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Level 2

Cash Gift Receipts Accounting

Hi... how best to set up accounts and enter a cash receipt gift from an individual?

Very much appreciate your time.

2 Comments 2
QuickBooks Team

Cash Gift Receipts Accounting

Hello, GAJ.  


Thank you for reaching out to the Community. I can walk you through on how to set up an account in QuickBooks Online. Simply add an account to your chart of account. Here's how: 


  1. Go to Settings ⚙ and select Chart of Accounts.
  2. Select New to create a new account.
  3. In the Account window, select the Account Type ▼ dropdown. Then choose an account type.
    Note: if you see the New category window instead of the Account window, you’re creating a subaccount under a premade parent account. If you need to create a new account type, switch to accountant view.    
  4. In the Detail Type ▼ dropdown, select the detail type that best fits the transactions you want to track. Learn more about detail types.
  5. Give your new account a name. Tip: Use the detail type description to create a name that describes what you're tracking.
  6. Add a description.
  7. If this is a subaccount of an existing account, select Is sub-account and then enter the parent account. Learn more about parent accounts and subaccounts.
  8. Now let's make sure the account in QuickBooks matches your actual bank or credit card account. Choose when you want to start tracking your finances. In the Balance field, enter the amount in the account, and determine the as of date. Enter today's date if you want to start tracking immediately.
  9. When you're done, select Save and Close.


You can also add a new account while recording an invoice, check, bill, or other transaction. While you're in an open form, select the Category ▼dropdown and then + Add new.  


In case you need tips and related articles in the future, visit our QuickBooks Community help website for reference: QBO Self-help


Don't hesitate to leave a comment below if you have any other questions. We're always here to help. Take care!


Level 2

Cash Gift Receipts Accounting

Hi AileneA... thank you so much for taking the time to set me up here.

Then what would be a sample 2 entry accounting to record a gift of cash received from a customer?


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