Donations

Hello MyrnaM,

 

Entering your transactions into QuickBooks Desktop in the right way will make sure that your books will be balanced. QuickBooks Desktop offers many different types of transactions to best suit your company's needs. I can point you in the right direction.

 

Since this is a particular case, I recommend speaking to your accountant for some guidance on how to enter this transaction. This is no typical sale, expense or donation, your accountant's knowledge of best business practices would be able to recommend which type of transaction to use and which account this affects. If you don't have an accountant and would like to find one with QuickBooks experience near you, you can consult our Find an Accountant page.

 

I hope this helps you get back on track with entering your transactions in QuickBooks Desktop. Feel free to reach out here if you have any more questions.

Hi MyrnaM When recording the receipt of a donation for a charitable organization, particularly of 'goods or service in kind' as the rental of a venue, you would record it as follows: Credit: "Donation Revenue: In-kind service/goods' (depending on how your books are setup. Debit: Rental Expense (for the same amount). You can find more details of this type of transaction here: https://www.cfoselections.com/perspective/in-kind-donations-accounting-and-reporting-for-nonprofits Hope this helps!