I just began doing the books for a service company and found 2 donated services receipts for a little over 10k that was made to a church. I am not sure how to book this into the g/l. Shall I create an in-kind revenue account and post the other side to an in-kind expense to zero?
Hi, I am starting up my own fitness studio and I was wondering how I record donations of monthly passes or 10 visit punch passes?
I donate these items for both community and charitable events related to fundraising which I would think would be eligible for a donation receipt? I read that the way to record it for bookkeeping is to credit income and debit expense; is this correct?
Also, I donate some of these items for promotional purposes, so would this be advertising?
I did some searching online and saw that there is a different treatment for donations of property versus services, so I am unsure of how to deal with the donation of these passes which are a service.