Skip to main content
S
shegold19
July 23, 2024
Question

Tuition scholarship

  • July 23, 2024
  • 2 replies
  • 0 views

We currently enter students by invoicing parents monthly amount. We would like to record in quickbooks a scholarship amount so we can see each customer representing the full tuition. How can I record this scholarship amount for each student? I don't want to create invoices for each student. 

2 replies

A
Archie_B
July 23, 2024

Hey there, shegold19. I recognize the importance of recording scholarships while maintaining a clear picture of full tuition for your student accounts.

 

While QuickBooks Desktop doesn't have a dedicated scholarship tracking feature, there are few workarounds using the existing functionalities such as creating discounts for existing invoices or creating sales receipt with an associated credit. However, you can achieve this with a slight twist depending on your workflow.

 

For complex scholarship structures or specific accounting needs, I'd recommend consulting with an accountant. They can advise you on the best approach to properly record these transactions to QuickBooks. In case you don't know any accounting professional, here's a link you can use to find one near you: Find a ProAdvisor.

 

Let me know if you still have other follow-up questions about scholarships or other money-movement transactions. I'll keep an eye for your comments.

S
shegold19Author
July 23, 2024

So what is the best way? I want to see the entire amount when looking at a customer? 

I have invoices created for tuition payments. 

BigRedConsulting
BigRedConsulting
July 23, 2024

Probably, enter your invoices listing both the full tuition amount and the scholarship as a negative amount - using either a discount or other charge type item set up to track the scholarships.

S
shegold19Author
July 24, 2024

How would this show in a report or looking at the customer overall? 

I want to see it easily defined. 

Total Tuition- Invoice every month for tuition-scholarship=0 

BigRedConsulting
BigRedConsulting
July 24, 2024

RE: How would this show in a report or looking at the customer overall? 

It depends on the report. What reports do you use where this matters?

 

RE: I want to see it easily defined. 

I don't know what you mean by that.

 

RE: Total Tuition- Invoice every month for tuition-scholarship=0 

There's nowhere to enter a total tuition amount that can be included on transaction based reports. Your total tuition (total "sale") is whatever you invoice the customer. If you don't invoice it, then QB doesn't know it exists.

If you use item based reports, you'll be able to see the tuition billed and the scholarship credit amounts, derived from the items used on your invoices.

 

Terms & ConditionsAccessibility statement