How to record a donation in QuickBooks? Well, you need to have an account first, then follow some simple steps such as. You are creating a donor profile and completing some forms. You may be a small business owner or are running for a small fundraiser campaign for a cause.
No matter your reason, it is hard to manage the financial status of these types of businesses, especially if you have little to less knowledge in accounting.
Whether you are starting a small business, it is essential to be aware of the expenses you make. However, even with a bit of knowledge, you must know how to manage them. Are you still trying to find a way to keep a record and track the donations that come in your fundraising campaign? One way is by using QuickBooks to lessen your workload. In this article, you’ll know how the thing works.
QuickBooks is online accounting software that could do the numbers for you if you are running a business or are receiving money. The software calculates from vat exceptions, invoicing expenses, and payrolls. QuickBooks could also function as a pre-authorization of electronic funds and tracking options for employees. Well, to sum up, what QuickBooks is, it is an online accounting assistant that cuts off your time on handling your business financial status.
Steps To Record A Donation In QuickBooks
So, how to record a donation in QuickBooks? Well, it is relatively simple as signing up. But you’ll have to follow a few simple steps to create and record a donation using QuickBooks successfully. Here are the following:
Step #1. Log in
The first step is to log in to your QuickBooks account, find the “Non-profit” tab, and choose “Enter Donations” from the drop-down menu. Next, choose the “Customer Job” from the drop-down menu and pick a donor providing the grant.
Step #2. Create a donor profile
If you have no donors or grants set up, select add a new donor or grant. Next, you will be asked to complete a donor’s profile. After creating a donor’s profile, you should choose it and select it as a donor for the current donation.
Step #3. Add a new Item
After you have selected the donor profile, choose the appropriate item for the donation type from the item column. If you want to create an item, click the “List Menu” and create a new item from the “Item List” menu.
Step #4. Completing the form
Select the item type as device and choose the account from which you will deposit the donation. Look for the Class column and choose the project appropriate for the donation. The donation may be for a charity, or should it be deposited. It would help if you typed in the amount and the total donation. So you may have to customize the type of donation given so you can choose the option “Customize” to enable some choices in the form.
Step #5. Print, save, and close
After completing the form, you can click the print icon or the word “Print” itself. You may have to click the account where you will deposit the donation, but sometimes the choice doesn’t come up because it is directly deposited already. And then, click Save and close the tab.
Donation In Quickbooks Point Of Sale
Using QuickBooks Point of Sale, you could record a donation by logging in to your account and using “Create Sales Receipt.” Then, on the Customer Menu, click “Add New” and type in the organization’s name where you donated.
Complete the form by keying in the date, the item, and the description of the item you’ve donated. You may type the condition of the item or several other features and the year of production. Specify the quantity of the item you donated and insert the amount of each item in cash. You could choose to change the tax location and exempt it from any tax charges, then click the form saved.
#1. Spending account
If you want to make a spending account, you have first to go to the list menu after logging in and choose “Charts of Accounts.” From the menu, select a new account and complete the form that comes out of your screen. Finally, save the file with a name that will let you identify the account itself.
After creating a spending account, go to the “Banking” tab to create a receipt and check. Then, select “Write Check” from the menu and select the bank account to be used for paying the expense. Select the “Add New” button and make the payments by typing the organization’s name where you would want to donate. Next, add the date, check number and relevant blanks that need to be filled out. Choose “Itemize by account” and save the name of the account you want to contribute to. Click the save button to save everything, including your expenses and account.
Now that you know how to record a donation in QuickBooks, recording and tracking your business expense will be a lot easier than it was before. Thanks to QuickBooks, no more scratching in the head because your financial management worries will be catered to. You may also check these articles about how to setup a PayPal donation and how to make a donation flyer.