How to Track and Report Fundraising Income Properly
April 29, 2026
Fundraising plays a vital role in supporting school communities, funding extracurricular activities, resources, and special projects that fall outside core curriculum delivery. However, without clear tracking and reporting processes, it can quickly become difficult to maintain accuracy and transparency in financial reporting. Establishing a structured approach helps schools maintain trust with their community and ensures fundraising income is accurately reflected in financial statements.
Best Practices for Tracking Fundraising Income
- Separate Fundraising from Other Income Streams: Create distinct codes or categories within your accounting system (such as Xero) for each fundraising activity. This helps ensure income and related expenses are clearly matched.
- Record Income at Source Level: Where possible, track income by event or campaign (e.g. gala, sausage sizzle, online donation drive). This allows schools to assess which activities are most effective.
- Match Expenses to Fundraising Activities: Include all related costs such as venue hire, materials, or promotional expenses. This provides a true picture of net fundraising performance.
- Use Consistent Naming Conventions: Standardise naming across all entries (e.g. “2026 PTA Gala” rather than variations like “Gala Night” or “School Gala”). Consistency improves reporting accuracy and reduces errors.
- Reconcile Regularly: Reconcile fundraising accounts monthly to ensure all income has been received and correctly allocated. This is especially important during busy event periods.
- Track Online and Cash Donations Separately: Different payment channels require different reconciliation processes. Ensure online platforms, cash collections, and bank transfers are all individually tracked.
Reporting Fundraising Results Effectively
Clear reporting is just as important as accurate tracking. Schools should aim to provide:
- Summary reports per campaign (income, expenses, and net result)
- Year-to-date fundraising totals
- Comparisons against previous years or targets
- Breakdown by fundraising type
This level of reporting supports better decision-making and helps school leadership understand the true impact of fundraising efforts.
How Accounting for Schools Can Help
At Accounting for Schools, we can help you build robust financial systems and structured reporting frameworks that make fundraising tracking and reporting simple, accurate, and transparent.
With the right systems in place, you’ll gain greater visibility over what’s working, where improvements can be made, and how your fundraising efforts are contributing to your school’s broader goals.
Say goodbye to tab-jumping and constant back-button clicking. Xero’s Quick View panel is here to make bill management significantly faster. With split-screen editing, you can now review, edit, and approve bills without ever losing sight of your main list. How to Use Quick View for Bills: 1. Under Purchases, select Bills 2. Click the View (eye) icon next to any bill to slide open the split-screen panel. 3. Within the Quick View panel, you can: Approve bills quickly with Approve & Next or arrow buttons Edit bill details and line items instantly Check attachments - View the source invoice alongside the data entry. Update supplier info or adjust payment dates Resize the panel or show/hide columns to suit your workflow Next time you’re working through your payables, use Quick View to speed up your workflow and complete your bill processing in record time.
View our Chalkboard - April 2026: - 2025 Annual Accounts - Important Notices - Fuel Costs and School Budgets - What to Watch - Xero Tip of the Month: Faster Bill Management With Quick View - How to Track and Report Fundraising Income - Looking ahead https://public2.bomamarketing.com/email/DA0q
What would happen if your school’s key finance staff left tomorrow? In many schools, critical tasks like budgeting, payroll, and cash flow management live inside the head of a single individual. Without clear documentation or a succession plan, a sudden departure doesn't just cause stress, it creates significant financial risk. To protect your school, take a moment to assess your resilience: Are key financial processes documented? Does more than one person understand your systems? Are delegations and approvals clearly structured? Do you have external support if needed? Succession planning isn’t about expecting someone to leave; it’s about protecting your school’s financial stability and ensuring continuity. Planning for the unexpected ensures your school can keep running smoothly, even during transitions. By investing a little time now in documenting processes, cross training staff, and setting up reliable support, you safeguard your school’s finances and give yourself peace of mind.
