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How to tag a national lottery grant payment

hi We have been awarded a grant from National lottery that has now been received i the bank - how do i tag this income as it is restricted funding and not invoiced for? also i will have to be able to show specific expenditure against this grant is there a way in which i can do this?
thank you
Teresa

You can create new income code and call it National lottery grant

Hi @Termeek1,

Something similar was asked a while back, you may find the answer will help: Incoming funds from a government grant

Another way of keeping track would be to use project tags: Projects in QuickFile

how would you create a new income code and how would you allocate expenditure against it?

Hi @Termeek1

You can do this by going to Reports >> Chart of Accounts, and clicking Create New Account

Once it’s created, you can click the little cog next to it, and enable it to be used for purchase invoices too if required:
image

hi Mathew
thanks for the explanation on the creating of the new code, can you explain if i have say expenditure against this funding say equipment or part of a salary payment that pays for an admin worker how would i allocate the proportion of the cost to/against the grant payment so that i can identify it in my year end accounts for the funder? do i use the same code as the grant to tag it to? sorry i find this confusing.
thanks for your help

Hi @Termeek1,

If you have allowed the code to be used in purchase invoices then when you go to create the invoices for the expenditure you can post against the code and track the nominal

I use Quickfile for the accounts of two large-ish charities and various donors (or clients in Quickfilespeak) specify they want their money to be used for particular purposes - five of these for one charity! I’ve found simplest way is to have different tags for the donations, ie Donations General, Donations cause 1, Donations cause 2 etc. You might also need to add separate tags for the assocated spending if you haven’t already got them. For the annual accounts I copy the relevant numbers from the annual P&L into a spreadsheet which calculates the unspent restricted donations at end of year. This does not monitor the balance month by month though. To do this, you can use Projects as has been suggested but unless I am missing something this is quite time-consuming and error prone as you have to mark each receipt or invoice one at a time and easy to forget or be inconsistent. Fortunately my charities are happy with just seeing the end of year picture…