How do I record a Donation made via credit card
Mariano
Member Posts: 2
We help students get into college. And on the side we volunteer and donate money to Youth In Government.
So now that I got my donation receipt, how do I record it in Wave Accounting -- would it be an "expense"? If so, what is the "category" I should use? Lastly, how does Wave help me at the end of the year when I have to do my taxes and I claim my tax deduction?
Thanks!!
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Just to clarify, I created a new account called "Donations Expense" -- however this account is just a regular expense account. I wanted to know how does Wave help me with these "unique" expenses at tax time...
Thanks!
Hey @Mariano
So at the end of the year Wave doesn't issue Wave unfortunately does not issue donation receipts when it comes to charitable donations.
I'd recommend having a read over our Understanding your chart of accounts and reach out to an accountant regarding how to properly document this in the real world.
My apologies I was unable to help you further with this question. If you have any updates or workarounds let us know!
@Mariano,
If you are in the US, then classify all payments made to a 501(c)(3) organization in the same expense account. Depending on the type of entity you are for tax will determine how the Charitable is treated. The organization itself is responsible for providing receipts of donations.