Transcription of USING QUICKBOOKS TO RECORD RESTRICTED …
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USING QUICKBOOKS TO RECORD RESTRICTED …
2011 Jones & Associates LLC, CPAs ( ) 1 USING QUICKBOOKS TO RECORD RESTRICTED TRANSACTIONS Recording Pledges Pledges are unconditional promises that a donor gives to your organization, which could include a promise for money over a period of time, a one-time gift or in-kind donations. When a pledge is recorded, contributions income is also recorded at the same time. In the accounting rules, once an unconditional promise is made, the pledge should be recorded as of the date the promise is made. For example, if a donor sends you a letter that declares that s/he is going to give you $5,000 for your next year s operations, you need to RECORD it as a pledge when the promise is made, NOT when it is received in the next year.
©2011 Jones & Associates LLC, CPAs (www.judyjonescpa.com) 3 Transactions related to temporarily restricted donations: 1 To record a new pledge
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