SayPro Bank Transaction Records

To ensure accurate tracking and validation of donations, it is crucial to have the proper documentation confirming the donation amounts. Bank transaction records and payment gateway reports serve as the primary documents that confirm the donation amounts. Below is an outline of the necessary documents required from employees to verify donation transactions.

1. Bank Transaction Records

Purpose: Bank transaction records provide official evidence of donation deposits made into the organization’s bank account. These records are necessary for financial tracking and auditing.

Required Details in Bank Transaction Records:

• Transaction Date: The specific date the donation was deposited into the organization’s account.
• Amount: The total amount deposited for each donation or batch of donations.
• Donor Reference/ID: In some cases, the bank may include a reference number or donor ID associated with the deposit, helping to identify the specific donor.
• Deposit Type: Indicate whether the deposit was via check, wire transfer, ACH, or other methods.
• Transaction ID or Reference Number: A unique identifier that can be used to trace the transaction.

Employee Actions:

• Employees should regularly download or obtain bank statements or transaction reports that show all donations received.
• These records should be compared with the donor management system (e.g., SayPro) to ensure that the bank deposit matches the recorded donation.
• For large donations or significant deposits, additional deposit receipts or confirmation reports should be retrieved from the bank to ensure full transparency.

How to Obtain Bank Transaction Records:

• Log in to the banking portal or request statements from the bank for the relevant period.
• Download the detailed deposit records for the donation period (monthly or quarterly).
• Ensure all donor deposits match the records from your donation management system.

2. Payment Gateway Reports

Purpose: Payment gateway reports provide a detailed breakdown of online transactions, including donation amounts, processing fees, donor information, and payment methods. These reports help confirm the amounts donated through online platforms such as PayPal, Stripe, or other payment gateways.

Required Details in Payment Gateway Reports:

• Donation Date: The date when the transaction was processed.
• Amount Donated: The exact amount of each donation.
• Transaction Fees: Any processing fees charged by the payment gateway (e.g., PayPal or Stripe).
• Donor Information: Details such as the donor’s name, email, and reference number, if available.
• Payment Method: The method used for payment (credit card, PayPal, debit card, etc.).
• Transaction ID: A unique identifier for the donation that can be cross-referenced with other records.

Employee Actions:

• Employees should regularly download payment gateway transaction reports from platforms like PayPal, Stripe, or other payment processors.
• Reports should be carefully reviewed to ensure that donations are processed correctly, fees are accounted for, and donor information is accurate.
• Cross-reference the payment gateway report data with the bank transaction records to verify that the donations were deposited into the organization’s account.

How to Obtain Payment Gateway Reports:

• Log in to the payment gateway account (e.g., Stripe, PayPal).
• Access the donation transaction history and export the data for the relevant period (monthly, quarterly).
• Download the report in a usable format such as CSV, PDF, or Excel for further review and processing.

3. Cross-Referencing Bank and Payment Gateway Data

• Comparison: The employee should cross-check the payment gateway donation amounts with the bank deposit records. This ensures the amounts match, and any discrepancies can be identified quickly.
• Confirm Deposits: If any donations were processed through a payment gateway but do not appear in the bank transaction records, employees should investigate potential delays or issues with the deposit.
• Transaction Fees: Ensure that transaction fees are deducted properly from donations and that the net donation amount is reflected in both the gateway report and the bank records.

4. Documentation Storage and Access

Proper storage of these records is essential for auditing, tax compliance, and transparency. Employees should ensure the following:

• Organize Records: Store bank transaction records and payment gateway reports in an easily accessible but secure location. This could be on a shared drive, a secure cloud service, or within the organization’s internal document management system.
• Backup Documents: Regularly back up the records to prevent loss of important data.
• Access Control: Limit access to sensitive financial documents to only authorized personnel within the organization.

5. Reporting to Management and Auditors

• Consolidate Data: Employees should prepare regular reports summarizing the donation amounts confirmed through both bank transaction records and payment gateway reports.
• Financial Reports: These should be submitted to senior management, the finance team, or external auditors to ensure the integrity of the donation process.
• Reconcile Reports: Regular reconciliation between payment gateways, bank records, and donor data should be performed to ensure that all donations are accounted for properly.

Conclusion

Bank transaction records and payment gateway reports are essential documents for verifying and confirming the amounts of donations received by your organization. Employees should follow a systematic process to gather, cross-reference, and securely store these records. This helps maintain transparency, ensures compliance with tax regulations, and provides a clear audit trail for donors, auditors, and the organization.