New in TrustSetu: In-Kind Donations, Simplified Balance Sheet & Trial Balance

Managing donations and accounting just got easier for your ogranisation on TrustSetu.

Running a trust or NGO involves more than collecting donations. From recording donated goods and maintaining accounts to preparing financial reports, every transaction needs proper documentation.

But what happens when someone donates computers instead of money?
How do you keep track of your organization's assets?
And when it is time to review the accounts, how do you know everything is in order?

To make these everyday tasks easier, TrustSetu has introduced three useful updates:

1. In-Kind Donations
2. A Simplified Balance Sheet
3. Trial Balance in Accounting

These features help trusts and NGOs maintain organized financial records, understand their financial position, and reduce the effort involved in routine accounting.

Let's take a closer look.

1. In-Kind Donations: Record Donations Beyond Money

Not every donation comes in the form of cash, cheque, or an online payment.

A donor might contribute computers for an educational project, blankets for a charitable activity, books for a library, furniture for an office, or equipment for a community facility.

These are known as in-kind donations, meaning donations of things/goods or assets rather than money.

Such donations are often recorded in registers or maintained separately from regular donation records. This can make it difficult to find donation details later or prepare a complete record of contributions received.

With the new In-Kind Donations feature, trusts and NGOs can record non-cash donations in a structured way.

You can:

• Record the description of donated goods or assets.

• Enter the quantity and unit, such as pieces, kilograms, or litres.

• Record the estimated or fair value of donated items.

• Maintain the donation receipt reference and date.

• Add the specific purpose and additional notes.

• Track the status of the donation, such as received.

For example, if a donor contributes 50 blankets to your organization, you can record the quantity, estimated value, and donation details in one place.

Why does this matter?

A proper record helps your organization understand what was donated, when it was received, and how much the donated goods were estimated to be worth.

It can also help with internal reporting, recordkeeping, and reviewing donations received for specific purposes.

Important: In-kind donations are non-cash contributions. Their accounting and tax treatment depends on the circumstances and applicable requirements. An in-kind acknowledgement should not automatically be treated as eligible for an 80G tax deduction.

2. Simplified Balance Sheet: Understand Your Trust's Financial Position

Have you ever wanted a quick overview of your organization's financial position without going through multiple accounting registers?

A balance sheet helps answer an important question:

What does our organization own, and how are those assets funded?

TrustSetu's Simplified Balance Sheet brings key financial information together in one clear report.

What can you see?

The report presents financial information under three main sections.

Assets

View the balances of cash and bank accounts maintained by your organization.

For example:

• Cash in hand

• Bank balances

Liabilities

View liabilities tracked by the system, such as creditors or payables, where applicable.

Funds / Equity

Understand the funds maintained by your organization, including the general fund and the surplus or deficit for the year.

A simple example

Suppose your organization has the following balances:

This example shows how assets can be presented alongside liabilities and funds to provide a clearer financial overview.

Generate reports for a selected date

TrustSetu allows you to select a financial year and an as-of date before generating the report.

This helps your organization review its financial position for a particular reporting date instead of relying only on current balances.

Whether you are preparing for a committee meeting, reviewing accounts with your accountant, or checking your organization's financial position, the simplified format makes the information easier to understand.

Note: This is a simplified financial report based on information tracked in TrustSetu. It should not be treated as a substitute for statutory financial statements or a certified balance sheet prepared by a qualified professional.

3. Trial Balance: Review Your Accounting Entries in One Place

When an organization maintains regular accounting records, it is important to check whether the debit and credit balances are in agreement.

This is where a Trial Balance becomes useful.

A trial balance is an accounting report that lists ledger balances at a particular date. It helps accountants and administrators review account balances and identify discrepancies that may need further investigation.

Why is a Trial Balance useful?

As your organization records income, expenses, receipts, payments, and fund transfers, the number of accounting entries can grow over time.

Reviewing each entry individually can become time-consuming.

A trial balance provides a consolidated view of ledger balances, helping you:

• Review debit and credit balances.

• Identify accounts with unexpected balances.

• Support routine accounting checks.

• Prepare for financial review and year-end accounting.

• Make it easier to investigate possible posting errors.

How it helps your organization

Imagine your organization has recorded donations, paid electricity bills, transferred funds between bank accounts, and made payments for charitable activities.

Instead of reviewing every transaction separately, you can use the Trial Balance to get a summarized view of the accounting balances.

This gives your accountant or finance team a useful starting point for reviewing the books.

Remember: A balanced trial balance does not automatically mean that every transaction is correct. Errors such as missing entries, duplicate entries, or incorrect account classifications may still exist.

4. One Platform for Donations and Accounting

These updates are designed to make routine trust and NGO management more organized.

With TrustSetu, organizations can manage donation records and accounting activities in one platform, including:

• Digital donation receipts for monetary donations.

• In-kind donation records for goods and assets.

• Income and expense ledgers.

• Cash book and bank book.

• Receipt and payment vouchers.

• Simplified Balance Sheet.

• Trial Balance.

This can reduce the need to maintain multiple disconnected records and make it easier to retrieve financial information when required.

For charitable trusts, NGOs, religious institutions, and other non-profit organizations, having donation and accounting information organized in one place can make routine administration more manageable.

5. Built for the Practical Needs of Indian Trusts and NGOs

Trust administrators, office bearers, and committee members often have to manage accounts alongside their regular responsibilities.

They need records that are easy to maintain, reports that are easy to understand, and information that can be reviewed when needed.

TrustSetu is designed to support these everyday requirements through a practical, web-based platform for trust and NGO management.

From recording a donation of blankets to reviewing bank balances and accounting ledgers, the goal is to help your team spend less time searching through records and more time focusing on the activities of your organization.

However, software alone does not guarantee compliance. Organizations should maintain supporting documents, follow applicable accounting practices, and consult their accountant or tax advisor for statutory reporting and tax-related decisions.

Ready to Simplify Your Trust's Accounting?

Whether your organization receives monetary donations, manages donated goods, or needs a clearer view of its accounts, TrustSetu helps bring important records together.

Explore TrustSetu and see how digital donation management and accounting can support your organization's day-to-day operations.

Visit TrustSetu.com to learn more or get started.

Frequently Asked Questions

What is an in-kind donation?

An in-kind donation is a contribution of goods or assets instead of money. Examples include blankets, books, furniture, computers, and equipment donated to a trust or NGO.

Can TrustSetu record donations of goods and assets?

Yes. TrustSetu's In-Kind Donations feature lets you record item descriptions, quantities, units, estimated or fair values, receipt references, and other donation details.

What is a Simplified Balance Sheet?

It is a financial report that presents a summarized view of an organization's assets, liabilities, and funds as of a selected date.

What is a Trial Balance in accounting?

A trial balance lists ledger balances to help review debit and credit totals and identify accounting discrepancies that may require investigation.

Does recording an in-kind donation automatically make it eligible for an 80G deduction?

No. Recording an in-kind donation does not automatically make it eligible for an 80G deduction. Tax eligibility and documentation requirements should be confirmed with a qualified tax professional.

Can TrustSetu replace an accountant?

TrustSetu helps organize donation records and accounting information, but it does not replace professional accounting advice, statutory audits, or applicable compliance responsibilities.