Thank you for reaching out to the QuickBooks community., @greenrock2020.
You can create a Journal entry or Bank Deposit to record the grant money. However, before we proceed with the steps, I highly suggest consulting your accountant or accounting professional for guidance on which option best suits for you and what account receives the debit and credit side of the transaction.
To create a journal entry in QuickBooks Online (QBO), here's how:
- Click the + New button in the left navigation menu.
- Select Journal entry.
- Fill out the fields to create your journal entry.
- Pick Save and new or Save and close.
To make a deposit, follow the below steps:
- Click the + New button in the left navigation menu.
- Select Bank Deposit.
- In the Account drop-down list▼, choose which bank you'll deposit the money.
- Enter the information needed.
- Hit Save and Close.
For more details about the process above, check out these articles:
For your future tasks, here's a helpful article for some directions when you're ready to do the year-end tasks: QuickBooks Online year-end guide and checklist.
Keep me posted if you have any additional questions, as I'm always here to help. Take care.
