How do I enter gifts of items for an Auction or other Fund Raising activity?
- 31 Jan 2023
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How do I enter gifts of items for an Auction or other Fund Raising activity?
- Updated on 31 Jan 2023
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We are receiving donations of property- non cash - for an auction. How should I process these as gifts?
Answer:
Set-up an auction revenue account and record the non-cash gift donations to the auction at market value as determined by the donor as a debit to the auction revenue account and a credit to the gift income account.
When the proceeds from the auction are received enter a non-gift and debit cash and credit the auction revenue account.
The balance in the auction revenue account will equal either a gain or a loss since the proceeds will net against the market value.
When the proceeds from the auction are received enter a non-gift and debit cash and credit the auction revenue account.
The balance in the auction revenue account will equal either a gain or a loss since the proceeds will net against the market value.
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