Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

We own a business with 8 locations. How do we set up an

Customer Question
We own a business...

We own a business with 8 locations. How do we set up an account so our clients can donate directly to a Charity with 100% going to the charity. For example when you are completing a purchase and they ask, " Would you like to donate a dollar to St. Jude's?"

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I don' think so.

Submitted: 1 year ago.Category: Finance
Show More
Show Less
Ask Your Own Finance Question
Answered in 2 hours by:
9/6/2017
Financial Professional: PDtax, CPA, MBA replied 1 year ago
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,154
Experience: Tax professional and business consultant for 35 years.
Verified

Hi from Just Answer. I'mCustomer and can assist.

Ask Your Own Finance Question
Financial Professional: PDtax, CPA, MBA replied 1 year ago

In your accounting records, set up a liability account named "Funds for St. Jude's" or something similar.

When cash is collected, deposit it in your bank with a corresponding credit to this new liability account.

When you write the check, debit the liability and credit cash.

You could set up an account for each store with their store name or number to add more detail.

Thanks for asking at Just Answer. Please take a moment for positive feedback after review. I'mCustomer

Ask Your Own Finance Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask PDtax Your Own Question
PDtax
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,154
5,154 Satisfied Customers
Experience: Tax professional and business consultant for 35 years.

PDtax is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,609 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,222 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
We are raising money and are wondering how to address any
We are raising money and are wondering how to address any money we may receive from 'anonymous' contributors or investors. If we receive money from bitcoin holders, for example, do we have to report t… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
2,709 satisfied customers
I am planning on starting a business that will give
I am planning on starting a business that will give approximately 30% of its revenue to charity. 40% of the revenue will go toward operating costs and 30% is left as profit. Will this present accounti… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I am a Board Member for two Non-Profit organizations in
I am a Board Member for two Non-Profit organizations in Atlanta, GA. I am sponsoring a fund raiser for the two organizations. I am turning 70 and I am asking friends to give a donation in lieu of gift… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
I have an idea for an online business. the business would
hi, i have an idea for an online business. the business would approach large companies in my area and ask them to create large prizes. our web site would then sell the chances to win the prize. 80% of… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
Can you answer this? On a US 2017 Tax return, for the IRS,
Can you answer this? On a US 2017 Tax return, for the IRS, how are donation items and groups of these treated? For example, when must groups of like items be appraised and documented separately, such … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I fundraise throughout the year - I bring in under
I fundraise throughout the year - I bring in under $5000/year. Our small group has no operating costs, no employees, no expenses and no physical place of business. It's basically a group of friends/fa… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,960 satisfied customers
Lane Only. With all our discussions, I think it may be
For Mr. Lane Only. With all our discussions, I think it may be helpful if I explain our goal, and not biased into a particular tax deduction category. Perhaps you could provide suggestions if there ar… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
We are home/office decorating company. We import furniture
Hi, My name is***** are home/office decorating company. We import furniture from China. There are a lot of inventories in our warehouse which are in new condition in unopened packages but no longer av… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
The fed reserve plans to start raising interest rates sometime
The fed reserve plans to start raising interest rates sometime this year although no date has been set. I own closed end funds ncz, 2850 shares, and ncv 850 shares. ncz's holding are corporate convert… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor's Degree
1 satisfied customers
I own a website for authors. Each year we go to the Miami Book
I own a website for authors. Each year we go to the Miami Book fair and display a couple hundred of our author's books to the public. The authors donate their books to us for sale, and we sell them to… read more
PDtax
PDtax
CPA, MBA
Master's Degree
5,154 satisfied customers
We are a 501c3 animal welfare charity. Some, but not all,
We are a 501c3 animal welfare charity. Some, but not all, of the veterinarians we work with discount the cost of procedures. Some of the vets indicate it is their contribution, some show it as a disco… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
2,222 satisfied customers
I own a small business and am running it under an LLC with
I own a small business and am running it under an LLC with a partner. We would like to run a marketing campaign where for every product bought on a certain day, we would donate an amount of money for … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
My High School son needed to do a commmunity service project
My High School son needed to do a commmunity service project for school - so we got creative and did a backyard program for kids and raised thousands of dollars. By popular demand, we are doing it aga… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
I have a question regarding the following: Manufacture seeks
I have a question regarding the following: Manufacture seeks to gain business in the hospital industry decides to donate goods to hospital. Is it feasible for the donor to deduct the full value of the… read more
Dave CPA
Dave CPA
Master's Degree
69 satisfied customers
My wife spent a lot of personal money on her 501c3 animal rescue
My wife spent a lot of personal money on her 501c3 animal rescue nonprofit last year. I'd like to use that as a deduction on our personal taxes (married filing jointly). I can't get a straight answer … read more
TaxWhisperer
TaxWhisperer
Principal
Master's Degree
24 satisfied customers
1.Can I claim donated software $15,000 ( would have cost) from
1.Can I claim donated software $15,000 ( would have cost) from another company to our startup LLC as income on 1065? We qualify for a special tax credit ( 50% tax cr for the difference in inc from pri… read more
TaxTom
TaxTom
Accountant
Bachelor's Degree
14 satisfied customers
My friend just got diagnosed with cancer. Weve started a website
My friend just got diagnosed with cancer. We've started a website for him and want to accept donations that will go to pay his medical bills. My accountant says that I can form an association (just by… read more
MarjorieCPA
MarjorieCPA
Certified Public Accountant
Bachelor's Degree
3 satisfied customers
We are currently running the site http //bit.ly/c7fNmD I am
We are currently running the site http://bit.ly/c7fNmD I am adding a post to raise funds for a billboard drive and a charity shortly. The site I am promoting is generating media attention that was pic… read more
Dimitry K., Esq.
Dimitry K., Esq.
Attorney
Doctoral Degree
332 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x