IRS Requires contribution date. Where do YOU record?

Cathy Jackson

We are processing gifts in one batch with multiple dates of receiving contributions. It's required that the date we receive the gift be included in our letter. Where do you record this date? Am currently using Reference date, but that requires more entry. Thoughts?

Austen Brown

@Cathy Jackson - What dates are you currently putting into Gift Date and the GL Post Date fields?

Cathy Jackson

@Austen Brown
GM. Our process is for me to use the current day.

Austen Brown

@Cathy Jackson - Since the same date is going into both fields, I recommend using the Gift Date to record the ‘date your org received the gift’. That is the most logical place to record this information especially because you want it listed within your receipt/acknowledgement letters.

Christine Robertson

@Cathy Jackson The Reference Date is an odd field in RE because it actually isn't always present as it's connected to references on certain pay methods. I generally err on the side of the Gift Date is the date the gift was received or made (in the case of credit card/direct debit transactions) and the GL post date is the date it was deposited or submitted to the GL. This format generally works well with posting to the GL (with or without FE NXT) and it allows the most functionality with the dates in the standard RE Reports.