Our company purchased some tickets for a charity fundraiser. Out of the $1,000 cost of each ticket, $900 is treated as a tax-deductible donation. These transactions have now come up on the bank feed for allocating.
I'm assuming we split the allocation and allocate 90% as "Donation" from our chart of accounts.
BUT -- what account do we use for the remaining 10% (which is not deductible)? "Petty Cash", perhaps?