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April 17, 2024
Question

How do I set up in kind donations for donations of our time/service we made to a non-profit? There is no box that says "I sell this product/service to my customers"

  • April 17, 2024
  • 1 reply
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Looking for the answer to this question, the only box I see when I try to follow the directions, is a box that says "I purchase this product/service from a vendor".  The instructions say there should be a box that says "I sell this product/service to my customers" which is what I need.

1 reply

April 17, 2024

Hello there, cguio.

 

To set up an in-kind donation in QuickBooks Online, you'll need to create an income and clearing account specifically for your donations. Additionally, you'll need to create a product or service item to track the donations. Moreover, you won't see the usual Sell this product/service to your customers option since it's a donation. Instead, you'll only see that I purchase this product/service from a vendor box. 

 

To set up an in-kind donation:

 

Step 1: Check to see if you already have an in-kind donation account

Step 2: Create an in-kind donations account if needed

Step 3: Create a clearing account

Step 4: Create a product or service item

 

For detailed instructions on each step, please visit this article: Set up and record in-kind donations in QuickBooks Online

 

I also suggest consulting with your accountant before recording a donation as an in-kind contribution. They can help you determine whether it's the right choice for your business and advise you on the Fair Market Value of the donation.

 

You can also run reports to track your donations or determine the financial standing of your business.

 

Kindly leave a comment below if you have further inquiries about configuring in-kind donations or other QuickBooks-related tasks. I'll be sure to get back to you promptly. Keep safe.