by Maggie
(Springfield, VT USA)
How do you record a donation of items purchased for an expense. (cash basis, quickbooks intuit desktop)
Someone gave me a list of items purchased for VBS and wanted to donate them but pastor wants it to show up in the expense accounts so we get a true cost of how much VBS costs each year.
I did read to set up an income account called inkind donations and credit the account and then debit the expense account (like usual). That makes since but wouldn’t that throw off true expenses against true income.
Should I set up an account titled In Kind Expenses and reconcile the account monthly. I just don’t know how to handle this correctly? Any help would be appreciated.
