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Hi,
I am trying to figure out how to setup the following scenario
We are a non-profit that collects a fee (ex: $100). I want to break that fee down into sub accounts
ex: handbook $25, awards $25, ceremony $25, misc $25, so I know that even though we got $100 that it has been allocated to those various departments. I tried creating a bundle and created handbook, awards, ceremony, misc as services and pointed them into income accounts (dummy bank accounts). However, whenever I set a invoice a member it shows up -$25 under the various accounts. Not sure if I am setting this up correctly.
I've got your back in breaking down fees into subaccounts in QuickBooks Online (QBO), @Jimmy25.
In QBO, if you're charging fees to the customers, you'll have to ensure that you tagged it under the income account. If you're reducing the fee on the invoice, make sure that it is under the expense account. To get more information in managing bundle items in QBO, feel free to visit this article: Change product and service item types in QuickBooks Online. This will serve as your guide in creating and changing products under different item types.
Then, to monitor transactions allocated under specific accounts in your Chart of Accounts, you can pull up the Profit and Loss Detail report. Let me guide you how:
Should you have any other concerns about breaking down fees in QBO, you can always post here in the Community. I'd be happy to assist you further. Have a good one.
@DivinaMercy_N Thanks for explaining. I don't have income as an option, but I do have Revenue. I am guessing that is because I am set up as a non-profit. Not sure. So running the profit/loss report, it now shows members that have pledged for the fee. Is there any way to denote the true balance of these sub accounts that it only shows what is expected and what was actually paid?
Thanks for getting back to us, Jimmy25.
You can run the Transaction Detail by Account report. This allows you to customize it and add the balance and what was paid. Here's how:
Don't hesitate to mewnt6ion my name if there's anything that I can help. Keep safe!
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