Is your school or kura doing amazing things in education? Nominate them for the New Zealand Education Excellence Awards and get their hard work recognised! These awards, launched by the Ministry of Education, celebrate schools and kura excelling in: Excellence in raising student achievement Excellence in student engagement and attendance Excellence in quality teaching and instruction Excellence in educational leadership Anyone can nominate a school or kura, including students, whānau, staff, or members of the wider community. Nominated schools are then invited to submit a full application with evidence of their achievements. Nominations close Friday 10 April, and applications close Friday 1 May. Winners will receive $20,000, and finalists will be formally recognised at a national awards ceremony in Wellington on Wednesday 24 June. To access the full details on the nomination and application process, assessment criteria and conditions of entry, visit: https://bit.ly/4kT5xGB
School reserves are more than just a safety net - they’re a vital tool to ensure financial stability and fund future initiatives. Managing these reserves effectively requires a long-term perspective and a clear strategy. Why Long-Term Planning Matters: Reserves give schools the flexibility to: Invest in infrastructure or technology upgrades. Smooth out cash flow during low-income periods. Support unexpected expenses or emergencies. Key Investment Strategies: Define Your Goals: Understand what the reserves are for- capital projects, emergency funds, or future programs. The purpose will shape your investment approach. Assess Risk Tolerance: Schools typically need a conservative approach. Consider low-risk options such as term deposits, government bonds, or high-interest savings accounts. Diversify Investments: Even within conservative options, spreading funds across different products can help reduce risk. Monitor and Review: Regularly review reserve balances and investment performance to ensure they align with your goals and the school’s changing needs. Seek Professional Advice: Financial advisors can provide tailored strategies to balance growth and security for school reserves. The Benefits of a Strategic Approach A well-planned investment strategy maximises returns while protecting the school’s financial future. By planning ahead, schools can fund essential programs, weather unexpected financial pressures, and maintain long-term stability. At Accounting for Schools, we help school leaders develop clear, effective strategies for their reserves - ensuring funds are secure, productive, and aligned with your long-term vision.
Good news! Xero has just introduced a fresh new look for credit notes, bringing the design and navigation more in line with the invoicing experience you’re already familiar with. The updated layout makes creating and reviewing credit notes feel more intuitive, with clearer history details, improved feedback when errors occur, and a smoother data‑entry experience overall. For schools, this makes handling refunds for camps or activities, correcting overpayments from parents, or recording supplier credits easier - all while maintaining a strong audit trail. What’s different: Manual Save: Credit notes now need to be manually saved, giving you more control. Protected Paid Credits: Paid credits are protected to ensure your audit trail stays accurate. Detailed History: You can now see more granular detail in the 'History' section, making it easier to track exactly what changes were made and by whom. Improved Error Messages: No more guessing! If something is missing, the new error messages tell you exactly what’s needed so you can approve notes faster. Keyboard Efficiency: For the power users among you, the tabbing and data entry experience is now much more efficient. To explore the updated experience, simply go to Sales > Invoices and select ‘New Credit Note’ . You’ll notice the interface is cleaner, and allocating credits across one or multiple invoices is straightforward.
View our Chalkboard - March 2026: - 2025 Annual Accounts - Important Notices - Banking Reminder - Accessing Higher Interest Rates - Xero Tip of the Month: Save Time With Xero’s New Credit Note Design - Long-Term Investment Strategies for School Reserves - Looking ahead https://public2.bomamarketing.com/email/n9Bb
Schools across New Zealand face common financial pressures, and even experienced Boards and Principals can feel stretched when it comes to managing them. Some of the challenges we often see include: - Staffing costs gradually exceeding budget - Tagged funding not clearly tracked or reported - Cashflow not monitored regularly - Board reports that are accurate but hard to interpret These issues are completely normal, and with the right systems and support, they are manageable. At Accounting For Schools, we specialise in helping Boards and school leaders gain clear, confident insight into their finances so schools can focus on what matters most, their students. Want to see how we can help your school stay on top of finances? Get in touch to learn more.
Every dollar counts when it comes to supporting your school and providing the best possible environment for your students and staff. Fundraisers can be an excellent way to generate additional funds for needs that your budget may not cover, from special projects and extracurricular activities to facility improvements. The key to success is planning carefully and thinking strategically so your efforts have the greatest possible impact. Here are some quick tips to spark ideas: Set clear goals - know what you’re raising money for and communicate it clearly. Leverage your community - parents, whānau, and local businesses often have skills and connections that can help. Pick the right fundraiser - from chocolate and wrapping paper sales to gala events or sponsorship campaigns. Keep it meaningful - fundraisers can also teach teamwork, planning, and other valuable skills to students. For a full guide with fundraising ideas, tips, and planning advice, check out our School Revenue Handbook (pages 4-6). Download it for free from our Resources Hub and get your next fundraiser off to a flying start.
