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snafupete
April 4, 2024
Question

Volunteer fees and refunds for hours worked

  • April 4, 2024
  • 1 reply
  • 0 views

We are a sports club in Ontario. Our intent is to charge our members a volunteer fee annually, which would be refunded once a member volunteers for a specific number of hours. Should I create a 'holding' account for these funds, or take this in as income and refund as members hit their target hours?

1 reply

A
Alex M
April 4, 2024

Hi there snafupete,

 

Thanks for reaching out about entering your transactions. QuickBooks Online is a great tool able to assist you in keeping track of sales and expenses so you know the profitability of your company. I can point you in the right direction for assistance with entering these transactions.

 

To know if they should be recorded as a sale, then refunded, or be held in another account type, I recommend speaking to your accountant. Their expertise will be able to assist you in entering this so that your books will be correctly balanced. You can invite your accountant to your books by going to the My Accountant tab and entering their details. You can also find an accounting professional near you that has experience using QuickBooks programs by clicking on the Find a Pro to Help option located in that section.

 

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

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