USA Non-profit, I'm Not an accountant, need help straightening things out!


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To make a long story short, I've taken on the bookkeeping responsibilities at a small non-profit in Minnesota and I'm slowly learning the ropes of bookkeeping and some basic accounting.

I need some help.

As a 501(c)3 non-profit, we receive a large amount of donations as one of our main sources of income. Often our executive director will pay a bill for the non-profit out of her own checking account and then get reimbursed when the money comes in. Previously, I was not using quickbooks for keeping track of bills, but now that I am, I'm trying to figure out how I can make this work out.

In april she made a partial payment toward our power bill, and I made a bill payment in Quickbooks to reflect a proper remaining balance due on the bill. In may we wrote her a check for the payment to reimburse her expense, but I don't want the expense to record twice in quickbooks because the initial amount never left our checking account in the first place.

I'm assuming I fix this with a journal entry some how but I don't know how to do it. I'm still learning and it's a steep learning curve! I know how to get to the journal entry form, but I can't figure out how to do the accounts in it to reflect accurately in the books.

Do I use a journal entry in the same day that she paid the bill and then another in the period when she was reimbursed? How do I make sense of the accounts for debits and credits?

Any help would be appreciated! :)
 
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kirby

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Hi Katy
I very much appreciate that you are helping and probably the circumstances are such that no one else will step up to the task. I caution you that wanting to help and being able to help are two different things. For example, if someone asked me to drive them to the hospital and I said yes but I had no driver training at all then things may not turn out well. I may cause a very serious problem that was otherwise avoidable. I urge you to seek out other members of the non-profit who can train you or arrange for some training for you. I think this would be the best path to success. Good luck.
 
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smallbushelp

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Hi Katy, I am an accountant and I provide accounting oversight to non-profits. If you would still like help with this or any other issue, please initiate a conversation with me.
 

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