We are a new 501(c)3 nonprofit corporation set up for educational purposes. Our initial startup costs were paid through a different organization (they are posting this as a grant). Since the expenses were directly paid by this other entity for startup costs associated to the new entity, how would this be recorded for the new association? No money transferred into the bank account. Would it still be considered grant income and expense and recorded as a journal entry?
Thank you. I created a Cash 'In Kind' grant asset account and a corresponding grant income account. I was able to then clear it with the corresponding expense entries.
Sign in for expert help
Ask questions, post replies & join our community of QuickBooks users.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
