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April 11, 2023
Question

charitable contributions to Charity of non Inventory item?

  • April 11, 2023
  • 1 reply
  • 0 views

 

I am company A, donated non inventory items to Company B/Charity, how do I record the transaction?

 

Thanks

1 reply

April 11, 2023

Hi there BMG,

 

It's important to make sure that your transactions are entered correctly in your books. QuickBooks Online is a great tool to be able to keep track of your purchases to see the amount of money you've spent. I can point you in the right direction for help with this transaction.

Since this transaction is not a simple expense or sale, in this case, a journal entry or another similar transaction type might be the key to getting this transaction entered in your books. In order to have it affect your accounts correctly, I recommend speaking to an accountant. Their accounting knowledge as well as their understanding of best business practices will be able to guide you in choosing which accounts to affect and the best transaction type. You can invite your accountant to QuickBooks Online so they can see your books by going to the My Accountant tab. You can also find an accountant near you that has experience using QuickBooks by clicking the Find a Pro to help button located in that section.

If you have any other questions, feel free to reach out here.