Getting Ready for Automatic WePay Transfers

With Aplos, you have the ability to receive online donations, which is mostly an automated process. The only action on the user side has been to record the transfer within Aplos to show the deposit of donations that WePay sent to their bank account. We are now introducing an automation to record that transfer for you, which will reduce the work that you’ll have to do even more!

Because the transfer has been a manual process up until this point, we wanted to provide a couple of options to get your AplosPay register ready for the automation moving forward.

Option #1: Reconcile Your WePay Account

WePay offers a transaction report, which you can obtain by logging in to your WePay dashboard here: From your dashboard, simply click “Reporting” on the left of the screen, and then click the Settlements tab. This report will allow you to reconcile the deposits and transfers within Aplos to the net balance that WePay shows on your dashboard. You will accomplish this from the Bank Reconciliation page within Aplos. Once reconciled, the balance of your WePay register should match the net balance on your WePay dashboard. When you see your next deposit from WePay in your checking account, check your WePay register. The transfer may have kicked in and posted this for you automatically, or you may need to post one more transfer before it becomes automated.

Option #2: Post A Journal Entry

Up until this point you may have posted your WePay deposits as income in your asset account rather than transferring them from your AplosPay account to your checking account. The income of those donations is actually recorded at the point that the donations are automatically recorded in Donor Management, so, recording the deposit as income is actually doubling your income. The correct transaction is to record a transfer from the WePay account to the checking account. This will simply move the money from one asset account to the other. If you have recorded those deposits in your checking account as a deposit using an income account, you can do one of two things. You can go in and filter your asset account to view those deposits from WePay, and then change the account from the income account to the WePay asset account instead. This will change the transaction so that it is a transfer from WePay to the checking account, which will in turn reduce the balance of the WePay asset account. The second option is to post a correcting journal entry to reduce the income by debiting the income account(s) and crediting the WePay asset account. If you have received online donations for multiple funds, you will need to credit the WePay asset account for each individual fund balance.

The example below shows online donations to multiple funds:

The journal entry to decrease the duplicated income and zero out the WePay asset account is as follows:

This journal entry will reduce the income and fund balances as well as decrease the WePay asset account. You will want to post this entry for the donations that have been transferred to your bank account only. You may have a few donations that are pending and not yet deposited to your bank account. For that amount, you may see the automatic transfer kick in, which will require no action from you. Or you may need to post the transfer from the Wepay asset to your checking asset to move that over until the automatic transfer kicks in.

From your WePay register, you will set up a transaction similar to the one below:

Screen Shot 2016-08-16 at 3.02.10 PM

The transfers you will record should match the deposits you receive in your bank account from WePay. You will put the amount in the payment field and choose your checking account in the account field. Also keep in mind if your deposit includes donations to multiple funds, you will want to split it. This process will record the payment in your WePay register as well as the deposit in your checking register.

Once you have completed one of the options above, your WePay account should be caught up to its current balance. The article below will provide more information about the AplosPay transfer automation feature.

AplosPay Withdrawals

If you have any questions, or need assistance, please do not hesitate to contact our Support Team.

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