Dues Scholarship for a nonprofit

It’s nice to hear about your nonprofit choir’s scholarship program, tacfinance. Let me guide you on how to record everything accurately in QuickBooks Online (QBO).

Since $1,250 is for scholarships and the remaining $1,750 is unrestricted, you can record the $3,000 donor check as a Bank Deposit and allocate it to two separate income accounts. This ensures accurate tracking of restricted scholarship funds and unrestricted general funds.

Once the deposit is recorded, you'll need to set up Products and Services for both membership dues and scholarship aid. Each product or service must be associated with the appropriate income or expense account in your chart of accounts to ensure accurate financial tracking.

If you're uncertain which account to associate with, or need tailored guidance. Consulting with an accountant is highly recommended to ensure proper setup and compliance with accounting best practices.

Lastly, yes, you can use one Sales receipt to record both the membership dues and the scholarship. This simplifies the transaction, ensures accurate tracking of income and expenses, and keeps balances clear without redundant entries.

Here's how:

1. Hover over the +Create menu.
2. Select Sales receipt under the Sales column.
   
   
3. Fill in the necessary fields from the Sales Receipt window.
4. Once done, click Record and close.

You can also check out this article for more helpful guidance on how to manage funds you received from donors in QBO: Track funds you receive from donors.

If you have further concerns, please don't hesitate to add a reply below.

Hi tacfinance,

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