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SCorp
Level 2

My boss wants me to setup a grant for $75,000 booked as Deferred Revenue and to create an entry on the liability side as a Grant Liability? How can I do this in QB?

 
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Best answer November 29, 2018

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Rustler
Level 15

My boss wants me to setup a grant for $75,000 booked as Deferred Revenue and to create an entry on the liability side as a Grant Liability? How can I do this in QB?

If he received 75K as deferred income, then he took a deposit or retainer, enter that transaction.

If he received 75K in cash, deposit that amount in a bank account and us a liability account you create for the loan as the source account for the deposit

View solution in original post

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Rustler
Level 15

My boss wants me to setup a grant for $75,000 booked as Deferred Revenue and to create an entry on the liability side as a Grant Liability? How can I do this in QB?

deferred revenue means you have received 75K but have not earned it yet (no expenses posted against the revenue)

 

The liability means you owe some one for something you bought

 

What is your boss trying to account for when he throws those terms around?

SCorp
Level 2

My boss wants me to setup a grant for $75,000 booked as Deferred Revenue and to create an entry on the liability side as a Grant Liability? How can I do this in QB?

He received 75,000 as deferred revenue and another 75,000 as liability.  Just trying to figure out what is the best way to enter these two items into QB Online.  Are you able to help?

Rustler
Level 15

My boss wants me to setup a grant for $75,000 booked as Deferred Revenue and to create an entry on the liability side as a Grant Liability? How can I do this in QB?

If he received 75K as deferred income, then he took a deposit or retainer, enter that transaction.

If he received 75K in cash, deposit that amount in a bank account and us a liability account you create for the loan as the source account for the deposit

View solution in original post

SCorp
Level 2

My boss wants me to setup a grant for $75,000 booked as Deferred Revenue and to create an entry on the liability side as a Grant Liability? How can I do this in QB?

Thank you

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