I am new to church accounting (and rusty on regular accounting) and we had some work done and the company did not charge us for the labor or the services. I understand that we can give a receipt for only the materials and not for the labor.
My question is should I record the amount of the service as income and as an expense, so essentially they cancel each other out? I am really confused how to deal with this, thank you for any help you can give me!
Do not record donated services anywhere in your accounting records.