QuickBooks help needed

So I'm the treasurer for my fraternity and I'm trying to set up QuickBooks in order to keep track of our finances. I have QuickBooks 2006 and I've entered all of our members in as Customers. I've also created some accounts under the chart of accounts. I have a Checking and Savings account under the banking type. I have an Accounts Receivable account. And I also have a Budgets account along with a list of sub-accounts for each house budget under the Other Current Asset type. I have an Income account under Income with sub-accounts for our house's types of income (ie: dues, donations, fines, etc.). I also have Opening Bal Equity and Retained Earnings accounts under the Equity type and an Estimates under Non-Posting--however, I don't know what these accounts are supposed to do. I believe QuickBooks created them for me after I did the interview setup or whatever.

So my question to you is, first of all, do I have the program set up in the correct way for what I need it to do? Second, how do I make refunds to members who buy food and whatnot and at the same time deduct the amount from a budget I've created in the accounts menu? Also, is there a way to divide my 'customers' up into different types (ie: alumni, active member, etc.) and charge each of them a different amount each semester (dues) in a bulk charge fashion?

I know I can do everything individually (ie: receive payment from a customer that bought something, and then go an deduct from the budget in question via the register), but there has to be a way to do this in QuickBooks without doing all that.

I know this is a lot, but any help would be greatly appreciated as I'm trying to get this running smoothly for myself and those who will take this office after me.

Thanks for your time and any help.

First just one point that I noticed:

You did not mention having expense accounts set up.

You should have accounts set up in the level of detail that you want to report: (Do you want to be able to say you spext $x.xx on Cookies and x.xx on chips, etc or is simply saying "food" enough.

As for paying people back for supplies they buy you can set them up as "Vendors" as well so you keep the expenses distinct from income.

for a simple operation like it sounds that you will be running the simpler you set this up the better for you (and the easier it is to maintain.)

Simply listing something as "food" is enough for what I need it for. I just don't know how to set this all up to make it straightforward and easy to use.

retained earnings is an accounting term.

At the period/year/semester end, you will end up with net income or a net loss. if it is a net income (i.e. you make money), the income is closed to an account called retained earnings.

if any of your bros are accounting majors, they can explain more thoroughly.

hell, if you are going to use quickbooks, just get some accounting major to help set it up. they will understand it much better than you do.

but yes, you should set up expense accounts for all the expenditures i.e. food, beer, prositutes, beer, etc.

Second, how do I make refunds to members who buy food and whatnot and at the same time deduct the amount from a budget I've created in the accounts menu?

From what you are describing, it sounds like you are looking for an accounts payable. i.e. johnny buys a $50 keg of beast ice, and you (the frat) owe johnny for the keg.

Check out your accounts recievable sub ledger. you can set up accounts for individuals.

but seriously talk to any goddam accounting major. or an accounting professor for that matter. we eat this shit up.

I would ask an accounting major if we had one, but I'm at an engineering school and we don't have an accounting degree.

Thanks a lot for the help, though.

If you need more help or advice, let me know. I dont have a ton of experience with quickbooks but i do understand accounting