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A
Apples521
February 15, 2024
Question

How to set up a voucher system in QBO

  • February 15, 2024
  • 1 reply
  • 0 views

Our nonprofit administers a voucher program with a local business I'll call CharityStore.  They "give" us a monthly sum of $500 which we use to help our clients with daily needs.  No cash is actually involved.  We issue our clients a paper voucher which can be redeemed at a few local businesses for say gas or groceries.  At the end of the month, those businesses turn their paper vouchers in to CharityStore which then reimburses those businesses based on the voucher amounts.

 

Since no cash actually exchanges hands with us, but we need to track the income and expenses as though it was one of our in house programs, whats the best way to set this up in QBO?  I don't need it to show up on our monthly financials, but I do need to track the balances and activity monthly as a note to the monthly financials I send out.

1 reply

4
4Gal
February 15, 2024

You can setup one voucher as a one project

https://quickbooks.intuit.com/learn-support/en-us/help-article/manage-projects/set-create-projects-quickbooks-online/L9GAdLMyT_US_en_US?uid=lmma9540

 

A
Apples521Author
February 15, 2024

And I can record deposits and expenses to projects without affecting the rest of my books? When making a deposit would I choose to deposit it to the project? I don't need to deposit to a bank account? 

K
KimberlyS
February 15, 2024

Hello there, Apples521.

 

I'll add some information to help you set up a voucher system in QuickBooks Online (QBO).

 

As 4gal said, you can set up the voucher system in the software as a project.

 

Projects help you track your income and expenses without affecting your business finances in the program. To begin with, here's how to create a project:

 

  1. In QuickBooks Online, go to Projects.
  2. Select New project, then add a name in the Project name field.
  3. Choose a customer in the Customer dropdown,
  4. Enter a Start date and End date.
  5. Determine the status in the Project Status dropdown.
  6. Click on Save once done.

 

You can refer to this article for more information: Create and manage projects in QuickBooks Online.

 

On the other hand, when creating a deposit, you need to assign it to the correct project name and bank account. However, it will depend on the date of the deposit if it affects your books or not. It's not affected if it's on the current date and not when previous transactions were reconciled.

 

Also, I recommend contacting your accountant for advice when recording your income and expense transactions for the voucher. You can visit this page to look for one: Find a QuickBooks ProAdvisor.

 

Moreover, you can refer to this article to keep track of your project finances if you're using QBO Advanced:

 

 

If you have additional questions about projects and other related concerns in QuickBooks Online, inform us immediately in the Community. We'll be around to help.

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