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When recording donations, it’s important to be thorough and accurate. Here are some steps you can follow:
Date of Donation: Record the date when the donation was made.
Donor Information: Document the name of the donor or organization that made the donation.
Donation Amount: Note down the amount of the donation.
Method of Donation: Indicate how the donation was made (e.g., cash, check, online transfer).
Invoice: If you’re a business donating products or services, create an invoice for the charity.
Expense Account: Set up a dedicated expense account for donations.
Recording in Accounting System: Make an entry in your accounting system representing the donation. This can be defined as "charitable contribution".
Digital Record: Consider digitizing your records for easy access and organization.
Use of Spreadsheets: You can also use spreadsheets like Google Sheets or Microsoft Excel to track your donations
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