When you pay bills online in Sandy Spring, it’s best to add that as an expense right away in QB. To do that:
- Click on expenses
- Click on New
- Add the expense
- Add the vendor, date, amount, method of payment and category
When the item clears the bank you will be able to match it to the expense in QB.
On a weekly basis:
- Pay bills online
- Match the payments in QB
- Add all deposits in as Uncategorized Income (other than the WePay items which will come from Swimtopia)
On a monthly basis:
- Enter in a journal entry
- Ensure all bills and expenses are in place
To create a journal entry:
- In QB, click on the “+” sign, journal entry
- Using the monthly report on the Membership Report, enter in the amounts in the dark grey cells. Ex:
- Once you have entered all of the deposit into, you will add the uncategorized income.
- Open the budget vs actuals report
- Click on the uncategorized income
- Click on Export to Excel
- Sum up the income for the month you are working in
- Add that to the journal entry in the debit column
- Then add an entry for “membersplash to clear and save
- What this has created is a way to take all of the uncategorized income and attach categories to it which will allow us to report on the income we know is coming from the transactions.
- Much of the income will come in clumps of transactions in Authorize.net and BankCard so it’s very hard to keep track on individual members’ data. The journal entries are a quick and easy way to handle.