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InvestMKE
Sep 2, 2024 3:22 PM UTC
Question

What account will I use for grant income

We receive grant money to renovate city housing in our community. However before we can receive money we have to send a check and complete a portion of the work. Once the work is inspected we receive the money invested back. How do I record this in the chart of accounts on QB desktop.

1 reply

BigRedConsulting
BigRedConsulting
Sep 6, 2024 9:04 PM UTC

It's a little confusing because your title mentions "grant income", but your detailed question it sounds more like you're asking about recording money you pay to the city as a from or assurance of some sort, which isn't income.

 

For that money I'd use an asset account, as the city owes the money back to you at some point.  Then when you get it back and deposit the money, use the same asset account.

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