Documenting donation of time and materials
I am a self-employed gardener. I recently donated my services to a local antique shop to plant some flower boxes. I also donated all the flowers. How do I document this on QuickBooks? Or do i?
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cYrotWKTir4iKgacwZ5xHE
06/09/11 12:57pm PDT
Viewed by asker 06/09/11 3:25pm PDT
Viewed by asker 06/09/11 3:25pm PDT
6 Replies
abctax55
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06/09/11 1:01pm PDT
The solution
It's really not necessary to document it, unless the cost of the flowers is substantial and you need to adjust your cost of goods sold and/or inventory for the amount.
Your time is irrelevent - you don't get to deduct that 'foregone' income; but you do get a pat on the back for being a nice person!
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06/09/11 3:23pm PDT
thanks for the advice, plus the pat on the back! Looks like you're having fun - I'm jealous!
qbteachmt
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06/09/11 1:02pm PDT
Create an invoice as usual and also write it off.
Now they have proof of the donation for matching purposes.
You have nothing as donation. There is no charitable contribution of your time.
If you used supplies, you already have the cost captured in the data file.
If you had employees, you would already have the cost, as payroll.
All that has happened is, you have forfeited Profit.
There is no writeoff of Profit as Charity. Otherwise, I could declare my profit would have been $1 million.
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06/09/11 1:06pm PDT
qbteach....because of all the time you donate to the Intuit Community, right? :-).
(I'm not sure the antique shop mentioned in the OP is a non-profit; I didn't read it that way myself. But if so, I like your answer).
qbteachmt
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06/09/11 2:58pm PDT
I wondered about the Shop, too!
The city where I live is, I believe, home to the second-most NFP organizations per capita behind Berkley CA.
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06/09/11 3:25pm PDT
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Interesting thought on the antique shop...I do have a record of it, so I may just write up an invoice and then write it off. Be safe on that motorcycle, but always have fun!
