Step 1: enter the gift
Enter the gift as you normally would. Note, you will not create and send a payment record for this gift until the stock is sold (if you received the actual stock certificates).
The Commitment is the total amount of what the stock was worth on the day that you received the stock.
The Gift Date is the date you received the stock (or check from the sale of the stock).
Step 2: create the gift payment record
Once you have received the actual cash after the stock sale, create the Gift Payment from the Gift record. Follow the workflow stages.
Select Payment Type
Enter the Payment Type as Stock/Equity. Save the record to automatically assign the Payment Number. Then on red circle above Select Payment Type and make sure payment number populated. Then click Next Stage.
Enter Stock Details
Fill in the information regarding the stocks you received. Click Next Stage.
Enter Payment Details
The Payor, Amount and Posting Date (Gift Date) will populate automatically. Enter the Check Date and Check # if you received a check in payment for the stock sale. Some clients use STOCK as the Check #, others leave these fields blank. Just be consistent with how you record this information. Then fill in the Fund, Account, Department and Function and click Next Stage.
Send To Accounting / Payment Confirmation
Send the transaction to Business Central accounting.
When the payment has been received in Business Central, the Payment Status will say ‘Received’.
Step 3: In accounting (business Central)
In accounting you will see the information from akoyaGO. Process it as usual.
If you entered the value of the gift as the amount you sold the stock for, you are done.
If you recorded the Gift Commitment as the amount the stock was valued on the day you received it, and there was a gain/loss on the sale of the stock, you’ll need to add a transaction in Business Central to account for that gain/loss.
If you had us modify the Gift Payment Process Flow to include the fee information, this was done automatically when you sent the information to accounting.