Hello, useratim.
I will guide you on how to record a grant in QuickBooks Online. First, you'll have to create an account for charitable contributions.
- Go to the Gear icon, then Chart of Accounts.
- Select New.
- In the Account dialog, select Expenses from the Account Type dropdown list.
- Choose Charitable Contributions from the Detail Type dropdown list.
- Enter a Name for the account (for example, Charitable Contributions).
- Click Save and Close.
Once you have created this account, the next step is to create a product/service item for donations, which is important in setting up your fundraising campaign. Here's a more detailed guide on how to create a donation item.
- Go to the Gear icon, then Products & services.
- Tap New.
- Select the product or service type in the Product/Service information panel.
- Enter a Name for the item (for example, Charitable Contributions).
- Tap the I sell this product/service to my customer's option checkbox.
- Choose the Charitable Contributions account you created from the dropdown list in the Income account field.
- Click Save and close.
Lastly, after creating an account and a product/service item, you can manually record a donation by creating a sales receipt. By creating a sales receipt, you can record the donations you receive and track your income. This can be useful for tax purposes or for generating financial reports. Here's how:
- Click the + New.
- Select Sales receipt.
- Select the customer from the Customer dropdown. Note: If you haven't set up your customer yet, select + Add new.
- Choose the appropriate item from the dropdown menu of the Product/Service column and add any additional Description.
- When you're done, select Save and send.
I'm adding this article to provide more detailed instructions on recording donations or charitable contributions:
How to record donations or charitable contributions in QuickBooks Online.
If you want to track fund donations you receive via credit card, bank transfer, or cash in QuickBooks Online, please refer to this article for more information:
Track funds you receive from donors in QuickBooks Online.
If you need further assistance recording your donation, please do not hesitate to contact us. We are always happy to help. Have a great day!
