How do I record deposits I received from crowdfunding through gofundme in QB Online?

Hi there useraccounting20,

Crowdfunding is a fantastic modern way to raise funds to support your small business. QuickBooks Online makes it easy to record and track funds you receive in the form of donations, so I want to make sure you know exactly how to do it.

The first step to track donations you've received in QuickBooks Online is to create an account in the Chart of Accounts where you'll specifically record the money from donors. You'll want to Add an account to your chart of accounts, choosing Income as the account type, and Non-Profit Income as the detail type. If you're not running a non-profit business, consulting with an accounting professional will be helpful in account creation. They'll know which detail type to advise you on based on the type of business you operate. Give the account a name that you'll remember and that clearly identifies what it's for.

Next up is to create a product or service item that you can select when entering a sales receipt. I'd recommend setting up a non-inventory item, giving it a name like "Gofundme Income" or something similar, and use the income account that you set up. If you've kept track of your donors contact information, you can enter them as a customer, but this step is optional. 

Finally, you want to track the donation you've received. This can be done as a Sales Receipt or a Bank Deposit. Using a sales receipt allows you to use a custom template that can be sent to donors, but if you're just looking to record the money that you received, a bank deposit will do the trick. With each option you select you'll need to ensure taht you select the donor if you've entered them in, the donation item, and/or the revenue account. Check out the articles below for more information:

• Create and send sales receipts in QuickBooks Online

• Record and make bank deposits in QuickBooks Online

• Track funds you receive from donors in QuickBooks Online

Checking with your accountant on this is a great idea as well. They'll have a better understanding of your business and will know the best practice for recording these specific types of donations. If you're already working with one, they can work right alongside you in QuickBooks if you navigate to the My Accountant tab and use the appropriate field to send them an invite. The same page also features the Find a pro to help button where you can navigate through our database of QuickBooks-certified accountants to find one in your area that can best support you with all of your accounting needs.

I'll be here if you have follow-up questions. Have a great day!