Opportunities - an introduction
Simply stated, the opportunity object houses all revenue or potential revenue for your organization. Each opportunity is connected to a donor and a campaign indicating where the opportunity came from. Each opportunity also has a set of cultivation stages, payments to track check or credit card payments related to the opportunity, and information about allocations (to track what funds the money goes to).
Opportunity Record Types and Stages
KELL360 uses something called a 'record type' to distinguish between the types of revenue that your organization collects. These are primarily used to segment the types of donations that your organization might receive. Using different record types allows you to track the the different cultivation stages that your organization uses depending on what type of gift you are receiving. For example, KELL360 has a record type for 'Grants'. This record type has cultivation stages like 'Identification', 'Application in Progress' and 'Application Submitted'. These cultivation stages are different for a more general donation, which has stages like 'Pledged' and 'Received'.
An opportunity tracks a gift, while a payment tracks the actual check or credit card payment related to that gift. You may have one payment for a donor that fulfills their donation in full with one payment. Or, you may have many payments for a donor that intends to submit many payments to fulfill their donation, like a large grant.
The Nonprofit Success Pack includes functionality that automatically creates payments for incoming opportunities or gifts. It also includes functionality for splitting up and scheduling payments from larger grants and other gifts that have multiple payments over time. In rare circumstances, it is best for your organization to turn off and hide the payment functionality with NPSP. Please be sure to talk to your project manager about this option if your organization uses a cash basis accounting system instead of accrual accounting.
Allocations show how the money raised by the opportunity will be allocated to different funds. Generally, the funds in Salesforce are set up to match the different GL codes or funds from your finance department. Each opportunity can be allocated to a single fund or it can be split between different funds. For example, if you have a $10,000 grant meant to fund two different programs, each of which has it's own fund in your accounts, you can use allocations to show that $5,000 of that gift was allocated to each program.