A charitable pledge is an obligation for a donor to give money to the Community Foundation at a future time. Your Chart of Accounts will have two Accounts, one called “Pledges Receivable” (A) in Accounts Receivable and one called “Pledge Support” (R) which is a Revenue Account that will recognize incoming pledges or Pledge Contributions. These Accounts and their defaults may have been created during your implementation process. If these accounts were not created during your implementation you will need to to create them.
- Go to Accounts
- Create one Pledges Receivable Account (A) in Accounts Receivable
- Create one Revenue Account (R) called "Pledge Support" that will recognize incoming pledges or Pledge Contributions
Next, you will need to set up or verify your Account Defaults
- On the Accounts page, select Choose Defaults from the left side menu
- Choose the Account you wish to use for your Pledge Receivable Asset account
- Choose the Account you wish to use for your Pledge Contributions Revenue Account
- The click Update at the bottom of the page.
Now you can begin to create Pledges in your system.