Gifts in kind, often called “in-kind donations,” are a type of charitable donation in which, rather than giving cash to to a qualifying nonprofit organ-ization with which to to purchase needed supplies and services, the goods and services are donated directly.
In-kind donations are distinguished from cash or stock shares gifts. While some nonprofit observers have debated the advantages of in-kind donations over giving cash, others have argued for the disadvantages of gifts in kind, particularly in the context of disaster relief. For a summary discussion, go to Wikipedia: Gifts in kind
Whatever the pros and cons, the annual volume of in-kind donations being made to nonprofits is on the rise.
So how does a nonprofit properly book its in-kind donations in QuickBooks?
It’s just about that time again…the time every year when Intuit discontinues supporting an older version of QuickBooks. This is called “sunsetting” a version.
As usual, it’s the version from 3 years back. So QuickBooks Pro 2010, QuickBooks Premier 2010, QuickBooks Enterprise Solutions 10, and QuickBooks for Mac 2010 will all be unsupported by Intuit after May 31 of this year.
That means that you won’t be able to get tech support from Intuit for these products.
This doesn’t mean that your desktop version of QB 2010 will stop working, or that any of your files will become inaccessible. Instead the Sunset will remove the following functionality:
- Online Banking Connectivity
- Online Payroll Connectivity
- Credit Card Processing
- Accountant’s copy transfer
- Emailing via Intuit’s servers
- Automatic Bill Pay
Intuit is really pushing its QuickBooks Online these days, but it isn’t a product that most financial pros are confident with.
For many QuickBooks pros, using QuickBooks Desktop (for Windows, Mac is another story) for years, this is where our comfort zone is. Intuit keeps attempting to push us out of that comfort zone.
They ARE Different
According to national QuickBooks and accounting expert Charlie Russell, posting to his Sleeter Group Blog, “Usually whenever someone asks me to compare these two products my stock answer is don’t compare them, they are different products and they fit different situations.”
“But how can we choose if we don’t compare?” Russell in seemingly mock-contradiction explains adroitly that even though these two Intuit accounting software products share the name “QuickBooks”, they aren’t of the same genus. QuickBooks Online is NOT a copy of QuickBooks Desktop that has been Internet-enabled. They are actually different products with different database structures and different paths to solving issues, even though both were developed in-house by Intuit
Note: Don’t miss the upcoming Cloud9 Real Time 2013 Summit in San Diego Bay on August 14-16 to get up to speed fast on all things related to accounting and cloud-computing.
In recent times hurricanes, wildfires, earthquakes, and electrical blackouts caused company owners and accounting pros to reflect on disaster recovery and cloud computing.
How could they keep their companies operating when circumstances beyond their control were occurring with increased frequency ?
Here are several stories from financial professionals and firms whose use of cloud-based prevent rain from falling on their clients’ parade during these back-to-back events.