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C
CDM Administrator
September 28, 2022
Question

Recording the Value of a Gift on a Receipt

  • September 28, 2022
  • 1 reply
  • 0 views

Our non-profit regularly offers gifts to donors as a thank you for their donation.  As per Canada Revenue Agency (CRA) regulations, the fair market value (FMV) of these gifts must be deducted from the donation amount when the receipt is issued.  In the current system, the FMV is saved with the item when it is entered into the inventory. So, when a receipt is created, the FMV is pulled into the receipt when the item is added to the receipt.  The FMV is then deducted from the total using the required CRA calculations.  The donor is then able to see how much of their donation is eligible for a tax deduction based on the value of the gift they received.

As we are evaluating QuickBooks online as a potential replacement for our current system, we are looking for a way to do something similar in QuickBooks online.   Any thoughts or suggestions are welcome.

1 reply

J
JamesM4
September 28, 2022

Hi there,

 

Welcome to the Community. QuickBooks is a powerful program that helps you manage your work with peace of mind. I'll be glad to share more info so you're on the right track with your work.

 

Recording your transactions properly is an essential step for maintaining clean books. To ensure accuracy in your books, I recommend reaching out to an accounting professional for expert advice on this. If you're not in contact with a professional, don't worry, you can search for one using this link here. 

 

Feel free to keep us posted on how you make out. I'll be one message away. 

 

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