Wild Apricot Free Product Webinar Archives

Managing Your Finances in Wild Apricot


Transcript

Hi, I'm Picky Apricot Steve Andrews and in this webinar, I'm going to show you how to use Wild Apricot to manage your organization's finances.

Wild Apricot includes a Finances module, which you can use to track invoices generated by your organization, as well as payments collected, and refunds issued - in other words, to track your income and manage your accounts receivable.

There are two types of payments tracked in Wild Apricot: online payments, such as credit card payments, and manual or offline payments, for payments like check, cash, or wire transfer.
You can set up your Wild Apricot account to accept online payments for membership dues, event registration, donations, and other invoice payments.

Self-service for members

From your Wild Apricot site, visitors can apply and pay for membership, sign up for events, and make donations.

When someone performs a self-service transaction, an invoice is automatically generated and emailed to the person. From their profile, contacts can view their financial history, including all invoices and payments.

Contacts can pay any unpaid invoices by selecting one or more invoices then clicking the Pay online button. Once the payment is confirmed, the payment system will automatically create a payment record and update the related invoice in Wild Apricot and email a receipt to the payer.

Invoices

To view a list of your invoices, select Invoices within the Finances menu.

Most transactions on your Wild Apricot site (e.g. membership applications and renewals, event registrations) automatically generate an invoice. The exception is donations, which do not involve invoices.

Each unpaid invoice has a balance, which is the total amount of the invoice minus all the payments settled to the invoice. As long as there is an open (outstanding) balance the administrator can record full or partial payments.

You can search the invoice list in a number of ways. You can select a predefined date range or set one of your own. You can select one of the predefined filters. For example, if you select the With open balance filter, it will show all outstanding invoices. Or, you can perform a keyword search.

To view the details of a particular invoice, click it within the list. From the invoice details, you can record and settle the payment by clicking the Record payment button. You can also print or email the invoice to the contact.

You can modify or delete the invoice, though you have to be careful as it might lead to discrepancies between your transactions and your financial records.

Using the Prev and Next buttons, you can browse through other invoices within the list.

When you need to track additional transactions that you have processed outside of your Wild Apricot website, you can create a manual invoice.

Setting up online payments

To set up your Wild Apricot site to accept online payments, you need to have an account with one of the payment systems we support, then enter the account details on the Payment settings screen.

On the Payment settings screen, you can also enter payment instructions to be displayed to visitors to your site explaining how to use the online or offline payment methods.

You can always accept manual payments, whether you choose to accept online payments or not. If you only want to accept manual payments, such as check, cash, wire transfer, etc., you can click the Payment system drop-down and select the Manual payments option.

For membership dues, you can set up recurring payments so that membership dues can be automatically charged on a regular schedule. After you've configured your payment settings to work with one of the supported payment systems, you can enable recurring payments for individual membership levels.

Recurring payments are currently supported for Wild Apricot Payments, PayPal Express Checkout, PayPal Payflow Pro, PayPal Payments Pro, and PayPal Payments Standard.

Settling payments

Settling payments is a process of matching payments to invoices.

If a person pays online, Wild Apricot automatically records a payment and settles it with the related invoice so there is no outstanding balance from that invoice. If the invoice is not paid or is paid manually, it will have an open balance. When the payment is received and recorded, it can be settled to this invoice.

To record a manual or offline payment, find the invoice with the outstanding balance then click the Record Payment button. From the screen that appears, enter the amount of the payment.

You can also specify the tender – the method by which payment was received. Classifying payments by tender makes reconciliation and reporting easier. The payment report, for example, displays a summary of payments broken down by tender. For online payments, tender is recorded automatically (for example, Online - Wild Apricot Payments credit card payment).

You can customize the list of tenders by clicking Tender management under the Finances menu.

Emailing invoices and receipts

By default, invoices and receipts are automatically sent out as a part of the financial workflow.

You can customize the invoices and receipts, and control whether they are sent or not. From the invoice settings, you can also set the next invoice number and customize the invoice email template.

If needed, administrators can print or resend any previously created invoice, donation receipt or payment receipt. From the invoice details, click on the Email button at the top of the page.

Emailing a payment receipt is similar to emailing an invoice.

Cancellations, refunds, credits

If you need to modify an invoice, maybe because it was incorrectly recorded, open the invoice then click the Edit button. After you save your changes, payment details and contact records, including balance are automatically updated.

To delete a payment -- maybe because a check bounces -- click the Delete button. Any settlements associated with this payment will be canceled automatically.

Refunds for online payments can be issued from your payment gateway interface (outside of Wild Apricot). After the refund is issued, the payment gateway should automatically communicate with Wild Apricot by sending a refund notice and Wild Apricot will record an automatic refund in its database.

If a refund was issued manually outside of Wild Apricot, or if the Wild Apricot did not receive a refund notification from the payment gateway, you need to manually record it in Wild Apricot to ensure correct balances.

