We are 501c3 organization that collects non monetary donations from businesses and individuals for items to be raffled off at our fund raising events.
If we give a receipt for the non monetary item indicating the worth which is the retail price, ie $25.00 and sell $10.00 worth of raffle tickets, there is a difference of $15.00.
The donor's receipt will show $25.00 but our bookkeeping will only show $10.00 of income. How do we do the bookkeeping?
Also, some of the donations are given out as door prizes with no charge for the ticket. Thanks for your help.
Donations Received Bookkeeping Question
Is a donation received considered an asset?
Donated Business Services
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? Thank you.
How to do a Journal entry for equipment that is donated and was paid for from another budget unit? The budget unit that donated it was a government fund to a proprietary fund.
Donation Recieved as Goods
What is the double entry for donation received as goods from supplier?
How to Record Service Donations?
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.
Any help would be greatly appreciated!