Expected Funds

There are two types of expected funds on the platform:

  1. The first are automatically generated when contributors use the “bank transfer” payment method and then manually complete payment at a later time.

  2. The other are expected funds created by a fiscal host to track expected funds as a consequence of fund-raising efforts by either the fiscal host or collectives. Documenting expected incoming contributions will make it easier for you to track them down and reconcile them when they appear in your bank account.

Expected funds can be found in your Fiscal Host Dashboard:

Creating a Expected Fund

When you become aware of expected funds (for example, when notified by a collective administrator), you can create a new expected fund. Navigate to your Fiscal Host Dashboard -> Expected Funds. In the Top right corner, click “Create pending”

The form is divided into three sections:

  1. In the first section, you can indicate:

    1. To which of your hosted collectives the funding is going to be allocated.

    2. You can decide within the collective if the funds are supposed to go to the main collective account or to a project or event. You can also link the funding to a specific contribution tier.

  2. In the second section, you can indicate where the money is coming from:

    1. Select an existing organization or create a new one.

    2. Add contribution-specific contact information (name and email) for this funding. If you provide a contact email address, they will be automatically notified when the funding is allocated to the collective.

    3. You can assign it to an accounting category

    4. If you are interacting with a funders payment system and have a purchase order number to track, you can add it here.

    5. Add an internal note to document information related to this pending contribution.

  3. In the third section, you can indicate:

    1. The expected amount.

    2. Set the host fees.

    3. Indicate when the funds are expected to arrive

    4. The expected payment method.

Review & Edit Expected Funds

When you find a expected fund (see Searching for expected fund), you can click on it to review its details.

Click on “Edit Contribution” to modify the expected fund details.

Finding Expected Funds

You can search for an expected fund based on any of the information you’ve entered and you can filter expected funds for any time period, the amount of the contribution, who created the expected funds, the status and type; recurring or one time. You can also sort the expected funds by Newest or Oldest.

Reconciling Expected Funds

When you’ve found an expected fund that matches incoming funds, you can reconcile it by clicking on the three dots and then “Mark as completed" which will display this reconciliation screen.

This screen will be populated with the information from the pending contribution. You can modify the amounts to match the funding that was actually received, including payment processor fees and the host fees.

When you click on “submit” the following things will happen:

  1. The funds will be credited to the collective (or project or event) and if selected, Tier. Four transactions will be created:

    1. Funds will be debited from the funder account.

    2. Funds will be credited to the collective.

    3. Host fees will be deducted from the collective account.

    4. Host fees will be credited to the host.

  2. The expected fund will be marked as completed.

  3. The collective admins will receive a notification letting them know that their funds have arrived and have been allocated to their account.

  4. The funder contact (if there is one) will receive an email notification letting them know that the funds have been received and allocated to the collective.

The reconciled expected fund will no longer appear under pending contributions. It will now appear as a contribution to the collective.

Expiring Expected Funds

The expected dates on expected funds are informational estimates. When the expected date passes it will be emphasized with a highlight to indicate it may be overdue.

If you no longer expect an expended fund to be fulfilled, you can mark it as expired.

If for some reason, the funds for an expired expected fund do arrive, you will still be able to search for it and reconcile it.

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Ⓒ Open Collective 2024