Capium launches charity accounts package

In its first foray into charity accounts, Capium customer success team lead Surya Dinavahi told AccountingWEB that the cloud platform will offer a full suite of services to its users, including bookkeeping, charity accounts production and Making Tax Digital for VAT (MTD VAT).

Currently, Capium’s charity software caters for unincorporated charities registered with the Charity Commission, although the vendor hopes to grow this and include other types over time.

Accountants can prepare annual accounts via Capium’s charity software, then download and submit them to the Charities Commission.

Working with charities

Capium’s standard bookkeeping product has been adapted to work with charities while standard features such as recurring invoices, quotations, credit notes, receipts, journal entries, TrueLayer bank feeds and reconciliation, and a bulk edit option remain.

The bookkeeping engine has been retooled to incorporate fund accounting, so users raising an invoice can select the applicable fund type (restricted, unrestricted, endowment and so on). Users can also create their own fund name labels.

“Tracking of funds adds a layer of complexity,” said Dinavahi, “but our product is built on strong foundations and we’re aiming to make accountants’ lives easier for charity accounts by having bookkeeping, accounts production and filing all under one roof.”

A charity can track activity from within the software, and monitor income and expenses in relation to specific sponsor events to see how they performed.

A donations section has also been created, with the ability to add details of financial donations such as the name of the donor, where the donation was made and how it was made (cash, bank transfer and so on).

Donations in kind

The software is also built to account for donations in kind, can prepare Gift Aid claim schedules so donation claims can be submitted to HMRC, and a fixed asset register is available that automatically depreciates the asset in question and displays the current book value of an asset at any given point.

The tool also offers email integration with Gmail and Outlook to send out emails and messages from customer domains rather than Capium’s no-name domain, which can be delivered with charities’ email ID.

Commenting on the release Tushir Patel, co-founder of Capium, said: “We are delighted to offer our new Charity Accounts module to our accounting practices this year. It’s imperative we continue to listen to and support our accountants, as this is the best way we can increase Capium’s value proposition. We aim to fulfil our customers’ requirements at an affordable rate, especially in this current climate. We are delivering and adding to our ecosystem at a rapid pace, so watch this space for the next product release later this year.”

Pricing starts at £204 for the year based on 0–10 clients.