All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad is His slave and Messenger.
It is permissible, Allaah willing, to slaughter an ‘Aqeeqah on the seventh day after the birth of the child and serve it at a Waleemah (banquet) on another day; the matter in this regard is flexible. It should be noted that it is permissible to distribute the ‘Aqeeqah as meat, and it is also permissible to cook the meat and invite the people to it. Ibn Qudaamah said: “If one cooks it [the ‘Aqeeqah] and calls his (Muslim) brothers to it, then this is good.”
On the other hand, it is permissible for you to accept the gifts on the occasion of the birth of the newborn whether or not the ‘Aqeeqah is held, as the teachings of Islam urged people to accept gifts and to recompense for them. Abu Hurayrah said the Prophet said: "Exchange gifts, as this removes the spite from your hearts towards one another; and a Muslim woman should not look down upon the gift sent by her she-neighbor even if it were the trotters of the sheep.” [At-Tirmithi]
Allaah Knows best.