QuickBooks supports recording two main types of donations to an LLC: non-cash donations using a sales receipt with a journal entry, and cash-based donations using the register. Non-cash donations provides goods or services with an estimated cash value, usually taken from your inventory. Record the transaction as a regular transaction if you are sending cash. ![]() ![]() LLCs generally can't deduct the donations they received because they are for-profit companies. When entering the sales receipt for the non-cash transactions, make sure to zero-out the sales receipt to avoid getting a negative balance. Warnings • Consult with your accountant or tax attorney about the implications of sending donations to external companies, as companies have special requirements, depending on the company filing status, company type, earnings and other factors requiring an individual review of your finances. Certain contributions can't be deducted, such as those to specific people, nonqualified organizations, contributions that benefit you, donated time, personal expenses and several other types of contributions. • Information in this article applies to QuickBooks 2013. It may vary slightly or significantly with other versions or products. Nov 17, 2018 - Create a journal entry. Select the Plus icon (+) on the Toolbar. Under Other, select Journal Entry. Best tycoon games on roblox. Enter the transaction date in the Journal date field. (Optional) On the first distribution line, in the Accounts field, enter any account listed in the Chart of Accounts. Enter the transaction amount in the Debits.
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