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PhilHolyman
May 27, 2020
Question

How to record income from a sponsorship/donation scheme?

  • May 27, 2020
  • 1 reply
  • 0 views

The company I run is an arts organisation and we have recently started a support scheme, through which individuals and organisations can make one-off or regular donations in support of our work. At the moment, this income is received online in the form of PayPal or Stripe payments.

 

How do I record the income we receive from donors? It seems odd to raise an invoice, as well as time-consuming to do that for every transaction (which will only ever be small amounts of money.)

 

Does anyone have any step-by-step advice about this? I'm based in the UK, if that makes any difference!

 

 

1 reply

A
Ashleigh1
May 27, 2020

Hello PhilHolyman, 

 

Welcome to the Community page, Are you wanting the donations to show as income? 

If you don't want to record the money on invoices then you could record it as either a deposit or a sales receipt. You should probably discuss with an accountant which is the best option for you if you are unsure which way to record it out of the 3 that has been given to you so invoice, deposit, or sales receipt. 

 

 

 

 

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