importing, verifying, and reconciling these documents, ensuring transparency, accuracy, and compliance.