Setting the Right Timezone for Accurate Tax Statements in Tithely

Choosing the correct timezone for your tax statements in Tithely is crucial. A wrong timezone setting can lead to discrepancies in your financial records, particularly for donations recorded on the first and last days of the year. This article explains the potential problems and how to rectify them.

The Impact of Incorrect Timezone Settings

1. Donation Date Discrepancies:

   Donations made near the cut-off dates of the year (December 31st and January 1st) may be recorded on different days, depending on the timezone setting. For instance, a donation made at 11 PM on December 31st in Pacific Standard Time (PST) would be recorded as January 1st in Central Standard Time (CST).

2. Financial Reporting Accuracy:

   An incorrect timezone can affect the accuracy of your year-end financial reports and donor tax statements. This can lead to confusion and potential issues with fiscal compliance.

3. Donor Concerns:

   Donors reviewing their statements may find discrepancies in their donation dates, which can lead to questions or concerns about the accuracy of their records.

How to Correct Timezone Settings for Tax Statements

1. Generate New Batch of Statements (if necessary).
   If you initially generated tax statements with an incorrect timezone, it's essential to create a new batch with the updated settings. Please note that regenerating an existing batch won't allow for timezone adjustments. For a detailed guide on generating tax statements, including timezone selection, visit Generating Tax Statements.
2. Communicate with Donors (if needed):
   If discrepancies are noted by donors, explain the timezone error and provide them with updated statements.

Best Practices

• Double-Check Timezone: Always double-check your timezone setting when generating end-of-year statements.
• Awareness of Time Differences: Be mindful of the time differences, especially for donations made in different time zones.
• Prompt Correction and Communication: If an error is made, correct it promptly and communicate transparently with your donors about any adjustments.

Setting the right timezone is a small but significant detail that ensures the accuracy of your tax statements. Incorrect settings can lead to confusion and inaccuracies, especially around the new year period. If you face any difficulties or have questions about setting the correct timezone, our support team is ready to assist you.