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Track Non-Cash Donations for a Non-Profit Company

A Non-Profit company wishes to track non-cash donations.

Solution Description

Set up a new vendor and an other expense account to track non-cash donations by following the steps below:

  1. Create a generic vendor:
    1. From the QuickBooks Vendor menu, select Vendor Center.
    2. Go to the Vendors tab and click the New Vendor button.
    3. Enter "Non-cash Donation" in the Vendor Name field, and click OK.
  2. Set up an Other Expense account:
    1. From the Lists menu, select Chart of Accounts.
    2. Click the Account button and select New.
    3. In the Account drop-down, select an expense account.
    4. Select Other Account Types.
    5. Click the drop-down arrow and select Other Expense.
    6. Click Continue and enter "Non-cash Donation Expense" in the Account Name field.
    7. Click Save & Close.
  3. To enter the non-cash donations:
    1. From the Vendors menu, select Enter Bill.
    2. Click the Vendor drop-down arrow and select "Non-cash Donation".
    3. In the Memo field, enter the items donated.
    4. Click the Expenses tab, click the Account drop-down arrow on the first expense line, and select "Non-cash Donation Expense" for the expense account.
    5. In the Amount column, enter the value of the donation.
    6. In the Customer:Job column, enter the name of the donor.
    7. On the second expense line, select "Non-cash Donation Expense" for the expense account.
    8. In the Amount column, enter the negative value of the donation amount to create a 0.00 bill that will have a zero net affect on the A/P account.
    9. Leave the Customer:Job column blank
    10. Save and Close.
KB ID# HOW12957
4/26/2017 4:49:50 AM
QYPPRDQBKSWS08 9138 Pro 2017 39364d