How can I track non-deductible donated business services?

LBeck
LBeck Quicken Windows Subscription Member ✭✭
in Business and Rental Property Tools (Windows)

My husband and I have a photography business. He sometimes shoots an event for a business as a courtesy. I know his time is not tax-deductible, but we would like to track the value of the services. If I create an invoice for the time given, how can I zero it out without messing up our books?

Answers

  • RalphC
    RalphC Quicken Windows Subscription Member ✭✭✭✭

    Simply, I would create spending categories that have no Tax Line Item defined.

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭

    First thought, without actually trying in my own file … how about creating a "courtesy" Business Expense category … and then showing the "income" for the invoice as coming from that same category … which will zero it out?

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

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