Hi, I am Ufuoma Ogaga from ...
Goshen Bookkeeping & Consulting.
In this tutorial, I will show you how to record your
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If you missed part one of this series where I showed you ...
how to record your beginning fund balances and revenue ...
into restriction in QuickBooks Online,
check out the description box for a link to that video.
Today, I will show you how to record ...
all the expenses that you have incurred relating to a ...
restricted fund.
Things to remember: always assign a ...
customer/project and a class to an expense transaction.
Remember, customers are your ministry ...
divisions or committees. A project is the name of your ...
restricted fund and it is sub-customer under a ...
ministry division or committee.
So, in my example,
the outreach ministry has decided that they need to ...
disburse $1,000 mission fund via ACH to Save the Children ...
Foundation to help provide food for kids in need.
Let's go into QuickBooks Online to see how we can ...
record this transaction.
So, I have a restricted fund called ...
missions already set up as a project under the outreach ...
ministry in my QuickBooks Online file.
To record the expense transaction,
click on the +New icon and select Check under the ...
vendors' column.
If this was a credit card you were using to pay out the ...
money, you can use the expense option.
In this check window, for payee,
I will select Save the Children Foundation.
Bank account will be my operating checking account.
I will enter my payment date as today's date.
Check number will be ACH because I am sending the ...
money as an electronic payment to the organization.
If you were printing out the check,
you can select the print later option.
If you are using location tracking as an additional level ...
of tracking your with donor and without donor ...
restrictions, you can select Without donor restrictions.
Under the category details section,
my category will be "Donation and support to communities"
also known as "grants and assistance to others"
or you can call it "charitable contributions".
For the description, I will enter the purpose of ...
disbursement. Amount is $1000.
This is not a billable payment nor a taxable payment,
so I will leave both of those boxes unchecked.
Customer will be my outreach ministry and the mission fund ...
underneath it. My class will be General ...
Fund. Remember,
expenses are never restricted by a donor.
Therefore, you will always use the ...
General Fund class to track your restricted fund expenses.
I always like to copy the same description from the top into ...
the memo field. You can add any attachment ...
in the attachment box such as a copy of the ACH ...
payment confirmation email.
Here is the print check option if you wanted to print out this ...
check. Do a final review of ...
everything you entered. Then,
click save and close.
Let us go into the project center to review this ...
transaction. Here is the check I recorded.
In an upcoming video, I will show you how to record ...
the release of restricted funds when they are used in ...
QuickBooks Online. So,
make sure you hit bell icon and subscribe to my channel ...
so you get a notification when I upload that video.
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