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Anonymous
January 18, 2020
Question

Non profit fundraising and paying ourselves

  • January 18, 2020
  • 1 reply
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Hello. We are an all volunteer, non profit, fundraising organization that raises money to donate to other non profit charities. We disburse 70% to the charities, and we retain 30 % for operating expenses. For every event we hold, I need to record and report the gross receipts (total raised), and the expenses, which includes the 70/30 split.  The 70% is easy. I create a bill in the name of the charity. How do I handle "paying ourselves (the corporation)". We have one bank account. 

1 reply

L
LauraAB
January 20, 2020

Hello imperialprince,

 

Thanks for joining us here in the QuickBooks community. It's great that you're using QuickBooks Desktop to help manage your non-profit and I'm happy to point you in the right direction with sorting this out.

 

When it comes to knowing the best method for recording your transactions, it's ideal to touch base with an accountant. This is especially true when it comes to non-profits and charities that have special circumstances such as yours. Based on what you've said so far, it sounds like you're on the right track, but an accountant can help you be certain.

 

You've mentioned recording the gross funds raised and then allotting 70% to a bill given to the charities. These two steps would naturally split the funds 70/30 in your books. All that would need to be done in this case is to create the necessary expenses to allocate the 30% of funds raised to. Entering expenses can be done through the same features as Enter Bills and Pay Bills, or you can use the Write Cheques feature to enter what you need. It sounds like you're familiar with these options, but I'll leave some links below just in case.

 

If you're not already connected with an accountant, I recommend finding one that knows both QuickBooks Desktop as well as has expertise in non-profit accounting. Check out our directory of QuickBooks-certified accountant users, called ProAdvisors, here: Find an Accountant Enter your city or postal code, click Find a ProAdvisor, enter necessary filters, and you'll be on your way.

 

I hope that helps! Here are the articles I mentioned.

Have a great day!

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