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MS Office Accounting - entering our charitable donations???

by alluraofarus / October 15, 2009 12:21 PM PDT

I have small business and I've just started using MS Office Accounting Pro 2009, instead of Quickbooks. I need to keep track of which of my payments are actually charitable donations, as we frequently donate and it comes out of our business checking account. How can I flag all of these payments as tax deductible donations, so that I can search for and list them all easily when I do my taxes? The donations go to various different organizations, throughout the year. Thank you so much for any help, I thought it would be easier to figure this out.

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by alluraofarus / October 15, 2009 1:04 PM PDT

More specifically, in some cases we donate gift certificates, but I'm not sure how to enter these, because it's not a payment we're making by cash, check, or credit card, and it's not really matched to any invoices. I am really confused.

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Re: accounting
by Kees Bakker / October 15, 2009 7:28 PM PDT

I don't know MS Office Accounting (sorry), but I do know that most accounting programs let you assign some category to a payment. Like (for a private person) "insurance" or "car" or "rent" or "holiday". Just the categories you feel important for you to differentiate to get grip on our financials, and that - of course - is different for everybody.

Most organisations and businesses will have a much more extended general ledger with 10s to 100s (to 1000s for big organisations) of general ledger accounts. And then there's nothing wrong with having one account for "tax deductable donations" and one for "not tax deductable donations", for example.

May I suggest you go and talk to your bookkeeper or financial advisor to get an advice on how to set up your administration if you can't think of the best way yourself?


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