Using QB 2003 Pro for Nonprofits ==========================We have a conference room and a dormitory (15 rooms) that we let other orgs. use - rarely charging anything, mostly hoping they donate something. I want to turn that around. My thinking is that we ought to account for donated facilities somehow in QB, but am unsure how to do so (I'm the admin assistant, not the bookkeeper - but am trying to find a better work process here).
I'd appreciate any input.
Are you sure you want to do this?
Isn't there a limit on how much for-profits can use your facilities? Something like 7 times per year?
OK - you probably have this all worked out.....
I don't know how you "account" for something like this unless you assign it a value. Do you rent out the facilities as well? At least then there would be a rental value established. So, I will assume that you have established their value. Then the question becomes how to account for it.
One way might be to rent it to yourself or to the "tenant" and to pay yourself for the rental. Then you'd have rental income and rental expense that wash but could be used to create a P&L report that would show how much of this kind of activity happens. Your accountant or bookkeeper should be able to set up the appropriate income and expense accounts for this purpose.
The setup might look something like this:
Initial setup: Income Account: Donated Space Income Expense Account: Donated Space Expense Customer: Our Own Donated Space In Vendor: Our Own Donated Space Out Item: Donated Space
Each "rental": Invoice: Sells Donated Space item to "Our Own Donated Space In" going to "Donated Space Income". Customer Payment: Receives payment from "Our Own Donated Space Out" going against "Donated Space Expense".... I think...
Or, the two above can perhaps be lumped into a Sales Receipt but I don't have that format in my head.
If the formats don't exactly match what you want to do then you might set up a memorized journal entry with the required income and expense. Doing this may avoid setting up the Customer and Vendor and Item..... and you'd still be able to run a P&L report.
Fred
Thanks. Most of the folks who use our facilities are government (i.e. local US Fish and Wildlife office, Nebraska Game and Parks Commision, etc.) and academic (i.e., masters candidate students here for research).
I want to propose to the Board and the Executive Director that we charge for these facilities. There will certainly be some groups we donate the use of the facilities to, but I feel we ought to capture this in our P & L statements for a better feel for where we stand overall and by program.
Mike
Thanks. Most of the folks who use our facilities are government (i.e. local US Fish and Wildlife office, Nebraska Game and Parks Commision, etc.) and academic (i.e., masters candidate students here for research).
I want to propose to the Board and the Executive Director that we charge for these facilities. There will certainly be some groups we donate the use of the facilities to, but I feel we ought to capture this in our P & L statements for a better feel for where we stand overall and by program.
Mike
Thanks. Most of the folks who use our facilities are government (i.e. local US Fish and Wildlife office, Nebraska Game and Parks Commision, etc.) and academic (i.e., masters candidate students here for research).
I want to propose to the Board and the Executive Director that we charge for these facilities. There will certainly be some groups we donate the use of the facilities to, but I feel we ought to capture this in our P & L statements for a better feel for where we stand overall and by program.
Mike
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