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Recording in-kind donations (non-cash donations) in QuickBooks

Need to record a donation of goods or services to a nonprofit organization in QuickBooks as an in-kind donation.
  • Record services performed (Labor, Clerical work, ....).
  • Record items that have a value (computers, furniture, ...).

 

How to fix it
In-kind donations are recorded as a General Journal Entry (GJE) in QuickBooks.
  1. Accounts you will want to have set up first: (recommended but not required).
  • In-kind Income (income account).
  • Labor or Services Donated (Expense).
  • Items donated (Asset).
  1. Create a Journal Entry in QuickBooks.
    1. Click on Company > Make General Journal Entries.
    2. Enter the date of the donation.
    3. Select/enter an Income Account (In-Kind Income).
    4. Enter a Credit amount for the donation you are recording.
    5. Fill in Memo field with any additional information on donation.
    6. Enter the Customers name (who the donation was received from) in the Name field.
    7. Enter a Class if using Class Tracking.
    8. Enter the Asset or Expense account (depending on the donated item or service).
    9. Debit amount will be same as Credit amount (unless more the one service or asset is received from same customer, then split debits accordingly. Make sure Debits equal Credit amount).
    10. Enter a Memo (If desired).
    11. Name can be left blank (as it is tied in to income already).
    12. If tracking by class, enter a Class in field.
    13. Click on Save and Close or Save and New if adding additional General Journal entries.
 

If this solution does not resolve the issue, you can read discussions and post messages and questions relating to your issue on the Intuit QuickBooks Community site for free. You can contact an agent for additional guidance. Fees may apply.

 
KB ID# SLN44103
7/25/2014 11:16:07 AM
PPRDQSSWS406 9102 Pro 2013 f386f2