Apologies I’m a novice at Quickfile and bookkeeping but I’m trying to help out a local charity.
I’m getting to grips with Quickfile but not sure I am assigning things correctl so now to my question.
The charity has been given donations and I noticed there is a Donations category in the chart of accounts but it is under Overheads which seems odd to me.
Could someone please clarify where in the chart of accounts I should capture donations coming in to a charity or whether I need to add a new item in the Chart of Accounts and if so, under which heading (e.g. Assets and Liabilities).
The donations nominal code you refer to is for when a company make a donation rather than receive one. There is no default nominal code for donations received as it wouldn’t be applicable to most businesses. That said it’s very easy to add one to your account.
In the chart of accounts you can add a new code for donations received as follows:
Whenever you log a donation you can either post it directly from the bank by tagging as “something else not on the list” and posting to that nominal code (see a similar post I replied to yesterday).
Or you can create an invoice and log it against a line item, as follows.
