Best Practices for Accurate Reporting when Posting a Chapter Collected Payment
Katie Vogel
Updated
It is recommended to have your members pay their dues and fees through greekbill to avoid any confusion on reporting and member balances. Members can pay their balance owed online via credit card, e-check, bank sync, and Apple Pay. They can also pay by phone by calling 800.457.3816or sending in a paper check to our lockbox address.
Post deposits more frequently to avoid the collection of different types of income from one mass deposit (for example Member Dues VS. Alumni Donations). Making multiple deposits frequently will help avoid any confusion about what the income was based on the date posted. It helps to avoid deposits that batch together multiple types of income.
Split your deposits as you initially deposit them based on the types of income. Making more than one deposit in your bank account based on types of income will lead to clearer reporting. Breaking up a deposit to not include both the alumni donation and member's dues payments, in the same deposit, will make it easier to identify the origin of the payments.
If you need to post chapter collected payments, take into account that greekbill will automatically insert this transaction into your general ledger reporting and you do not need to create another deposit transaction.
NOTE: This can only be an option if you are manually adding the deposit to greekbill, and not the bank sync. The bank sync will pull over all deposits made for the full amount made at the bank. You can not partially void the total for a bank-synced deposit.
If you are using your chapter bank sync and post a chapter-collected payment, you may need to exclude/ void the duplicate transaction on the reconciliations. You can identify the transaction because they are labeled as "BAS" in front of the number.
Once posted, split your deposit itemizing the different incomes. If you break down all the various payments, you will get a record of all the payments that went into the deposit for future records. For example, listing all the alumni that paid for the T-Shirt for the deposit.
