2-INCOME: Students’ Board and Lodging

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  1. Create Invoice at the Start of School Year
    • Search for and click on student’s name (at bottom as Donor).
    • If he already has an invoice for the current school year (the DATE at left indicates the start of the school year), skip him and search for the next student.
    • NEW TRANSACTION >INVOICE
    • INVOICE DATE: July 1 of the year (shortcut: 0701)
    • DUE DATE: June 30 of the following year (shortcut for 2021: 060121)
    • PRODUCT/SERVICE: “Board and Lodging – Students”
    • DESCRIPTION: “B/L Oct 2020-June 2021” [adjust as needed]
    • QTY: 9
    • SAVE AND CLOSE
  2. If Student himself pays:
    • Search for and click on student’s name (at bottom as Donor).
    • NEW TRANSACTION >PAYMENT
    • If CASH PAYMENT:
      • PAYMENT METHOD: “Cash”
      • DEPOSIT TO: “Undeposited Funds”
    • If BANK TO BANK PAYMENT BY STUDENT (not benefactor or agency):
      • PAYMENT METHOD: “Direct Debit”
      • DEPOSIT TO: IOR-03 Operations
    • AMOUNT RECEIVED: indicate amount
    • PRINT and/or SAVE AND SEND
  3. If Donor (Individuals or Agencies) Pays for the Student:
    • Issue a receipt to the Donor (see section on Receipts)
    • In the QB Home, + NEW >JOURNAL ENTRY
    • ACCOUNT: IOR-03 Operations
    • DEBITS: the amount given
    • DESCRIPTION: “Scholarship for [name, names or group]”
    • ACCOUNT (next line): Accounts Receivables
    • CREDITS: the amount corresponding to each student included
    • DESCRIPTION: “Scholarship from [donor name]”
    • NAME: the student’s name
    • If there are more beneficiaries for this donation, just create new lines for the next students, indicating amounts allotted to each.
    • The first line’s DEBITS should match the total CREDITS. If some names are not yet available, just put “to be added” as name, and put the remaining amount as CREDITS – just so to make total CREDITS equal the single DEBITS