Because of its narrow split-off conduction band, doping of V2O5 leads to interesting strongly correlated electrons. We study the effects of doping on V2O5's electronic and magnetic properties, either by adding electrons compensated by an artificial homogeneous background, or a virtual crystal approximation (VCA), by changing the atomic number ZV, so as to keep charge neutrality, or by explicitly introducing Na as a dopant. The former two are considered as a way to simulate injected charge by gating, the latter occurs in the vanadium bronze NaV2O5. We also simulate Na1−xV2O5 using a virtual crystal approximation by changing the atomic number 10 ≤ ZNa ≤ 11. The differences in band structure resulting from how the electrons added to the band are compensated by positive charge in the three models are compared. The electronic band structures are calculated using the quasi-particle self-consistent QSGW method including a lattice-polarization correction and the local spin density functional method with Hubbard-U corrections (LSDA+U). For NaV2O5, the half-filling leads to a splitting of the up and down spin lowest dxy band. The spins are found to prefer an anti-ferromagnetic ordering along the chain direction. Other spin configurations are shown to have higher energy and the exchange interactions are extracted and compared with literature. The optical conductivities are calculated and compared with experiment. Similar results are found for simply doping the band compensated by a background or virtual crystal approximation. However, the position of the occupied bands depends on the method chosen for compensating the charge. The most realistic way to simulate gating in which the compensating charge is kept away from the V2O5 layer is the VCA with varying ZNa. The splitting between the up and down spin bands depends on the filling. We find that below a certain concentration of about 0.88 electrons per V, the FM arrangement becomes preferable over the anti-ferromagnetic one. The magnetic moments then gradually decrease as we lower the filling of the split-off band.