We have received a number of grants and donations for capital equipment and would like to know how to correctly record these transactions.
Should we create a new nominal code for donations in? We do not wish to record these as sales.
We intend to depreciate the equipment over 10 years. How should this be recorded?
Hello @bsbdvh
The support team are not registered accountants. For professional advice I would reccomend speaking to your accountant.
If you don’t have an accountant, we have a panel of accountants (familiar with QuickFile) to choose from, for more information, please see the following link:
I will leave this post open as there are some accountants on the forum who may wish to comment.