Keystone may be used to record several categories of affiliate cash receipts, including income from general or restricted donations as well as homeowner payments for closing fees, mortgage payments, escrow, and other debt. Some of this information may be summarized to facilitate entry into your affiliate's accounts.
Donations may be totaled and recorded by category. Also, some or all contributions may be detailed individually if the funds are temporarily restricted, such as might be the case for funds from a covenant partner or if your affiliate has need for individual reporting.
A mortgage example deposit form in QuickBooks might appear as shown below:
An donation example deposit form in QuickBooks might appear as shown below:
Do not mix receipts from different periods. Make a separate deposit for funds received in different months. This will facilitate the reconciliation process.
A duplicate of the bank deposit slip listing each check and payment received as well as copies of the checks should be maintained as source documents for the transaction.
Escrow funds are typically held in an account distinct from an affiliate's current accounts. Depending on your affiliate's practices, you may want to make the deposit of homeowner payments directly to this account and transfer non-escrow payments to other accounts at the end of the month as part of the reconciliation process.