When organizations receive donations, it's essential to keep track of them accurately. Properly recording these generous contributions is not only crucial for maintaining accurate financial records but also for demonstrating transparency and accountability to stakeholders. Thanks to accounting software, managing donations has become much easier.
There are 2 types of donation: cash donation and item donation. This guide will show you simple steps and tips to record both types of donations in TreezSoft Cloud Accounting system.
Recording a cash donation
Step 1
Go to General Ledger > Journal Entry
Step 2
Click New Journal Entry to raise a new journey entry record
Step 3
1. Fill in descriptions
2. Debit an expenses account (Donations), and credit a cash and bank account (Current account 1)
3 Click Save and your cash donation is recorded.
Recording a donation of inventory or products
Step 1
Go to Stock > Stocks Issues
Step 2
Click New Stocks Issue
Step 3
1. Fill in the donations detail
2. Enter the respective item code and quantity
3. Click Save
To sum it up, accounting software makes recording donations a breeze. Just follow the steps in this guide to manage contributions, build trust with donors, and keep your financial records in order. Let TreezSoft Cloud Accounting system be your partner in making a positive impact on your organization. Happy donating and recording!
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TreezSoft is a cloud accounting software for Small and Medium-sized Enterprises (SMEs). It allows you to access your financial information anytime, anywhere. It also allows you to have unlimited users for FREE for your account in TreezSoft. Our aim is to help reduce our clients' time spent on accounting mainly by using our automated processes and integration to help increase their company efficiency at a minimum cost. SMEs can use TreezSoft to keep track of their expenses, accounts, daily operation e.g. Point of Sales (namely QPOS) system and etc.
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