How to record in kind donations in Quickbooks
Donations made in kind can be recorded by passing a simple journal entry within quickbooks.
- Before recording the in-kind donations within your quickbooks company file you would 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.
- Now pass a journal entry within your 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.
If you need any further help or still struggling to record in-kind donations within quickbooks then talk to our quickbooks certified professionals. Give us a call @1800-940-7442 and raise your issue and your query will be taken care of instantly.