Should the Standard Chart of Accounts include an account for Gift Fund?
Deductible Gift Recipient organisations (DGRs) are required to have a separate bank account for Gift Funds under ATO guidelines. This can be recorded using the Chart of Accounts account numbering in the 1-1120 Cash at Bank (Restricted) range. The account would be called Cash at Bank (Restricted)—Gift Fund. Organisations which are not DGRs do not need separate bank accounts for donations of monies for their Gift Fund.
Related Questions
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- Should the Standard Chart of Accounts include an account for Gift Fund?
