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Louisa Gag 7Louisa Gag 7 

What does 'close date' mean? When I expect to have the check in hand?

I am a non-profit trying to log donations. What should I put as the close date? Many times, a donor will say they want to give a donation, and I'd like to open a new Opportunity then - before we've received the check. 
Mike ArthurMike Arthur
Hi Louisa,

In the sales world, it is usually the date that the customer commits to an order, often by signing a contract.  This is so that management can see how much money there is an agreement in place for in any given month, quarter etc.  The actual collection of that money follows on from that.  It also signals that the salespersons job is done. It is now over to the delivery side of the business to deliver the goods and for finance to collect the cash.

I would expect a charity collecting donations to operate in a similar way, that once the donor has committed to a donation, the opportunity becomes closed won.  It is up to finance to collect and process the cheque.

Think of it in terms of what you want to track - commitments or cash collected?

This is nice and simple for one off donations, like selling a tin of paint - commitment made, cash collected, paint delivered, end of transaction.  If you have donors who commit to a monthly amount though, it becomes more complex, like selling a consulting service where the customer pays monthly.  You may get a commitment for £120 but you collect £10 each month for the next year, so again, think about what it is you want to track and report on.

Hope that helps,
Mike.