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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.
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).
Create a Journal Entry in QuickBooks.
Company > Make General Journal Entries
Enter the date of the donation.
Select/enter an Income Account (In-Kind Income).
Enter a Credit amount for the donation you are recording.
Fill in Memo field with any additional information on donation.
Enter the Customers name (who the donation was received from) in the Name field.
Enter a Class if using Class Tracking.
Enter the Asset or Expense account (depending on the donated item or service).
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).
Enter a Memo (If desired).
Name can be left blank (as it is tied in to income already).
If tracking by class, enter a Class in field.
Save and Close
Save and New
if adding additional General Journal entries.
KB ID# SLN44103
11/30/2015 7:11:30 AM
QYPPRDQBKSWS09 9132 Pro 2016 6055a0