You are here

Payment Method Gift In Kind

Subscribe to Syndicate
Gift In Kind payments have some variations that are described in more detail.

It is especially important to fill all fields the Gift in Kind payment is for a donation since the data prints on tax receipts

A gift in kind payment is used when you receive a material item ( i.e. non cash/card/check payments) like a donated desk, advertising, etc that needs to be allocated to a specific GL account. In all cases, you will need to provide a description, appraiser and address.
A gift in kind payment is a specialty payment method. It ALWAYS exists in the database (like cash or check). if you don't see it in your payment list, please enable it in code tables. It's short code will be ~GIFT.
Payment Method Description and instructions on use
Gift In Kind
  1. Select Gift In Kind from the Payment Method drop down.
  2. Verify the Payment Amount. If this will be a partial payment, change the payment amount. The Payment Amount will reflect the new amount due.
  3. Select the GL account for the payment method, normally an expense or asset account
  4. Enter a description of the Gift In Kind that you will be receiving as the payment. IT will be a tangible item and can be printed on the tax receipt if this is for a donation.
  5. Enter the Appraiser's name which is the proof of the value of the item. This can be a physical person, a company (in case of stock valuation), a web site you looked up, or an actual receipt provided by the patron.
  6. Appraisers Address is the means by which you can contact the person again for the valuation. It could be the physical street address, web site, or location of the actual receipt