You came to the right place for help, Glen.
When you record an in-kind donation, enter a sales receipt and create a bill for the donation, then mark the bill as cleared.
The workflow starts with recording a sales receipt. Add the name of the donor and the date of the donation. On the entry, select the In-Kind Clearing bank account you created and the item of the donated item. Enter the fair market value (FMV) of the donation in the Amount field. Consult your accountant if you are unsure of the Fair Market Value of a donation.
Once done, add the donor as a vendor, then add his name to a bill. Select the product or service you created. Select the donation item then pay the bill.
We wanted to make sure everything is accounted for correctly, so your financial reports are accurate. Since this issue requires in-depth accounting processes, we do recommend that you reach out to an accounting professional. We can only provide the steps you need to do in QuickBooks, but handling your books is best assisted by your accountant.
If you don't have one, we can help you find someone to help you. You can visit the following link to locate accountants based in Canada: https://quickbooks.intuit.com/ca/find-an-accountant/
Post here anytime if you have other program concerns or additional questions about this donation topic. Have a nice day!
