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FCFritz
May 27, 2023
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Change names to distinguish invoice from revenue account from service/item

  • May 27, 2023
  • 1 reply
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Our invoice forms are Pledges, our revenue account is also Pledges, and the product/service item we use for invoice charges is also Pledges.

The result is that our statement of activity revenue line for pledges includes the total invoice amount even before we have received the payment revenue.

I think I need to rename one or all of these "pledges". Do I need to chose the pledges with the least number of extant transactions? Is the renaming more reliable if it has to target fewer instances?

I am thinking: leave the invoices named Pledges, rename the revenue account as Pledge Giving, and rename the service item as Member Giving. Sound OK?

 

Best answer by Kurt_M

Hi there, @FCFritz.

 

Upon carefully checking your response, I'd agree with renaming a few pledges inside your QuickBooks Online (QBO) company file. This way, you can add more details to make a pledge more specific since your company is in a Non-Profit organization type. I'd also recommend contacting your accountant to check if for a simple way to handle these things. With this, it'll help you track all pledges recorded inside your company and make it easier to understand when viewing them in a business report.

 

If you don't have an accountant, I can help you find one. Feel free to visit this page to find an accountant for your business: Find a QuickBooks ProAdvisor.

 

In addition, here's an article to help you modify business reports and highlight other aspects of your organization inside QBO: Customize reports in QuickBooks Online.

 

@FCFritz, I'm delighted to have you here today. In case there's anything else you'd like me to help you with, or a goal you'd like to accomplish inside the program. Feel free to share them here in the Community space. I'll be here, ready to assist you once again.

1 reply

K
Kurt_MAnswer
May 28, 2023

Hi there, @FCFritz.

 

Upon carefully checking your response, I'd agree with renaming a few pledges inside your QuickBooks Online (QBO) company file. This way, you can add more details to make a pledge more specific since your company is in a Non-Profit organization type. I'd also recommend contacting your accountant to check if for a simple way to handle these things. With this, it'll help you track all pledges recorded inside your company and make it easier to understand when viewing them in a business report.

 

If you don't have an accountant, I can help you find one. Feel free to visit this page to find an accountant for your business: Find a QuickBooks ProAdvisor.

 

In addition, here's an article to help you modify business reports and highlight other aspects of your organization inside QBO: Customize reports in QuickBooks Online.

 

@FCFritz, I'm delighted to have you here today. In case there's anything else you'd like me to help you with, or a goal you'd like to accomplish inside the program. Feel free to share them here in the Community space. I'll be here, ready to assist you once again.

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