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Join nowHello there,
We are a small nonprofit and recently received a vehicle valued at over $20,000 from someone who effectively donated the car. We agreed to put $2 on the bill of sale (cash), for simplicity. The seller sees the vehicle as having been sold, however given its book value we are adding the vehicle as a fixed asset.
Does it make sense that, using a GJE, we need to credit our noncash donation account for the appraised value of the vehicle, and debit the fixed asset account for the vehicle?
Thanks so much in advance!
Solved! Go to Solution.
It's great to see you back in the Community, @Susan1111.
Having a non-profit organization is very different from just a regular business. The information is more complex and that's what makes it unique. To get the best answer to your question, I recommend consulting with your accountant. They'll be able to show you in detail how to record this correctly for your books. I also suggest looking into our QuickBooks Live opportunity if you don't have an accountant.
If you have any further questions, don't hesitate to ask. Thanks for being part of the QuickBooks family. Have a splendid week!
It's great to see you back in the Community, @Susan1111.
Having a non-profit organization is very different from just a regular business. The information is more complex and that's what makes it unique. To get the best answer to your question, I recommend consulting with your accountant. They'll be able to show you in detail how to record this correctly for your books. I also suggest looking into our QuickBooks Live opportunity if you don't have an accountant.
If you have any further questions, don't hesitate to ask. Thanks for being part of the QuickBooks family. Have a splendid week!
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