When a donation is being turned into goods or service by you and your business, this changes the donation from being a current liability on your balance sheet, to becoming a sale.
- To do this, under the drop down menu “Accounting”, click the option “Manual Journals”
- Select the “+ New Journal” button, and enter “GoGenerosity Redeemed” into the ”Narration” text box
- Enter in the date that the donation was redeemed and enter the details of the redeemed donation in each column
- Then, enter in the details of the donation being turned into a sale and ensure you are now coding this to your “Sales” account
- The click “Post” to confirm the GoGenerosity donation being redeemed into a Sale
- To view this manual entry, go back into “Accounting” and “Balance Sheet” and enter in the date needed and click “Update”
- This will populate the current “Current Liability” and you will see that the redeemed GoGenerosity donation amount is no longer listed as a Current Liability, as noted in Step Five, by clicking into the price it will show the details of the GoGenerosity transactions, including the Manual Journal entry(s) made.
- From there, you can click the “Accounting” menu option, and select the “Profit and Loss” option
Then, you can select the Sales amount and it will link you to your “Account Transactions” where you can also see your Manual Journal entry(s) and GoGenerosity donations redeemed into Sales.