I want to manage a Major Gift Opportunity that results in a 5 yr pledge. Then I want to set up the related recurring donation for all 5 years. Once payment has been made, I'll post it and mark it Paid.
On the Major Gift Opp, I enter Amount.
I set up the recurring payment for 5 years.
The result should show payment amounts received, and remaining balance. My method works fine here.
On the household account, my method fails to show the accurate cumulative Total Gifts for the household. It shows the Major Gift Opp Amount AND the cumulative payments.
Example: Donor pledges $25,000 over 5 years.
Payment 1 comes in. Change status to Posted, mark as Paid: $5,000
Payment 2 comes in. Change status to Posted, mark as Paid: $5,000
Household account shows Total Gifts: $35,000.
How do you record multi-year pledges so that the Household account is accurate?
Thank you Camilla. Indeed, our Finance Dept records the full pledge too. The difference I see in your technique is that you don't "Close" the Major Gift until all payments have been made. I like that logic. In my case, using the default NPSP, I choose the "Verbal Commitment" stage to represent the 5yr Pledge Card we receive. I may add a stage "Pledged".
This solves the Household Donation Totals: Total Gifts amount. Thank you.
As you mentioned, the outstanding pledge payments are not going to calculate automatically for the Household account. So you took the time to generate a custom report to do so? Though it's another step, it makes sense that a report showing ALL outstanding payments due, and collected to date, is a valuable report to have anyway, instead of looking at individual households. If you have the time, thanks for confirming.
