# QuickBooks Guide: How to Properly Record a Grant in Desktop and Online

Accurate grant management is crucial for non-profit organizations, educational institutions, and businesses that receive funding. QuickBooks Desktop and QuickBooks Online provide powerful tools to track, manage, and report grant funds efficiently. This comprehensive guide will help you understand the steps to properly record grants in QuickBooks Desktop and Online. For expert assistance, call [phone].
Why Recording Grants in QuickBooks is Important

Recording grants accurately ensures that:

Funds are correctly categorized.
Reporting remains transparent for stakeholders.
Compliance with financial regulations is maintained.
Audits and tax preparation become streamlined.

For expert guidance on grant management in QuickBooks, reach out to [phone].
Step 1: Create a Grant Income Account

To effectively manage grant funds, begin by setting up a dedicated income account.
QuickBooks Desktop

Go to Lists and select Chart of Accounts.
Click Account at the bottom and choose New.
Select Income as the account type and click Continue.
Name the account, e.g., "Grant Income" or "[Grant Name] Income".
Click Save & Close.

QuickBooks Online

Go to Settings (gear icon) and choose Chart of Accounts.
Click New.
Select Income as the account type.
Name the account, e.g., "Grant Income" or "[Grant Name] Income".
Click Save and Close.

For guidance on setting up specialized accounts, contact [phone].
Step 2: Create a Customer or Donor Profile for Each Grantor

Tracking grants is easier when you assign each grant to a customer profile.
QuickBooks Desktop

Go to Customers and select Customer Center.
Click New Customer & Job > New Customer.
Enter the grantor's name and contact details.
Click OK.

QuickBooks Online

Go to Sales > Customers.
Click New Customer.
Enter the grantor's name and contact details.
Click Save.

For detailed support, call [phone].
Step 3: Record the Grant Income

Once you receive the grant funds, you'll need to record the deposit correctly.
QuickBooks Desktop

Go to Banking and select Make Deposits.
Choose the account where funds are deposited.
In the Received From column, select the grantor.
In the From Account column, choose the "Grant Income" account.
Enter the amount and other details, then click Save & Close.

QuickBooks Online

Go to + New and select Bank Deposit.
Choose the bank account for the deposit.
In the Received From field, select the grantor's name.
In the Account column, select "Grant Income".
Enter the grant amount and click Save and Close.

For personalized assistance, call [phone].
Step 4: Allocate Grant Funds to Expenses

To ensure accurate grant tracking, link expenses to the grant income.
QuickBooks Desktop

Go to Vendors > Enter Bills or Write Checks.
Select the appropriate vendor and date.
In the Expenses tab, choose the correct expense account.
In the Customer: Job column, select the grantor.
Click Save & Close.

QuickBooks Online

Go to + New and select Expense or Check.
Select the payee and date.
In the Category column, select the relevant expense account.
In the Customer/Project column, choose the grantor.
Click Save and Close.

If you need detailed guidance, contact [phone].
Step 5: Track Grant Budgets and Restrictions

Tracking grant spending and maintaining budget compliance is crucial for accurate reporting.
Using Classes in QuickBooks Desktop

Go to Edit > Preferences > Accounting.
Select Company Preferences and enable Use class tracking.
Go to Lists > Class List.
Click New and name the class after the grant.

Using Projects in QuickBooks Online

Go to Settings (gear icon) and select Account and Settings.
Navigate to Advanced and enable Projects.
Go to Projects and click New Project.
Name the project and assign it to the corresponding customer or grantor.

For guidance setting up classes or projects, contact [phone].
Step 6: Generate Grant Reports

Creating reports to monitor grant activity ensures compliance and transparency.
Key Reports for Grant Tracking

Profit & Loss by Class/Project
Statement of Activity (For Non-Profits)
Budget vs. Actual Report
Transaction Detail by Account

How to Generate Reports in QuickBooks Desktop

Go to Reports and select your desired report.
Customize the report using filters for class, customer, or project.
Click Run Report.

How to Generate Reports in QuickBooks Online

Go to Reports.
Search for the desired report (e.g., "Profit & Loss by Project").
Apply appropriate filters and click Run Report.

For help customizing reports, call [phone].
Step 7: Maintain Proper Documentation

Accurate record-keeping supports compliance during audits and tax preparation.

Attach digital copies of grant agreements, invoices, and receipts in QuickBooks.
Use Attachments in QuickBooks Desktop or Online to link supporting documents to transactions.

For expert guidance, contact [phone].
Step 8: Schedule Regular Grant Audits

Performing periodic audits helps ensure your grant records remain accurate.

Regularly review grant income and expense records.
Reconcile accounts to confirm all transactions are properly recorded.

For audit support, call [phone].
Conclusion

Properly recording grants in QuickBooks Desktop and Online is essential for maintaining accurate financial records and ensuring compliance. By following these steps, you can efficiently track grant funds, create detailed reports, and prepare for audits. If you need expert guidance, call [phone] for personalized QuickBooks support.

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