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lhack001
Level 1

Keeping honorarium as a donation

We owe a person an honorarium. She wants to have us pay it to our scholarship fund instead of to her. How do I do that?

4 Comments 4
JasroV
QuickBooks Team

Keeping honorarium as a donation

I can guide you how to record this in your QuickBooks Desktop (QBDT) for Mac, @lhack001.

 

You can record this honorarium as a donation by making a Bank Transfer. A Bank Transfer or Transfer Funds is used to easily move funds between two accounts in QuickBooks. Let me show you how:

 

  1. Go to the Banking menu.
  2. Select Transfer Funds.
  3. Enter the DATE and CLASS.
  4. From the TRANSFER FUNDS FROM drop-down list, select the bank account that the funds are coming out of.
  5. Then from the TRANSFER FUND TO drop-down list, select the bank account the funds are being deposited into.
  6. In the TRANSFER AMOUNT field, enter the amount being transferred.
  7. Enter a description of the transfer in the MEMO field (example: paying an honorarium as a donation).
  8. Then click Save & Close or Save & New.

I’m also adding this article that you can utilize when you’re ready to reconcile your account: Reconcile bank and credit card accounts (Mac). This link provides steps by steps process on matching your accounts effectively.

 

In case you have other queries or concern about recording donations in QBDT for Mac, you can always tag me in your reply. It’s my pleasure to help and keep you on the right track. Keep safe and have a great day!

lhack001
Level 1

Keeping honorarium as a donation

Thanks, I should have been clearer - we have only one bank account. Some of the funds are in their own class, to designate the scholarship money, but they are not in a separate bank account. 

lhack001
Level 1

Keeping honorarium as a donation

I should have been clearer - all the funds are in one bank account. We note the scholarship funds with a separate class, but not a separate bank account.

RCV
QuickBooks Team
QuickBooks Team

Keeping honorarium as a donation

Thanks for coming back and clarifying things for us to better isolate the issue, lhack001. 

 

For this scenario, we can write a check to the customer/vendor to record the honorarium as a donation. Then, enter the class to properly track it on the transaction. Here's how:

  1. Go to Banking on the top menu. 
  2. Choose Write Checks.
  3. Enter the details in the Bank AccountPay to the order ofDate, and Amount
  4. Go to the Class column and choose the class to track the honorarium. 
  5. Press Save & Close.

To learn more about this one, see Write checks in QuickBooks Desktop for Mac article. Just in case you'll want to memorize, void or print a check, check out the Create, modify, and print checks article for more details. 

 

Feel free to visit our QuickBooks Desktop for Mac Article page for more insights about managing your business.

 

I'll be right here to continue helping if you have any other concerns or questions about QuickBooks. Assistance is just a post away.

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