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QuickBooks Online for Churches: How to Record Restricted Contributions (Part 1 of 4) - YouTube
Channel: Goshen Accounting Services
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Hi, I am Ufuoma Ogaga from ...
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Goshen Bookkeeping & Consulting.
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In this tutorial, I will explain what a restricted ...
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fund is and show you how to record restricted contributions ...
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for your ministry in QuickBooks Online.
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Intro Music
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Note that you must be using QuickBooks Online Plus or ...
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QuickBooks Online Advanced subscription to follow along ...
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with this video series. In addition to that,
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you need to create all these items in your own ...
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QuickBooks Online file.
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I have done videos on how to create your customers,
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products/services, classes,
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and location tracking in QuickBooks Online.
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Click the link in the description box to watch the ...
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playlist on how to create all these items in your file.
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Here is an example of a check of $5,000 that we ...
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received from various donors for the mission fund to ...
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provide food to kids in need nationwide.
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Let us go into QuickBooks Online to record this ...
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restricted contribution.
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Since we received the funds via check,
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I am going to use the sales receipt feature to record this ...
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transaction. Click on the +New icon and ...
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select sales receipt.
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I am going to select my outreach ministry mission ...
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fund project as my customer. Remember,
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if you are already using an external donor management ...
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system to track all the details of your donors,
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you do not have to recreate the donor's name or all of ...
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those donors information in QuickBooks Online again.
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I will enter the payment date as the sale receipt date.
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Select my payment method. Enter a reference no that ...
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matches the data in your external donor management ...
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system or enter the check number.
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For the deposit to field, I will select my undeposited ...
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funds. I am going to keep my ...
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location tracking as with donor restriction.
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For the product/service, I will select donation and ...
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enter the purpose of the check in the description field.
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Quantity will be 1 and the rate will be $5000.
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QuickBooks will automatically do the math for the amount ...
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field. My class will be the ...
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temporarily restricted class since the funds are meant to ...
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be spent for a purpose within one year.
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I created my restricted classes to match the same ...
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thing as my net asset accounts because my fund ...
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names are already projects and I do not need to recreate the wheel.
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You have the option of adding a copy of the check ...
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and supporting document in the attachment box.
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Do one last review of everything,
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then, click save and close.
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Now it is time to make the bank deposit.
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I will click the +New icon again and select bank ...
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deposit under the other column.
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In this deposit window, I will select my checking ...
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account and select my payment date.
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I will change the location tracking to with donor ...
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restriction and check the box next to my sales receipt.
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Do one final review, then click save and close.
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That is a simple way to record your restricted contribution in ...
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QuickBooks Online. In an upcoming video,
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I will show you how to record the related expenses for your ...
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restricted funds in QuickBooks Online.
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Subscribe to my channel get notified when I post that video.
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Outro Music
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