There are two ways you can record transactions in Keela - Donations and Revenues. If you are unsure about how to log a transaction in Keela, you can use this guide to help you!
What is a Donation Record?
Donations are transactions (money, in-kind, or securities) that 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.
There are two types of Donations:
1) One-time Donations - occur only once (i.e. Donor donates $50 dollars to your project). You can manually Log a Donation or someone can sign up for Donation via a Donation Form!
2) Recurring Donations - occur every week, month, or year (i.e. Donor donates $50 dollars to your organization every month). You can manually Log a Recurring Donation or someone can sign up for Donation via a Donation Form!
When a Donor signs up for a Donation via Keela Donation From, they will receive an automatic Donation Receipt and Thank You letter via email. You can edit these emails in Acknowledgment Letter Settings. If you manually log the Donation, you will have the option to send out a Donation Receipt and Thank You letter as well.
What is a Revenue Record?
Revenues are transactions that 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.
There are two types of Revenues:
1) One-time Revenues - occur only once (i.e. someone buys a $20 dollar ticket to your organization's event). You can manually Log a Revenue Payment or someone can make a Revenue Payment via a Revenue Form!
2) Recurring Revenues - occur every week, month, or year. You can manually Log a Recurring Revenue or someone can make a Recurring Revenue Payment via a Revenue Form!
When someone makes Revenue Payment through a Keela Revenue Form, they will receive an automatic Receipt and Thank You letter via email. You can edit these emails in Acknowledgment Letter Settings. If you manually log the Revenue, you will have the option to send out a Receipt and Thank You letter as well.
How do I know which type of record a payment should be logged under?
If you're not sure if a financial transaction should be logged as a Revenue or a Donation, please speak to a tax professional or your governments' tax authority (IRS, CRA or ATO) for advice.