I thought I’d ask this question again. We’re a church, we take some of the general donations that come in and assign it to our Benevolence Fund. It seems like that should either be a negative income transfer meaning we deduct from an income GL in the General Fund using a JE and have the funds show up as income in the benevolence fund or as an expense in the General Fund and and income in the Benevolence Fund. How are you doing it?
To be clear I’m not asking for to know how to make a transfer between accounts I know how to do that. What I’m asking is for users of QBO if you are transfer money between funds how are you doing that at a GL level?
to do a journal entry debit the benevolence fund and credit the general fund
it is a transfer not an expense
All that said, QB is not designed to use journal entries, it would be better to use the menu option transfer, or write an EFT check on the general fund and use the benevolence fund as the expense (reason) for the check
Thanks. I should clarify that these aren’t different bank accounts but sub accounts within the same account. It helps keep track of funds that have come. Donations coming in to the Benevolence fund are tracked using a class. We then reconcile on a monthly basis moving funds from our General Fund to our Benevolence Fund to keep track of the balance. Essentially what I want to do is show the funds been transferred from our General Fund to the Benevolence Fund as income on the p&l. Not straight donations since they aren’t, but other income.
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