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wcswarriors
Level 1

Applying funds in an one income account to an invoice so that they move to another income account

Here is my situation. Our school invoices students for tuition. However, some families take advantage of a program called RaiseRight which allows families to buy gift cards and the school receives a rebate on the gift cards purchased. With the rebate that the school receives, 75% is applied to the student's tuition and 25% goes to the school fundraising account. Currently, we are entering the total amount received from RaiseRight into our fundraising account and then applying the credit for 75% to the student invoice. However, this seems to be subtracting the 75% from the fundraising account but not adding that money into the tuition income account. 

 

The money that comes from RaiseRight is deposited into the bank account as one large sum and not split by family. That is why we enter the total amount into the fundraising account first. What is the best way to then apply money from this fundraising account in QuickBooks to a student invoice so that the money moves into tuition? Is this possible? Does my question make sense?

1 Comment 1
AileneA
Moderator

Applying funds in an one income account to an invoice so that they move to another income account

Hello, wcswarriors. 

 

Thank you for reaching out to the Community. Since these are lump sum payments you received from RaiseRight, you have to split the payments into different invoices so it will apply to the tuition income account.  

 

For good practice, you can add or match your transactions to ensure they go to the right accounts. Once ready, you can now reconcile your account to make sure your books are accurate.

 

However, I suggest consulting an accountant. This is to ensure that your recordings are accurate and with no discrepancies in your book.  

 

I'll be on the lookout for your reply and to further assisting you if you have other questions. Wishing you and your business continued success. Have a great day!

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