Before a donor can claim a tax deduction for any single contribution of $250 or more, the IRS requires a written acknowledgement of the contribution from the nonprofit organization. Nonprofit organizations typically send these acknowledgments to donors no later than January 31 of the year following the donation.
QuickBooks Premier for Nonprofits has a nice built-in report called Donor Contribution Summary which can be used by many nonprofits to prepare their year-end donation acknowledgement statements. However, this report includes all revenue including fees for services that aren’t tax deductible. But you can create a custom report in QuickBooks that excludes these fees. Here are the instructions:
1. Go to Reports > Custom Transaction Detail Report
2. Click on the Modify Report button
3. Select your date range, most likely “Last Fiscal Year”
4. Select Cash for report basis
5. Select Customer in the Total box
6. Check the columns you want on the report and uncheck the columns you don’t want – at the very least I recommend using Date, Name, Memo and Paid Amount
7. Select the Filters tab
8. Select Account in the Filter box, Multiple Accounts in the Account box and check off the revenue accounts you want to include on the report
9. Select the Header/Footer tab and change the report title to Donor Contribution Summary
10. If you want each donor printed on a separate page, check the box next to “Page break after each major grouping” after clicking the Print box
11. Once you have the report looking the way you want it, click on the Memorize button
About the Author:
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Ruth Perryman is the president of The QB Specialists. She is a Certified Advanced Quickbooks ProAdvisor and an Intuit Solutions Provider, with over 19 years of industry experience including 5 years as a Chief Financial Officer. She has been working with Quickbooks since 1996, and specializes in QuickBooks Enterprise and POS installations and troubleshooting. She also provides virtual controller and CFO services.
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