To complete this exercise, you must be in the Sample company. From your QBOA account, click on the Gear icon on the top right corner of the screen, then select Sample company.

Note that you will be logged out of your current account. If you are sure, click "Continue" to confirm. 

We start by creating a zero-dollar Sales Receipt.

In the Customer field, select "Dukes Basketball Camp".

In the Product/Service field, select "Rock Fountain".

We are giving this way, so the amount is zero.

Subtotal	$0.00
  
Taxable subtotal $0.00

Need help with sales tax? Learn more

 8%
Discount percent
 
	
$0.00


Total	$0.00
Amount received	$0.00
Balance due	$0.00

We need to check the Transaction Journal, so do not click Save and close.

Now let's pull up the Transaction Journal.

Note that the amount debited the Cost of Goods Sold account is $125.00. This is the amount you will need to credit in your Journal Entry.

Now we'll create the Journal Entry that moves the money from COGS to the Donation account.

Fastandeasyqbo

QuickBooks

QuickBooks is a widely-used accounting software developed by Intuit, designed to simplify financial management for businesses of all sizes. It provides a user-friendly platform for tasks like invoicing, expense tracking, payroll processing, and generating financial reports. QuickBooks automates many financial processes, making it easier for businesses to monitor their financial health, prepare taxes, and manage cash flow. With its various versions and integrations, QuickBooks caters to the needs of freelancers, small businesses, and larger enterprises, offering a flexible and comprehensive solution for efficient accounting and financial management.

app.qbo.intuit.com

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Scenario: Craig has decided to donate a Rock Fountain to Dukes Basketball camp. 

How would you record this?

A.3.7 Record a Donation

Sales Receipt

Journal Entry