Managing a fundraiser

Hello there, fr0gpil0t.

It's indeed essential to record money movement appropriately within the system to keep your record accurate. Hence, I'll share the steps you need to transfer funds as credit for future invoices.

In QuickBooks Online, you can create a journal entry to transfer funds from a fundraising account to individual members. Since you want to show it as credit, you can use the Account Receivable. However, if you're unfamiliar with the accounts to debit or credit, I recommend reaching an accountant for further guidance.

Here's how to create a journal entry:

1. On the left pane, select + New.
2. Choose the Journal entry under Others.
3. Select an account in the Account field on the first line.
4. Enter the amount in the correct column, depending on if you need to debit or credit the account.
5. On the following line, choose the other account you're moving the money in or out.
6. Enter the amount in the opposite column, depending on if you entered debit or credit on the first line.
7. Ensure to have an equal amount from your Credit and Debit column from the two lines mentioned.
8. In the Memo section, add details about the reason for journal entry creation.
9. Once done, click on Save and new or Save and close.

After that, you can now apply this to future invoices. Please note that when receiving payment, include the journal entry when selecting the invoice.

Moreover, you might want to scan these resources to generate data and gather essential information from your finances for more effective Business planning:

• Run reports in QuickBooks Online
• Customize reports in QuickBooks Online

Keep us posted in the Community if you have additional questions when creating journal entries to transfer funds and show them as credit or other related concerns in QuickBooks Online. We're just a round to help.

I think I have the JE entry correct. It is creating the credit memo in the member's account so I can apply this amount to an invoice where I'm struggling. Assuming I'm correct I need to create the credit memo.

Robert 

Yes, fr0gpil0t. You have correctly entered a Journal Entry (JE) in QuickBooks Online (QBO). Allow me to provide additional details on handling this matter.

You don't need to make a credit memo since, as long as you complete a JE correctly, the system will be able to display the available credit for your customer, which can then be credited to their open invoice. Creating a credit memo will lead to duplicates.

All you have to do is create a receive payment in QBO, select the invoice and JE, and apply the available credits to the open invoice. I'll show you how:

1. Click + New, then choose Receive payment.
2. From the Customer dropdown, select the customer.
3. In the Outstanding Transactions section, select the open invoice you want to apply the credit memo to.
4. For the open invoice in the Payment column, enter how much of the credit you want to apply.
5. Fill in other necessary fields.
6. Make sure the total is correct after applying the credit memo.
7. Click on Save and Close.

For detailed information and processes about credit memos, check out this article: Create and apply credit memos or delayed credits in QuickBooks Online.

You'll want to personalize and add specific info to your sales forms. Refer to this article: Customize invoices, estimates, and sales receipts in QuickBooks Online.

Kindly get back if there's anything else you need to ask about journal entries and other invoice-related tasks. Hit the Reply button below. Have a good one.