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Hello, i adminster a UK charity with about 5000 donors, i am considering upgrading to QBO but need to know if it can handle giftaid. any suggestions?

 
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QuickBooks Team

Re: Hello, i adminster a UK charity with about 5000 donors, i am considering upgrading to QBO but...

Hi lokabandhu

 

You can account for GiftAid within QuickBooks and we have enclosed the method if you want to take out a free trial and test it.

 

Create the invoice for the customer making the donation
On line 1 have the donation – this would be set to an income account of the companies choosing
On line 2 have the GiftAid – confirm with an Accountant as this could be set to a Debtor account which you then mark as paid when receiving the GiftAid
When the donation appears on the bank feed, mark the invoice as partially paid
When the GiftAid appears on the bank feed, pay off the rest of the invoice (depending if you receive GiftAid in bulk, you can batch receive payment on invoices and match the payment to the bank or do this per transaction)