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Join nowI would like to know more about your concern, nma_crd.
Can you provide further details about your concern? I'd appreciate any details about the issue, so I can give you the right solution.
I will be waiting for your reply.
Thank you for responding to my question.
Our organization is a small 501(c)6 employee group funded by dues (non-restricted) and employer grant funds (restricted).
Annual revenues are about $30K (restricted) from employer and $20K from dues (unrestricted).
Most all expenses and revenues run through the bank account and are then uploaded through QBO. If I pay for a restricted expense and am then reimbursed by the employer, the transactions run through the bank account and QBO - no problems.
My question is what to do to record the grant revenue and expense (restricted) when the employer pays for a restricted expense directly? When this happens neither transaction goes through the bank account and doesn't get pulled over through QBO. This is my concern - will this create a discrepancy between QBO and the bank reconciliations?
Thank you,
nma_crd
Hello, @nma_crd.
Thank you for the details on the issue you're needing help with.
I can show you how to create an expense.
Let's get started:
1. Select the + New button on the left hand side.
2. Choose Expense.
3. In the Payee field, specify a vendor. You can specify the name of a person or a business. If your transaction covers multiple petty cash expenses, leave this field empty.
4. Click the Payment account to which to credit this expense.
5. Enter the date of purchase in the Payment date field and specify the Payment method for the expense.
6. (Optional) You can use the Ref no. field to enter an identifying number from the purchase receipt. (Note: QuickBooks Online Plus users: When location or class tracking is turned on, additional fields for Location or Class appear. You can turn on location or class tracking in Account and Settings on the Advanced tab).
Before you Save and close, you have some options to consider that could help track the expense:
For more information on how to create a restricted expense, you'll want to consult with an accountant for best practice.
I'm always here if you need anything else. Have a great Monday.
I realize this answer is 2 years old, but does it make sense to anyone? I came across it while searching for info on how to record the value of (spay/neuter) certificates we receive as a grant since nothing passes thru a bank account, PayPal, etc.
Hello @Pamda_Bear,
Thank you for posting here in the Community. I can help you enter the transactions as a grant in QuickBooks Online.
You can enter the value of certificates as a grant using journal entries. This feature allows users to enter transactions using accounts available in the chart of accounts.
Since nothing passes through a bank account, I recommend seeking expert advice from an accountant. By doing so, we'll be able to ensure the correct accounts are affected.
Here's how to record a journal entry:
Additionally, I recommend visiting the following article you can use to undo mistakes in a journal entry: Reverse or delete a journal entry in QuickBooks Online.
Please know that you can reach out to us anytime you have additional questions about recording the certificates as grants. Take care.
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