We know how important it is to have the flexibility to track all kinds of transactions in your Keela account. That's why Keela offers the ability to record both Donation and Revenue records.
This allows for more detailed reporting and it'll help to keep your accountant happy too!
What's the difference?
In this article, we'll be taking a look at the difference between Donation and Revenue records and how they can be used to make your Keela account more data-rich and accurate.
What is a Donation Record
Donations are transactions (money, in-kind or securities) which are eligible for a donation receipt, including donations with an advantage or benefit. This means that the person who made the payment will receive a donation receipt and may be eligible to claim a tax deduction using the receipt.
What is a Revenue record?
Revenues are those transactions which are not eligible for a donation receipt. This means that the person who made the payment will receive a transaction receipt only. Some possible examples of these include event tickets, merchandise purchases, grants and scholarships.
How do I know which type of record a payment should be logged under?