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ALPOST6FINANCE
March 19, 2024
Question

Posting of payments for Venue rental Deposits for a non-profit organization

  • March 19, 2024
  • 1 reply
  • 0 views

My organization is a non-profit. I am a non-financial volunteer who is responsible for posting all transactions in QBonline. We rent out facility for Events such as Weddings and conferences. We currently post each payment we receive to "Current Liability" accounts (Refundable Security Deposits and Rental Deposits Held) as they occur.  Can we use a "Pledge" to enter the entire amount expected to receive over time and receive "Partial" payments as they occur. I read online that if a Pledge is created the Rental contract amount will post to "Income" and "Accounts Receivable". I don't know if this is correct since we don't earn the revenue until the event is completed. Any info would be appreciated. Currently, when the event is completed we move the money from current liabilities to Revenue or Decrease Currently Liabilities when we refund the Security Deposit. Can we use a pledge to record each Rental Event?

1 reply

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SashaMC
March 19, 2024

Welcome to the Quickbooks Community ALPOST6FINANCE! For a situation like this, however, it would be best to speak to an accountant about the best practice to record these Rental Event payments/deposits. If you don't have an accountant, we offer a Proadvisor program where you can connect to experts within your area. Many even offer a free consultation. Use the link below to start:

 

 

Let me know if you need further assistance! My team and I are here to help! See you around. 

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ALPOST6FINANCEAuthor
March 20, 2024

I thought my question was going to go out to the community for guidance.  I understand that the information I receive back from the community is not intended to be expert accounting advice.  I am just trying to see how this information is being posted because I know that we are not the only organization that rents out their space for weddings or conferences.  I was reviewing a lot of the questions and responses in the community forum and 50% of the discussion could have been directed to their accountants.  Please let me know if my question will go out to the community for discussion or not so I can proceed accordingly.

 

Thank you.

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Just_me
March 20, 2024

Your question IS posted in the community.  QB employees just like to respond to things that they really have NO reason to respond to.  Not a single one of them actually seem to know the products.  It's all just copy and paste answers.  

It's really a matter of QB employees NOT contradicting what anyone else posts as a response.  We are the users, not them.  

 

I hope you can get someone NOT working for QB to actually answer your question. (Sorry, I don't have an answer for you. Just wanted to let you know that the community sees this). 

 

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