How to record a Donation made by our company?
QuickBooks Canada : Pro 2012Do we have to record this in Quickbooks? And if so how?
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02/09/12 6:45am PST
Viewed by asker 02/09/12 9:48am PST
Viewed by asker 02/09/12 9:48am PST
6 Replies
AlexanderM
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02/09/12 6:54am PST
Best Answer - Chosen by the Community
If it was paid out of a company bank account, then yes it must be recorded in QuickBooks. Who the receipt was made out to will determine how you should record it.
If it was made out to the company then it should be recorded under Donation, other expense account. You accountant will determine how to claim it.
If the receipt is made out to and individual, such as owner of the company, then it should be recorded as owner's draw or shareholder's loan, depending on your company structure.
02/09/12 7:00am PST
Thank you for the quick reply.
Yes, it was paid out a company bank account.
It was made out to a Sclerosis Society of Ontario ... could you tell me how to record this?
02/09/12 7:04am PST
Was the receipt made out in the name of an individual or to the company?
02/09/12 9:20am PST
Then it should be recorded in a Donation - Other Expense account. Your accountant will deal with it at tax time.
02/09/12 9:26am PST
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OK ... sorry, could you tell me how/where to record this?
I haven't done one before ... thanks!
