kathy1011
Mar 25, 2013, 06:27 AM
We are a nonprofit company. Can someone walk me through how to enter a grant? Please include journal entries where possible. The grant is $10,000 in cash to be used for building improvements.
Please start with the deposit process and then how to enter the expenses. One item I read says to directly offset expenses to a grant expense account and not through a regular expense account. Also, I'm assuming that we would not be able to depreciate the fixed asset since a grant is paying for it. Is that true?
Please start with the deposit process and then how to enter the expenses. One item I read says to directly offset expenses to a grant expense account and not through a regular expense account. Also, I'm assuming that we would not be able to depreciate the fixed asset since a grant is paying for it. Is that true?