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TAAcad
Level 1

Correctly recording money used from specific account

We are a non-profit that receives donations and also fundraises. When we receive this money it goes to either the donations account or the fundraising account. When we want to purchase something using the money donated or fundraised, how do we record that the money used came from these accounts and so our donation/fundraising balance in QB should have less money?

1 Comment 1
Service
Level 6

Correctly recording money used from specific account

I have entry level QBO, and I could assign income as Donations or Fundraising. I could create Donation expenses and Fundraising expenses. It might not be the cleanest way to do things, but it would probably do the trick. Much of what accounting leads to is your tax filing at the end of the year, where an accountant takes some info from here, some more from there, and puts it all together to make sense. You can experiment on what makes sense to you during the year, and it will make even more sense when your taxes are put together. 

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