How to Record In-kind Donations in QuickBooks
Donations made in kind can be recorded by passing a simple journal entry within quickbooks.
Solution 1️⃣: Need to Setup Some of the Accounts
✅ Setup In-kind income account under Income account.
✅ Setup services donated account under Expense account.
✅ Setup items donated account within Asset.
Solution 2️⃣: Now Pass a Journal Entry within QuickBooks Company File
✅ Locate journal entries tab under your company file and enter the date when you got the donation.
✅ Now select the account (In our case it would be In-kind income) wherein you want to credit the donation amount. Enter the figure in the box provided.
✅ If you want to enter any further details then enter the same within the Memo’s filed.
✅ Provide the name of the person from whom you received the donation. The name will go in the name field section within quickbooks.
✅ Now enter the relevant Asset or Expense account and feed in the amount on the debit side of the column.
✅ Click save and close the window and your donations will be recorded successfully.
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