Enroll in the Intuit QuickBooks Advisor Program. Rated 5 out of 5Â by Abacus Bookkeeping Quickbooks ProAdvisor Program Becoming a ProAdvisor opened up a whole new world to me. I learned of the program last summer at the VCon, signed up as a Cloud Proadvisor, and I haven't looked back. I then became certified and the free software, support, and resources that I was given access to completely blew me away. I plan on taking it all the way and becoming certified in all of the Intuit's software and going on to the advanced certification. Why not? Rated 5 out of 5Â by Tico Business Solutions Intuit, QuickBooks ProAdvisor Program, a great value! Rated 5 out of 5Â by Steven Myles Learning is a journey. Rated 5 out of 5Â by BK Lisa Why you should give the Quickbooks Program a try? In-Kind Gift Income & Expenses - Intuit Community. I think Charles is warning you that the valuation of in-kind donated goods can be a bit tricky.
It's not that hard, though. Sometimes it is valued at the time it is given. Sometimes it has a value because of what is done with it, later. For the giving of auction items that also are provided with a value, such as "A Two-Week trip to Bora Bora including Air Fare, package value = $1,800!!! " you do in fact enter this as the value of the donation and the cost for the pretend purchase of it. For the giving of items that are not given a value, such as used goods, these are considered given at Fair Market Value. The Auction Value is in fact the FMV.
Donation receipt = FMV Pretend purchase of in kind item = FMV Auction income = FMV The first two still cancel each other out. For the summation of everything related to the Auction, in QB you can use the concept of Daily Sales Summary. Use it to summarize everything given, with the donation-in-kind item and a total value for everything. Adjusting inventory to account for charitable donations or contributions.
Tracking Non-Cash Donations for a Non-Profit Company. How to Record In-Kind Donations (Non-Cash Donations) in QuickBooks.