While exploring your Virtuous Raise instance, you may have seen a Project named Processing Costs and wondered what it is. Well, have no fear, an article is here!
Processing Costs is the Project holding all the donor-covered costs and is designed to keep track of the fees per Gift given through Virtuous Raise. You can head over to this article to learn more about processing fees.
Note: You cannot change the details of the Processing Costs project as it is a system Project designed to stay consistent across all gifts.
When reviewing a list of records, you will see a "covers costs" icon next to Gifts where the Donor has chosen to cover processing fees.
When reviewing a specific Gift, the “covers costs” icon will display next to the phrase “Covered Costs” for ease of reference.
In Virtuous Raise, you can choose how exactly you’d like to manage Donor Covered Processing Fees. To learn more about the different options available to manage both processing fees and donor covered fees, check out this support article that goes into further details.
As you accept donations and the donor opts to donate a bit more to cover the processing cost, those processing fees will go to the Processing Costs Project.
As an example, if Grandma Betty makes a $10 gift to Project A and chooses to cover the processing fee, $10 of the gift would be designated to Project A and the excess amount would be attributed to the Processing Costs Project.
However, if Aunt Sue donates $100 to Project A and does NOT opt to cover the processing fees, $96.80 would go to Project A and $3.20 would go to the Processing Costs Project.
By splitting the fee per gift, reconciliation with your bank deposits will be smoother and still allow you to receipt the donor for their full gift amount.