Create a clearing account
The next step in setting up the ability to record in-kind donations is to set up a clearing account for such donations.
Select Accounting from the left menu, then Chart of Accounts.
Select New.
Select Save and Close.
desktop
chart of accounts
new
select bank type
name it
save
Use same account for all inkind donations? What if I have a property that was donated. How do I report that as inkind donation?
the fair market value of the item donated is used
show that value as donation income, and deposit to the clearing bank account
then you "buy" the item using the clearing bank account to pay for it
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