What Is the WA Auction Report?
There are two parts to the WA Auction Report, entering in the item that is being auctioned and associating the buyer with the auctioned item.
To enter the item that is being auctioned, enter in an Inkind transaction from the donor. Be sure to:
- Put the item description in the Note for Compliance field
- Use the date of the auction rather than the date the item was donated
- Ensure there is a number in the Number field (this will pull to Item Number)
- Make sure you add the tag Auction to the Inkind contribution
When the item is purchased, click on the hot-dog menu next to the Inkind transaction in the Register, and select Add Item Purchase. The purchase amount up to the Fair Market Value amount of the donated item is considered Other Income. Any amount over the Inkind value is considered a contribution from the buyer