Sam Boni
05-21-2007, 12:11 PM
Hello NPO Folks,
I have looked through related forum threads, but did not find anything close to my question: How to balance the accounts when working mostly with income tax receipts.
We run a small museum with volunteers, no admission fee. We receive cash donations (covering the overhead) and gifts in kind; we also “pay” our rent with a tax receipt to a generous property-owner.
Would it be correct to post non-cash donations as “paid” with a tax receipt from a special account? — but how do we “deposit” into that account to balance everything? Or is it acceptable to have a ‘minus’ in that account that corresponds to the total of tax receipts issued?
Any help would be appreciated.
I have looked through related forum threads, but did not find anything close to my question: How to balance the accounts when working mostly with income tax receipts.
We run a small museum with volunteers, no admission fee. We receive cash donations (covering the overhead) and gifts in kind; we also “pay” our rent with a tax receipt to a generous property-owner.
Would it be correct to post non-cash donations as “paid” with a tax receipt from a special account? — but how do we “deposit” into that account to balance everything? Or is it acceptable to have a ‘minus’ in that account that corresponds to the total of tax receipts issued?
Any help would be appreciated.