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How do I enter donations for a specific purpose, then track the expenses

We are an animal rescue.  At times, we ask for donations on our Facebook page to help us pay for an expensive veterinary bill, for a specific cat or dog.  Currently, I have been posting the Class as cat or dog and the Customer:Job as the animal's name.  I have set up a separate account setting, under our checking account, as Temporary Restricted Funds, Emergency, and place all the donated funds under that account. 

Unfortunately, I am having difficulty creating a report that shows how much has been donated for each animal, as well as how much has been spent on each specific animal.

To further complicate matters, our Animal Control Officer has allowed people to make direct donations to the veterinarian, for the animals.  I receive a credit from the vet for the donation received, but instead of deducting the credit from the specific pet it was earmarked for, it is simply entered as a credit to me and any new charges that come in are charged against the credit, regardless what pet it is.  I have no idea how to keep track of those donations, so I can properly track these credits as well against the bills as they come in.

1 Comment
QuickBooks Team

Re: How do I enter donations for a specific purpose, then track the expenses

Hello there, d.riseberg.

 

QuickBooks can easily track grant/gift from your donors or members. You can enter these revenues as donations to ensure the correct tax fields are used for year-end deductions.

 

To accomplish this task, let's create the donors' names and then the item used to track the transaction. Here's how to add the contributor.

 

  1. Navigate to the Customers menu to open the Customer Center.
  2. Choose the Customers & Jobs tab and hit the drop-down for New Customer & Job to add the new donor.
  3. Input the name in the Customer Name field and then fill in the remaining fields.
  4. Once done, click OK.

To set up the item:

 

  1. Tap the Lists tab to select the Item List.
  2. Click the Item drop-down at the bottom of the page and pick New.
  3. Pick Service by going to the Type section and enter the name in the Item Name/Number field.
  4. Select the corresponding account by clicking the Account drop-down. For example, a Donation item associated with the Grants income account.
  5. Click the OK button.
    don.png don1.png don2.png

Since everything is already setup, you can now create a sales receipt each time you receive the donation. Make sure to use the newly created item and donor’s name to efficiently track the transactions in QuickBooks.

 

To properly track these credits and apply them to the bills, go to the Vendor Center to record the transactions. Let me show the steps.

 

  1. Tap the Vendors tab at the top bar to choose Enter Bills.
  2. In the Enter Bills window, mark the Credit radio button to account for the expenses.
  3. Select the payee by clicking Vendor drop-down and enter the correct date of the transaction.
  4. Choose the Expenses tab and enter the Accounts on the original Bill.
  5. In the Amount column, input the appropriate amount for each expense.
  6. Click the drop-down for Customer:Job to enter the customer/s.
  7. Hit Save & Close.
    vt2.png

You can open the Profit and Loss by Job Report to view the income and expense transactions that were assigned to a Customer:Job. To view it, go to the Reports tab to select Company & Financial.

 

Next, pick Profit and Loss by Job Report to view the complete data.

 

For detailed information about recording donations, and reports you can run to track the transaction, go to the Help menu in your company file. Then, select QuickBooks Desktop Help.

 

In the Have a Question dialog box, type in Enter and track donations to view the article. Just click the link to see the complete details.
don3.png

 

Let me know if you have any clarifications or concerns. I'll jump right back in to assist further. Have a good one.