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Laura1994
February 5, 2025
Question

Allocating funds received

  • February 5, 2025
  • 1 reply
  • 0 views

Hello, 

 

We use quickbooks online with transactions automatically pulling from our bank. We are a small non- profit and receive funding. We have received funding in 2024 that is for 2025 and also received funding in 2025 that was for 2024.

 

Since we need to ensure that our profits/losses/budgets are accurate, we know we need to create journal entries. However, we can't get it right. 

 

An example would be one of the 2024 funds received in 2025. We tried creating a journal entry but it was showing up under 2024 and 2025. We have tried using deferred income and accrued ar. 

 

Is there a simple way someone can explain to us how to handle these funds so that our books are reflecting everything accurately for each year? 

 

Thank you!

1 reply

A
Amanda-B
February 5, 2025

Hello Laura1994.

 

I appreciate you turning to the Community for support. Making sure you're recording your transactions properly is an essential step for maintaining clean books. I would be happy to point you in the right direction.

 

To ensure accuracy in your books, I recommend reaching out to an accounting professional for expert advice. They'll be able to guide you in choosing the correct transaction type as well as which accounts to affect so that your accounts can end up with the right balance. Having an accountant can be beneficial for you and your business. You can add your accountant to your books by following the steps listed here. If you don't have an accountant, you can find one who has experience using QuickBooks near you by clicking here.

 

If you have any other questions, feel free to reach back out.

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