Do I need to record a detailed breakdown for all income received?
It's important to break down income from named donations into the individual donations given so that you can see all donations in the donation reports, and, where relevant, claim Gift Aid. 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 as just one line in the 'other income' section on this screen;
- 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. By doing 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 which were £30 or less in value.
When deciding whether to record a detailed breakdown of income, consider:
- Do I need this level of detail internally to be efficient and effective with my administration?
- Is someone internally going to ask me for this breakdown?
- Is there an external reporting requirement where this breakdown will be needed?
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.