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The end of the year is close and, hopefully, donations are pouring in. Donating stock instead of cash to a nonprofit or church may have an additional benefit for the donor. (Please note, I am not a tax expert and am not giving tax advice. Your donors should seek the advice of their local CPA to see if this could be a benefit to them.) IRS regulations allow for stock donated to be deducted by the donor at the market value instead of the stock price when it was purchased. This means that if a donor has 100 shares of...

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Does your organization receive donations through a website or via credit cards? Recording the discount charged by the card processor can sometimes be frustrating. If you are using QuickBooks, I recommend the following: Enter the donation through Sales Receipts or Receive Payments just like you would for cash, giving the donor the full credit for the gift. Go to the Make Deposits screen, select the donation or donations that make up the funds received in the bank. Next, leave the RECEIVED FOR column blank, choose the expense account for merchant fees, and enter the CLASS. The AMOUNT will be entered...

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Tis the season for charitable donations and for non-profits to reassess their ability to accept appropriate contributions. Transferring stock for a charitable contribution may give the donor a significant tax advantage. With the stock market at all-time highs, many donors may have stock that has appreciated in value over the last few years. Donating this stock, in lieu of cash, may allow the donor to receive the full market value of the stock as a deduction instead of having to pay the capital gains. Stock transferred as a donation to an eligible organization may be deducted by the donor at the...

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Wondering how to handle donations received for other organizations in QuickBooks? Many churches and other nonprofits collect money for other organizations like a food bank or Habitat for Humanity. Tracking these donations and assuring the payments are made to the receiving organization takes a few extra steps. First, you will want to set up an Item with Service as the type called Pass Through Donations (or something similar). It should be linked to an Income Account in the revenue area (Outreach or Pass Through Funding, perhaps). If you are receiving the donations through a fundraiser or cash not from a particular...

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By Lisa London I'd certainly hope this would not be an issue for your religious organization, but sometimes members don't balance their checkbooks as well as they should. If you receive an number of bounced checks each month, you may want to consider upgrading to the 2014 QuickBooks version. It simplifies the process and even makes it easy to balance your organizations checkbook as well as rebill the donor.

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