Making donations

Hi Asher,

You can just create this as a money out transaction from the Money>Manage money menu. Use the transaction form to explain the payment (as shown in steps 4 & 5 below).

http://www.clearbooks.co.uk/support/guides/explain/explaining-payments-and-receipts-on-an-imported-bank-statement/

Thanks for responding so quickly John. Should I record this under a new account code, or is there a sensible one to use already built in?
I would like to be able to see in our P&L how much we have given.

There are no specific account codes for this at the moment, but you can create a 'Donations' account code on the Settings>Codes>Create menu - probably best to just confirm with an accountant which type to add this under.

It would seem sensible for CB to have a clear method to deal with these situations. It's important that when a company supports a charity, as we would all like to do, that we are not penalised by not being able to easily account for the movement of money.

I have the same question as Asher & Clive, and I’m surprised that Clear Books still does not have a account code to use with charitable donations eleven years after their questions were posted.

Hi Jem,

I have noticed you are on our Free Property plan. Charitable donations are not a business expense that can be deducted from property income, hence there is no need for an account code for this in an individual's UK property business.

Tax relief from charitable donations made by individuals is something entered on your individual tax return. MTD for Income Tax requires you to keep digital records for only your self employment businesses and property "businesses". Everything outside of that, is still just entered onto the tax return at the end of the tax year.

Tommy