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IN Kind donations

Forum|Forum|3 years ago
May 5, 2023
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When I follow this set up--Set up and record in-kind donations in QuickBooks Online--

It is not clear whether to include on the Products/services I sell this product (in kind income acct or I purchase this product from a vendor (what expense acct do you enter?) I entered this screen under income account and when I create a bill using the above product linked to my in kind income acct the profit and loss reports show a negative number in the in kind income account instead of a positive number.

Please clarify.

QuickBooks Online

Best answer by parksbarbie

@parksbarbie

Yes, that’s right. You want the income and the offsetting expense to offset (net to $0) when in-kind services are donated.

Great thank you for your time explaining this!

M

Mark_R

Hello there, @parksbarbie.

I want to make sure you can set up and record in-kind donations in QuickBooks Online (QBO).

To record an in-kind donation, you should set up an income and clearing account for charitable contributions, and create a product or service item for the donations. Since you aren't sure what expense account to use, I recommend seeking help from your accountant. This way, they can provide the right account to use.

If you don't have an accountant, you can find one through this link: Find an accountant.

Just in case you want to record donations or charitable contributions in QBO, you can read through this article for the detailed steps and information: How to record donations or charitable contributions.

Don't hesitate to leave a comment below if you have other concerns or follow-up questions about recording in-kind donations. I'll be right here to provide further information.