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Moving Deferred Income

Forum|Forum|5 years ago
July 12, 2021
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Hello, I am a volunteer Treasurer for a Rotary Club. We collected annual dues in April, May, and June of 2021 and receipted the checks to a deferred income account for dues. There are no invoices. Our fiscal year starts on July 1 and now I have to move the funds from deferred income-dues to Installation Dues as of July 1. I cannot figure it out and have not found the answer online. I have a person who will complete this task later in the month, I was trying to resolve before a meeting prior to that.

Thank you for any help

Leo

QuickBooks Online

Best answer by AlexV

Hello Leo!

Thanks for reaching out to us. Allow me to help you in moving your funds to a different income account.

The best way to transfer income from your Deferred Income Account to a different one is by creating a journal entry. You can follow these steps:

Click the + New and select Journal entry.
Select the income accounts from the Account field and enter the corresponding amount in the correct column.
Check the amounts. The Credit column on one line and the Debit column on the other should have the same amount.
Enter the other required details and click Save and close.

You'll want to check this link: Debit and Credit. This will give you additional info on debits and credits, and understand accounting journals.

If you need to make some changes to your journal entry, you'll want to reverse or delete it. Check the detailed steps here: Reverse or delete a journal entry.

Do you need financial reports? I also have articles for your reference:

I'll be here if you need more help with this. Take care always!

AlexVAnswer