Fundraising
by Sharon
(Calgary, (AB), Canada.)
Recording Donations
My client set up a loose-change collection box with a organization (local zoo) name printed on it for customers to donate to.
Once collected and counted the money was given the organization and a tax receipt was made out in my client's business name.
Is this treated like any other donation or is different because it was a fundraiser activity that the public contributed to?
I am not sure how to deal with this in the books.
Sharon, unless you are also doing the tax return, I'm not sure what the donation receipt has to do with doing the books for his/her business even if it was made out in the business's name. It was a fundraising activity separate from the business.
If you feel you must book the entry, book it to QuickBooks's expense account named "Ask the Accountant" with a good memo note.
I sure hope the business owner matched the donations or something.
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