QuickBooks 2007

I would like to record donations I gave last year in QuickBooks. I have 5 receipts of 5 diff. places I donated my time and money. How should I input these so they are included in the Profits & Lost report?

Thanks
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jsarinanaI.T. ManagerAsked:
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JohnBusiness Consultant (Owner)Commented:
Make an income account in QuickBooks, record the income with location details (or use sub accounts). Then issue receipts outside of QuickBooks for Tax purposes. That will get the income into your operating statement.
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jsarinanaI.T. ManagerAuthor Commented:
Sorry
I'm pretty bad with accounting, do I make an account for donating? then I add these 5 expenses?
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JohnBusiness Consultant (Owner)Commented:
In QuickBooks, go to Lists, Account List and open the account list window. By menu or (I think) right click within the account list, select New Account. Use the Income type, give it an account number if you use numbers. Give it a Description and say OK.

This gives you a new account.

Donations are income and from your first post, I do not think you have expenses, but please clarify if I am incorrect.

There is no cash, so it is non-cash income and you will have to figure out the other side of the entry. You will need to ask your accountant about this.
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jsarinanaI.T. ManagerAuthor Commented:
I gave free service and also donated money, I file this as income?
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JohnBusiness Consultant (Owner)Commented:
The money donated is income, yes.
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jsarinanaI.T. ManagerAuthor Commented:
thanks
I ended up having my tax person help me with this
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JohnBusiness Consultant (Owner)Commented:
@jsarinana  - Thanks for the update and I was happy to help.
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