Located within Accounting there are several revenue categories that are utilized to identify revenue you have received. Below is a brief description and some examples of each revenue category.
Revenue that is categorized as a donation can come from any of the three profile types: individual, household, and organization. Most donations come from individuals or households; however, donations can come from organizations as well.
An in-kind donation is a donation of goods or services to your organization, rather than a monetary donation. This type of donation is often especially helpful when working to meet matching requirements for certain grants. One example of an in-kind donation could be a caterer donating half of the food for a fundraising event your organization is hosting. Another example could be an individual donating a used car. Your organization might later choose to sell the car for cash, but this would first be recorded as an in-kind donation.
Program fees are received when no invoice has been provided in exchange for a service. One example of revenue categorized as a program fee is a deposit made on afterschool childcare but no invoice was sent requesting payment for this service.
Revenue in the Grant category may include grants that are provided to your nonprofit to further its mission. Checks that are immediately received from a grant would fall under this category.
Revenue in the Dues category represents the price members pay to be a part of the organization. Membership dues, sometimes called member fees, are the payments members make to your organization on a regular basis in order to keep their membership.
Revenue in the Event category represents any revenue received during an event. For an event, revenues may come from selling tickets, merchandise, or concessions to spectators.
A remittance is a payment made toward a receivable. The only time you will see this revenue category is if there is an outstanding receivable associated with the profile from which the revenue is given.
Revenue that falls under the "Other" category can be received in several different ways. Some examples of revenue that fall under the category of "Other" include reimbursements from a board member, a donation that doesn't fit under any other revenue category, and interest that your nonprofit earns from a checking account.