Do I need to record a detailed breakdown for all income received?
Where you have income that's made up of more than one named donation, it's important to break this down into the individual donations given. This is so that you can see all donations in the donation reports; and so that you can claim Gift Aid where relevant.
You may choose not to break down other income in such a detailed way. Instead, you may decide to simply aggregate income and record this with a total amount for each income category.
An example of this may be:
- Cafe income for June recorded as just one line in the 'other income' section;
- youth tuck shop income or event ticket sales;
- anonymous cash donations collected at an event or service.
Top tip: You may choose to record your weekly GASDS total as an aggregate total per service or event. Note that if you do this, you are stating that although, for example, £112.57 was recorded as GASDS on Sunday 12th July, it was made up of individual donations, each of which was £30 or less in value.
When deciding whether to record a detailed breakdown of income, consider:
- is there an external reporting requirement for which this detailed breakdown will be needed?
- is someone internally (within my organisation) going to ask me for this breakdown?
- do I need this level of detail internally, for my administration to be efficient and effective?
If in doubt, ask your treasurer, independent examiner, or auditor.
To help you better understand the Bank Deposit module as a whole, please visit the module overview page here.