It's Tax Receipts Season!
It's January, and you know what that means — it's time to send tax receipts to your donors.
As the last payments eligible for IRS receipting trickle in, be sure to capture Credit and Deposit Date information accurately. Check to ensure that the Credit Date on any gift reflects the year your donors are to be credited for their generosity. After the final payment credited to 2018 has been processed, choose which method of generating receipts works best for your organization.
The three options are as follows:
ENTERPRISE Data Management Procedure: Accessed via the Maintenance Procedures window, this procedure enables users to export information for a specified date range and program quickly. The procedure produces a file that includes the Credit Date and amount of each payment in the date range, along with all benefits, designations, total amount per designation, total payment amount, and total fair market value.
Note: for United Ways, this procedure does not include payments made for pledges that "roll up" on the company level. "Traditional" Payroll Deduction Pledges have never been included in this procedure.
Selection Management: Use this tool in ENTERPRISE to select donors that meet tax receipting criteria, and to update their contact history to show that a receipt has been sent to their attention. Ask an Andar representative for documentation to help you set this up at your site.
SQL Stored Procedure: Andar has worked with some individual nonprofits to customize their tax receipting processes based on unique business scenarios when the standard tax receipt procedure or Selection Management doesn't fit the bill. To learn more or to request assistance in generating receipts using this method, please contact us.
Note: Your organization may send tax receipts to donors throughout the year. If so, any of the above options can be executed by date range.
Whichever method you choose to process your IRS receipts, be sure that all donor records are updated on the Contact History page in Account Management, indicating that a receipt has been generated. (We will cover this topic in next week’s Buzz.)