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Non-Profit. I was told to receive donation through the sales receipt and I have done that but how do I get the money to show up in income accounts not sales revenue

Forum|Forum|5 years ago
July 18, 2020
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QuickBooks Online

Best answer by AlexV

Good day, joangugg.

When you create a sales receipt or any sales transaction, it'll automatically reflect on the income account. That income account is the one you've selected when you set up the product or services.

You can review the product or services you used in recording the sales receipt. From there, we can update the income account.

You can follow these steps:

Go to the Sales tab and select Products and Services.
Find the one you used and click on Edit.
Change the Income account. Then, tap Save and close.

Once done, you can pull up the Profit and Loss report again.

Post again here if you have more questions. Stay safe and healthy!

G

GraceC

Hello there, @ joangugg.

You’ll need to create both income and clearing accounts and a product/service item to record your non-profit donations in QuickBooks Online. Let me guide you how

In creating an income account, here’s how:

Go to Accounting, then click Chart of Accounts.
Select New.
In the Account dialog, select Income in the Account Type drop-down list.
From the Detail Type drop-down list, select Non-Profit Income.
Enter a Name (for example, Non-profit Donations) for the account.
Hit Save and Close.

After, you'll need to create a clearing account. Follow the steps below:

Go back to your Chart of Accounts.
Click New.
Select Bank from the Account Type list.
From the Detail Type list, select Checking.
Enter the same Name.
Click Save and Close.

Lastly, we’ll need to create a Product/Service item for each donation. Let me walk you through the steps:

Go to the Gear icon, then select Product and Services.
Select New.
In the Product/Service information panel, select the type of the product or service.
Add a Name and Description suitable for sales or donation receipts.
From the Income account list, select the In-Kind Contributions income account you’ve created.
Under Purchasing information, select the I purchase this product/service from the vendor checkbox.
Click Save and Close.

Once accounts are set up, you can then record your non-profit donations.

Here's a recommended article for detailed steps and information about recording in-kind donations: Set up and record in-kind donations.

However, I would highly suggest speaking with an accountant for more guidance. They will suggest based on what’s more suitable for your business and to your books.

Please let me know should you have other questions with QBO. Update the thread by posting a comment below, and I'll be here to assist you. Have a nice day!

J

joanguggAuthor

I appreciate this but I have imported my Quickbooks from Desktop version. I already have income accounts set up. I was told that I needed to you Sales Receipts to record the income (needed to be able to see donors). I have done that. I enter sales receipts and then make deposit for a batch. When I run transaction list by donor I get report needed to send receipts.

When I run P&L I get Services lumped together, expenses are find and listed as they should be. I have run several of the activity reports but can't get Income by account to show. I know I am missing something but am at a loss.

AlexVAnswer