I need to create an invoice or receipt for a donor who gave a product in exchange for advertising at a seminar. There was no exchange of funds, and I don't want the transaction to appear as a debit or credit – how? Thanks!
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You can create items for in-kind contributions and in-kind expenses, and then use them on a sales receipt (enter the in-kind expense as a negative) to create a receipt with no amount due.
However, you want to be careful not to value a donor's non-cash gift (per the IRS this is the donor's responsibility). So I recommend preparing the sales receipt with detailed descriptions of what was exchanged but with $0 amounts. After printing it out for the donor, you can edit the sales receipt to include the values you (or your CPA) want shown on your financials.
This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.
Written by +Ruth Perryman, CMA, CFE, CFM, MBA
Ruth is the president of The QB Specialists, an Intuit Premier Reseller that offers huge savings and expert advice on QuickBooks POS and QuickBooks Enterprise. She is an Advanced Certified QuickBooks ProAdvisor and a member of Intuit’s Trainer/Writer Network. She is also certified in QuickBooks POS and QuickBooks Enterprise and has provided expert QuickBooks help to thousands of businesses all over the world since 1996.
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