We have received the benefit of someone cashing in their stock, and donating the proceeds to a fund in the church. Donation was made to treasurer, and bank accounts were adjusted.
How do I enter this into contribution area, so that proper tax credit can be given (but I am not making a bank deposit). Did this happen backwards as far as contribution module is concerned?
Thanks
--Gary
Cashed-in stock proceeds donated to church/funds.
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jeffkoke
- Posts: 298
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- Location: Great Bridge Church of God, Chesapeake VA
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Gary,
I'm assuming that the proceeds of the transaction was actually a cash/check that the church received.
You should be able to do this as a manual entry using "Enter Contributions."
If the designated fund does not exist, it will need to be created first. Then, just make a manual contribution entry for that person to the appropriate fund. Easy as pie!
Jeff
I'm assuming that the proceeds of the transaction was actually a cash/check that the church received.
You should be able to do this as a manual entry using "Enter Contributions."
If the designated fund does not exist, it will need to be created first. Then, just make a manual contribution entry for that person to the appropriate fund. Easy as pie!
Jeff
Jeff
--
Jeff Koke, KK4SN
Great Bridge Church of God
Chesapeake VA
"Every Father should remember that one day his
children will follow his example instead of his advice."
--
Jeff Koke, KK4SN
Great Bridge Church of God
Chesapeake VA
"Every Father should remember that one day his
children will follow his example instead of his advice."
Gary:
I am not sure I understand your question. Why was money given to the treasurer and bank accounts adjusted? I guess why was this handled differently than other contributions?
Assuming it is a bona fide contribution, I just wanted to mention that donors should be aware it is more tax efficient if they donate appreciated (that is stock that has increased) directly to the church. That way they can receive credit for the entire market value at the time of the gift and avoid capital gain taxes. Of course you do not want to deter gifts that may not represent the entire proceeds from a sale of stock.
I am not sure I understand your question. Why was money given to the treasurer and bank accounts adjusted? I guess why was this handled differently than other contributions?
Assuming it is a bona fide contribution, I just wanted to mention that donors should be aware it is more tax efficient if they donate appreciated (that is stock that has increased) directly to the church. That way they can receive credit for the entire market value at the time of the gift and avoid capital gain taxes. Of course you do not want to deter gifts that may not represent the entire proceeds from a sale of stock.
Randy B