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npolentini
Level 1

I'm hosting a $100 gift card giveaway, and I've partnered with a few other people who will contribute funds for the purchase. How do I record this money recieved?

There are 5 participants including myself all equally pitching in funds for the gift card purchase. I am purchasing the gift card, and they are all sending me their portions of the cost. How do I properly record this in quickbooks?
2 Comments 2
Rustler
Level 15

I'm hosting a $100 gift card giveaway, and I've partnered with a few other people who will contribute funds for the purchase. How do I record this money recieved?

The donations are income

the gift card is an expense

on the P&L income is reduced by expense

 

Also note that a giveaway of a gift card over $25 is subject to 1099-misc reporting, if the person has been paid more than $600 that year - need to track it just incase

npolentini
Level 1

I'm hosting a $100 gift card giveaway, and I've partnered with a few other people who will contribute funds for the purchase. How do I record this money recieved?

Would it be detailed down to Other Primary Income?

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