If the refund is for a payment that has already been settled to an invoice, you must first go to the payment details and cancel the settlement. Now that the payment record has a balance, you can proceed with the refund by clicking the Refund button.

If you want to apply a credit to someone’s account so they can use it towards future invoices, you record the credit just like a new payment.

Donations

You can set up your Wild Apricot site to accept donations, so visitors to your site can provide financial support to your organization. To accept donations, add a donation form gadget to a page on your site. Donations can be made through a donations page on your site or recorded manually by administrators.

To track your fundraising efforts, you can add a donation goal gadget to a page on your site. The donation goal gadget displays a progress bar that measures progress towards your financial goal.

From the Donations module, you can display a list of individual donations, a list of donors, or all the individual donations for a particular donor.

To view the details of a particular donation, click it within the list. From the donation details, you can modify, delete, or refund the donation.

To generate a donations report, click the Donations report button. The donations report shows a graphical breakdown of all donations by payment tender. You can filter the report by date, by online vs offline payments, by payment type, and by payment status.

Audit log

The audit log records all important financial activities on your account, including: the creation of invoices and receipts, the processing, modification, or deletion of invoices and payments, and
the issuing of refunds.

The log can be filtered by date, by transaction type, or by entering a search keyword.

To view details for a particular audit log entry, click on the entry within the log.

To view all the transactions for a particular contact, go to their contact record then click the Financial transactions link.

Reports

From the Finances module, you can generate various financial reports to help you track your organization's finances.

The income report is a summary of all your income, based on the invoices in the system.
You can select the date range – when the income was recorded or received, and select the invoice/payment type(s) you are interested in. The report displays a graphical breakdown of all the income by source, followed by a breakdown of income from memberships and events.

The payments report displays a summary of payments, donations, and refunds – i.e. your cash flow transactions – based on the payments and refunds in the system (see payments overview).
The generated payment report shows a graphical breakdown of all the payments by payment tender. The report is further broken down by invoiced payments, donations, and refunds.

The aging receivables report is a list of all contacts with outstanding balances, broken down by the number of days that the balance has been outstanding-- 30, 60, 90 and over 90 days due.
From the aging receivables list, click on the contact's name to bring up their account statement.
An account statement lists invoices, payments, refunds, and donations for a particular contact.
You can also display the account statement for a contact from the contact's record.

Exporting

You can export your invoices list – as it appears on the Invoices screen – to an Excel spreadsheet. From your invoices list, click the Export to Excel button, then save the .xml export file to a location on your computer or network.

You can also export your payments and refunds list to an Excel spreadsheet.

As well, you can also export your financial transactions and related records to QuickBooks.

Taxes

You can set up sales taxes or value-added taxes and apply them to membership invoices, event invoices, and manual invoices but not donations.

Self service transactions that generate invoices -- such as event registration or membership application -- will calculate applicable taxes based on your tax settings. Manually created invoices will include an option to apply taxes to items on the invoice.

To set up taxes for your site, hover over the Finances menu and click Taxes

From here, you can create any number of different taxes. For each tax, you enter the tax name, the tax rate, and your tax account ID (which will appear on invoices).
Under Tax policy, you indicate whether taxes are added to the total price during checkout (sales tax) or included in the total price (value-added tax or VAT). Your choice will apply to all the taxes you have created.

After setting up your taxes and defining your tax policy, you choose your default tax calculation. The taxes you select will be applied separately to the purchase price.

Since taxes can vary from one jurisdiction to another, you can provide for different tax combinations to be applied based on the value of a common field. These settings will override the default tax combination. For each field value, you can choose up to 2 taxes to be applied to contacts with that common field value.

After you have set up the tax calculations, you can choose whether you want to apply them to membership invoices and event invoices. Regardless of your choices here, you can define exceptions for specific membership levels and event registration types.

For each membership level and event registration type, you can choose whether to follow your tax scope settings, or ignore them and apply or disable tax for this membership level or event registration type. You can make this choice on the General tab for each membership level and when adding or editing an event registration type.

Once you begin applying and collecting taxes, you can generate reports summarizing or detailing the taxes billed and collected during different time periods. To generate a tax report, go to Finances then click Reports then Taxes.

By default, a summary report is displayed. To view a detailed report, displaying individual entries for each invoice, click Detailed. By default, the detailed tax report shows the gross amount billed, the taxable amount, and the amount of tax billed (from all invoices, whether they have been paid or not). To view the amount collected (from fully paid invoices only), click Collected.

You can filter the report by date, selecting from one of the predefined date filters, or using the calendar controls to select your own date range. You can export the tax report to a PDF file or to an Excel file.

As we have seen, Wild Apricot provides a number of tools to help you manage your organization's finances.

For more information, see Wild Apricot’s online help or contact our support department. You can find links to help and support in admin view in the upper right corner of the screen.

See for yourself how easy to use and affordable Wild Apricot is:


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