Transfer funds between classes

Anyone have any suggestions?

The Community has got you covered, @steve-fitzgerald.

The posting of amounts depends on what type of accounts you will use with your Journal Entry. To learn more on how account balances are affected by debits and credits, see the table in this article: How accounts are affected by debits and credits.

Then, to guide you in choosing the correct account, I recommend consulting your accountant. This way, we can ensure that your books and accounting data are accurate. If you don't have one, use our Find an accountant tool to look for a Pro-Advisor near you.

For additional reference, open this link: Debit vs credit.

Also, QBO has a report you can use to see both Debits and Credits for each transaction. For the detailed guide, visit the Create a report that shows Debits and Credits for each transaction page. 

Feel free to get back here if you need further assistance in creating Journal Entries in QuickBooks. I'm always here to help. Have a good one.  

I use QB online and have several classes to identify different projects within the organisation. I need to transfer amounts from a funded project that pays a percentage into our overheads into the overheads class. Can you clarify which is the debit and credit in the journal entry please

Hello,

My client runs a donor funded entity. If e.g. they recive $10,000 of which $4,000 is to be expensed to a specific project, how will i aportion/transfer these amounts in the system? Is there a way i can debit specif classes(projects) with the fund and credit the main account so that i can be a ble to expense e.g. 4,000 only to project A, and $6,000 to project B and these transactions features in the Income statement?