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December 17, 2021
Question

How do I categorise 'prize money' awarded to our customers? (Small in-house competition to motivate clients during lockdown.)

  • December 17, 2021
  • 1 reply
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1 reply

December 20, 2021

Hello mpianos, 

 

Thank you for asking a question on community, unfortunately as a staff member of Intuit, I am unable to give out accounting advice. Do you have a bookkeeper or accountant you could refer this question to? If there isn't already a suitable account in your books, I can show you how to add an account to your Chart of Accounts to track these prize money. 

 

  1. Go to Settings ⚙ and select Chart of Accounts.
  2. Select New to create a new account.
  3. In the Account Type ▼ dropdown, choose an account type.
  4. In the Detail Type ▼ dropdown, select the detail type that best fits the transactions you want to track.
  5. Give your new account a name. Tip: Use the detail type description to create a name that describes what you're tracking.
  6. Add a description.
  7. If this is a sub-account of an existing account, select Is sub-account and then enter the parent account.
  8. Now let's make sure the account in QuickBooks matches your real-life bank or credit card account. Choose when you want to start tracking your finances. In the Balance field, enter the amount in the account, and determine the as of date. Enter today's date if you want to start tracking immediately.
  9. When you're done, select Save and Close.

Let us know how you went in the end with allocating the transaction. If the above doesn't help you, please reply here and I will do my best to help! 

 

Cheers,

Bowie