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How to Track Tournament Fees and Apply Store Credit in QuickBooks Point of Sale
Published 07/05/2010 | 
1. In QuickBooks, go to Lists > Chart of Accounts, select Account, then New, and create an Other Liabilityaccount called Tournament Fees.2. In QuickBooks Point of Sale (POS), go to Inventory > New Item, and create an item called Tournament Entry Fee. In Additional Info tab select the the Tournament Fees account you created in step 1 as the Income account.
3. When you receive a tournament fee, create a Sales Receipt in QuickBooks Point of Sale (POS) using the Tournament Entry Fee item you created in step 2.
4. During End of Day Financial Exchange the fees will transfer to the Tournament Fees account QuickBooks financial you created in step 1.
5. After the tournament is played and winner is decided, go to Company > Create General Journal Entries in QuickBooks financial. Debit the balance in the Tournament Fees account you created in step 1. Credit Accounts Receivable and enter the name of the tournament winner in the Customer column. This will create a credit for the winning customer in QuickBooks financials.
6. During the End of Day Financial Exchange, the credit will transfer to QuickBooks Point of Sale (POS) and when you enter the customer name in the Sales Receipt it will show a Credit Balance in the lower left corner.
Written by +Ruth Perryman, CMA, CFE, CFM, MBA
Ruth is the president of The QB Specialists, Inc. and has provided QuickBooks help to thousands of businesses around the world since 1996. She is an Intuit Solutions Provider, an Advanced Certified QuickBooks ProAdvisor, and a member of the Intuit Trainer/Writer Network. She is also certified in QuickBooks Point of Sale and QuickBooks Enterprise Solutions.
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