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L
LP32
March 9, 2022
Question

Delayed payout of Grant

  • March 9, 2022
  • 1 reply
  • 0 views

My client was awarded a grant September 20, 2021 for a specific expense, but was only paid the money in Feb 2022. I'm wondering what the best way to record this is?

 

Do I make an invoice for it on Sep 20, 21, and then use the transaction of when the money comes in as the receive payment? Or a delayed credit in Sep 20, 21? Or some sort of journal entry?

 

Thanks!

1 reply

J
JamesM4
March 9, 2022

Hi LP32,

 

Welcome to the Community. QuickBooks is a versatile program that enables you to manage your work with ease. I'll be happy to share more info so you're on the right track with your work.  

 

Recording your transactions the right way is a good exercise for keeping your books accurate. To ensure accuracy in your books, I recommend contacting an accounting professional to get expert advice on this. Doing this will help prevent any future discrepancies in your books. You can also reach out to accounting professionals on our site using this link here. ​​​​​​In case you decide to use a journal entry, here's an article that shows you how to: 

Create a journal entry in QuickBooks Online.

 

I'll leave this question here so other accounting professional members can chime in and share their expert advice. Let me know if you have other questions, I'm here to help.

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