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Financial management

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. To display the Finances module, click the Finances menu.

Financial management functions include the ability to:

  • Automatically generate invoices for transactions on your website
  • Perform self-service by your members, event registrants, donors, or anyone else, to view and pay their invoices online
  • Record other payments received (e.g. cheques) or charge client credit cards (assuming that card information has been provided outside of Wild Apricot)
  • View the financial transactions via the list of invoices or list of payments/refunds
  • Generate instant financial reports – income report, payments report, and aging receivables
  • Export your financial transactions to Excel or QuickBooks format
  • Look up original transactions (e.g. membership application or event registration) that generated a particular invoice

Invoices

To view a list of your invoices, hover over the Finances menu and select the Invoices option.

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If you are already on a different tab within the Finances module, click the Invoices tab.

Invoice types

Automatically generated invoices

  • 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. You can also provide for membership renewals to be automatically generated. Invoices itemize all details of the transaction (for example, a membership application with an extra cost field would have a line of the application cost and a line for each extra cost selection made).

Manually created invoices

  • The administrator can also create manual invoices – invoices which are not linked to any transactions in Wild Apricot but to something else processed outside of Wild Apricot (e.g. to charge sponsorship fees). When the member logs in, they will see these manual invoices (in addition to any other automatically generated invoices) and they can pay for some/all of them online.

Invoice numbering

Invoices are numbered automatically based on your invoice settings.

Invoice balance

Each 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. Once fully paid the invoice will then show a zero balance.

Customizing and viewing invoices

The administrator can view any existing invoice, print it out, or email it at any time. Invoices are formatted according to a customizable invoice template.

The invoices can also be edited or deleted, though you have to be careful as it might lead to discrepancies between your transactions and your financial records. These changes will automatically be reflected in the member view as well.

On each invoice, you can enter internal notes or comments in the Internal notes field, or instructions to be display to the payer in the Comments for payer field.

Payments

There are two types of payments recorded in Wild Apricot: online payments, such as credit card payments, and manual or offline payments, for payments like check, cash, or wire transfer.

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Classifying payments

Payments can be classified by tender – to record how it was received. For online payments, tender is recorded automatically (e.g. Online - Authorize.Net credit card payment). For manual payments, tender is selected when the payment is entered (e.g. Cash or Checking Account). You can customize the list of tenders as needed.

The administrator can record payments on specific invoices (these are automatically settled to this invoice, reducing its balance) or enter the payment on account, meaning that a payment can be recorded for a contact without settling it with a specific invoice. If the contact on the other hand pays online, the payment is automatically settled with all the invoices the contact paid for.

Handling special cases

Tenders can also be used for special cases. You can create a tender called Special discounts and record payments with this tender type. In this way, you can still include the original invoice in full into the income report, but then partially or fully discount it. These can be analyzed via the payments report.

Discounts can also be applied to membership applications using discount coupons. For more information, see Discounts and complimentary transactions.

Recording refunds

The admin can record refunds from the Payments & refunds screen under the Finances menu. The refund will automatically be reflected on the contact profile.

For more information, see Refunds.

Donations

You can set up your Wild Apricot site to accept donations, so visitors to your site can provide financial support to your organization.

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Donations can be made through a donations page on your site or recorded manually by administrators.

Once a donation is processed, it can be modified, deleted, or refunded. You can view a list of donations by date or by donor, and export the donations records to a spreadsheet.

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.

Donations do not generate invoices in Wild Apricot. Instead, donations are only recorded when the payment is received. Thus, donations do not affect contact balance, and are not settled. Also, on the contact account statement, donations are displayed in a separate column from invoices and payments and have a separate total.

Donation receipts are formatted according to a template you can customize in the system.

For more information, see Managing donations.

Taxes

You can set up sales taxes (applied on top of your prices) or VAT (included in your prices) and apply them to membership invoices, event invoices, and manual invoices (but not donations).

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You can automatically calculate taxes and show them on invoices, and run reports to show taxes billed or collected.

For more information, see Setting up and applying taxes.

Contact balance and account statement

Wild Apricot tracks a balance for each contact in your database – the total of all invoices, payments and refunds for that contact.

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This balance is displayed on their contact card in the upper right hand corner. It can be zero, positive (balance due) or negative (overpaid).

To view the transactions for this contact, click Financial transactions.

From the transaction list, you can produce an account statement by clicking Account statement.

You can export the account statement to Excel or PDF.

Settling invoices and payments

Invoices have a balance associated with them – how much of the original transaction fee they still owe to your organization.

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Settling payments and invoices is a process of matching up specific payments and invoices. If a person paid via credit card, system automatically records a payment and settles it with the related invoice so there is no outstanding balance from that invoice. If manual payment was chosen, this will generate an invoice with an open balance. Later on, when the payment is received and recorded, it can be settled to this invoice. Manual payments can be full or partial.

Settlements can be canceled at any time (e.g. payment can be unsettled from one invoice and applied to another invoice on the same contact or left unsettled). When a settlement is canceled, the payment record itself, invoice, and transaction all stay intact.

When a payment is settled in full, the system performs all changes to the contact/member that are specified by the workflow. For example, if your members are automatically activated when paid in full, then that action takes place. Manual actions, such as approving a membership application, will still have to be done by an administrator.

Pending/incomplete transactions

Pending transactions refer to transactions that have yet to be completed – for example, invoice is not yet paid or the member application is awaiting admin approval.

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If a member initiates a member application, renewal, or level change but does not pay the invoice (or is not yet approved), that member stays in a pending state. The member would only move into active status (with full member benefits) once the invoice is paid or if the admin manually activates them.

Similarly an event registration remains incomplete until the associated event invoice is paid for.

Using the audit log

The audit log records all the key financial transactions on your account, including:

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  • the creation of invoices and receipts
  • the processing, modification, or deletion of payments
  • the issuing of refunds.

The primary purpose of the audit log is for troubleshooting – to help you figure out why a particular transaction took place.

Financial reports

You can generate various financial reports to help you manage your organization's finances, including:

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  • Income report – summary of your income based on the invoices in the system within a selected period and by transaction type.
  • Payments report – summary of payments, donations and refunds, in other words your cashflow transactions. Based on the payments and refunds in the system, within a selected period and by tender type.
  • Aging receivables – list of all contacts with outstanding balances classified by outstanding days.
  • Account statement – statement report for a particular account – list and totals of invoices, payments, refunds and donations.
  • Tax reports – for taxes billed and collected during different time periods.

You can also generate financial reports specific to donations and events from other Wild Apricot modules.


Webinar: Managing Your Organization's Finances
 (20:45)

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Wild Apricot Inc. 144 Front Street West Suite 725, Toronto, Ontario, Canada M5J 2L7