Paying travel expenses as a chess club on behalf of a child/ club member

ChessKeeper · ‎April 15, 2021

Hi

How would I post the travel expense for a chess club who pays the transport cost for a group of children of less fortunate children to get to and from the chess tournaments?

Rea_M · ‎April 15, 2021

I've come to help you post the travel expense for a chess club in QuickBooks Online (QBO), @ChessKeeper. This way, you're able to keep their expense data accurate and manage their transactions accordingly.

You'll have to record an expense transaction using a journal entry (JE) on the chess club's QBO account. I'd recommend consulting your accountant while performing this process to further guide you on the entries you need to input. This way, you can keep your financial data accurate.

Whenever you're ready, you can follow these steps:

Go to the + New button.
Select Journal entry.
On the first line, select an account from the Account field.
On the next line, select the other account you're moving money to or from.
Check the amounts - you should have the same amount in the Credit column on one line and the Debit column on the other. This means the accounts are in balance.
Enter information in the memo section so you know why you made the journal entry.
Select Save and new or Save and close.

I've attached a screenshot below that shows the last five steps.

For the detailed steps, you can refer to this article: Create a journal entry in QuickBooks Online. Then, check out this article to have a better understanding of debits and credits: Debit vs Credit.

After that, I'd recommend pulling up an expense or transaction report (i.e., Transaction Detail by Account). This is to check that the travel expenses are recorded accordingly. Just go to the Reports menu's Standard tab.

Let me know in the comments below if you have further concerns about posting travel and other business expenses in QBO. I'm just around to help. Take care always.

View solution in original post

Rea_M · ‎April 15, 2021

I've come to help you post the travel expense for a chess club in QuickBooks Online (QBO), @ChessKeeper. This way, you're able to keep their expense data accurate and manage their transactions accordingly.

You'll have to record an expense transaction using a journal entry (JE) on the chess club's QBO account. I'd recommend consulting your accountant while performing this process to further guide you on the entries you need to input. This way, you can keep your financial data accurate.

Whenever you're ready, you can follow these steps:

Go to the + New button.
Select Journal entry.
On the first line, select an account from the Account field.
On the next line, select the other account you're moving money to or from.
Check the amounts - you should have the same amount in the Credit column on one line and the Debit column on the other. This means the accounts are in balance.
Enter information in the memo section so you know why you made the journal entry.
Select Save and new or Save and close.

I've attached a screenshot below that shows the last five steps.

For the detailed steps, you can refer to this article: Create a journal entry in QuickBooks Online. Then, check out this article to have a better understanding of debits and credits: Debit vs Credit.

After that, I'd recommend pulling up an expense or transaction report (i.e., Transaction Detail by Account). This is to check that the travel expenses are recorded accordingly. Just go to the Reports menu's Standard tab.

Let me know in the comments below if you have further concerns about posting travel and other business expenses in QBO. I'm just around to help. Take care always.

Jyaeger · ‎April 15, 2021

Good morning @ChessKeeper,

I think a bit more detail is needed to determine how to record this expense.

If it was it paid by the club directly by check or credit card you can use the an check or expense transaction with travel as the expense category.

If on the other hand it was paid by a member on behalf of the club and needs to be reimbursed to the member using a bill might be more appropriate. This will create an accounts payable to the member which can then be paid to them using a bill pay transaction.

If neither of those are the case, update your post with more details and we can figure it out.

ChessKeeper · ‎April 25, 2021

Hi

Thank you so much for your reply. We pay via cash send or un cash for the taxi fees of some of our less fortunate chess players to attend our tournaments, however I cannot find in our past records how this was accounted for and I would like to account for this in the correct manner.

ChessKeeper · ‎April 25, 2021

Thank you very much.

We pay the travel fees of our less fortunate players either in cash or with a cash send to their coach. I could not find how it was previously was accounted for and I would like to account for it correctly.

DivinaMercy_N · ‎April 25, 2021

Thanks for getting back here, @ChessKeeper.

Recording your travel fees depend on how they were paid. If it was taken from your bank or your pocket (personal). Once determined, follow the suggested steps outlined by Rea_M or Jyaeger depending on how it was paid.

Also, QBO offers a lot of vendor ready-made reports to track your expenses. To get started, please check out this article: Track What You've Spent: Expense Reports.

Don't hesitate to post again here if you have further questions about accounting for your travel expenses in QBO. I'm always here to help. Have a good one.

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Paying travel expenses as a chess club on behalf of a child/ club member