Transaction Details: Credits and Debits
With Mazlo, fiscal sponsors and project teams can update the transaction details of credits (e.g. deposits) and debits (e.g. expenses) with key information to build comprehensive reports.
Last updated
With Mazlo, fiscal sponsors and project teams can update the transaction details of credits (e.g. deposits) and debits (e.g. expenses) with key information to build comprehensive reports.
Last updated
In Mazlo, updating transaction details ensures your financial data is well-organized and accessible. Tag contacts, accounting codes, and grant profiles within the transaction details to build data-rich reports for your organization.
You can quickly review the details of this transaction to understand what needs to be updated.
For check deposits, you can click the purple 'Check Deposit' link to review the check images.
Review the meaning of each field within transaction details:
Add the Donor's Name
Select the donor's name to tag their profile to this deposit, or create a new donor profile by clicking "+ New Donor."
Select the Accounting Code
Click on the Accounting Code field.
Select the accounting code for this transaction. *This is a key step to generating donor acknowledgement letters with a tax receipt.
(Optional) Select a Program Code
Optionally, click on the Program Code field.
Select the correct program code as an extra layer of classification.
(Optional) Select the Grant Profile
If the deposit is for a grant, select the correct grant profile to track it.
(Optional) Add a Description
Add a description to capture the memo or save details for your team to review.
Upload Relevant Documents for the Deposit
Click Choose Files to upload any relevant documents to this transaction.
(Optional) Assign the Amount to Another Account
If a shared cost has not been settled,* you can click Assign to another account to initiate an internal transfer of this deposit.
*Deposits cannot be transferred to another account after a shared cost has been settled.
If you've chosen to assign the amount to another account, select the destination account for the deposit.
(Optional) Add Line Item
If a shared cost has not been settled,* you can add line items to transactions to assign portions to a different account or code a portion for a different purpose. For more information, review our article on Splitting Transactions.
(If Applicable) Update the Shared Cost Percentage, Amount, or Settle the Shared Cost
If you have shared costs turned on for your organization, you can update the percentage or the amount of the shared cost that will be deducted from the deposit and transferred to your organization's primary checking account. *You can also set this amount to 0% or $0.00 for deposits that don't need a shared cost deducted.
When you've confirmed the amount to transfer, click Settle Shared Costs.
If you've settled a shared cost within the transaction details, review the internal transfer and click Confirm.
Note: Shared Costs are only available for organizations that have activated them. For more information, please contact our team at support@mazlo.com.
Finally, review all the details to ensure they are correct, mark the transaction as Complete.
Then click Save.
When a transaction is marked as complete, you can see the green check in your transactions list. All complete transactions contribute to your live P&L.
You can quickly review the details of this debit transaction to understand what needs to be updated.
Review the meaning of each field within transaction details:
Add the Recipient's Name
Click on the recipient's name and open the Options Menu.
Click + Add Recipient.
If you've already created the recipient profile, select it here. You can also create a new recipient profile by clicking +Add Recipient.
To create a recipient profile, select whether the profile is for a business or an individual. Then enter their name*. Optionally, enter their contact information, address, EIN, or ID or banking information. Click Done to save the new recipient.
*Selecting the recipient type and entering their name is all that is required. You may skip all information by leaving it blank and clicking 'Next.'
Select the Payment Category
Categorize this payment as a Good, Service, Reimbursement (Other), or leave is uncategorized.
Select the Accounting Code
Click on the Accounting Code field.
Select the accounting code for this transaction. *This is a key step in building your P&L report.
(Optional) Select a Program Code
If needed, click to tag a Program Code.
Select the correct program code as an extra layer of classification.
(Optional) Select the Grant Profile
If the debit is for a grant, select the grant profile to track it.
Add a Description
Add a description to save details for your team to review.
Upload Relevant Documents to the Debit Transaction
Click Choose Files to upload any relevant documents to this transaction.
(Optional) Add Line Item
You can add a line item to allocate the expense to a different account or code a portion for a different purpose. For more information, review our article on Splitting Transactions.
(Optional) Assign the Amount to Another Account
You can click Assign to another account to initiate an internal transfer to allocate the full amount of this expense to a different account.
If you've chosen to assign the expense to another account, select the account that will reimburse the expense.
To save this, review the internal transfer and click Confirm.
Finally, confirm the details are correct, then mark the transaction as Complete and click Save.
When a transaction is marked as complete, you can see the green check in your transactions list. All complete transactions contribute to your live P&L.
Please contact our team if you have any questions: support@mazlo.com.
