Class Tracking List Samples

I would love to see some sample list of classes in QuickBooks. I want to see how everyone is setting up their hierarchy. I am new to using this feature and would like some guidance. Any examples would be much appreciated!

Comments for Class Tracking List Samples

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Jan 31, 2014
Class tracking list samples
by: AnonymousMN

I too am new to using Class Tracking in QBO having just updated to the Plus level to gain that tracking support.

Feb 08, 2014
Class tracking is not necessary for most churches
by: Bill OConnell

A properly structured Chart of Accounts - coupled with some disciplined monthly closing procedures - makes class tracking unnecessary.

See our post on Fund Accounting on this blog during 2013.

Mar 13, 2015
How We Do Restricted Funds With Classes
by: Anonymous

In our church, the restricted funds are only a small fraction of yearly income & expenses--but nevertheless need to be properly tracked.

We set up a single account, called Other Restricted Income, into which all restricted-fund donations are put. Then, the bookkeeper is required to assign a CLASS, in order to indicate which fund the donation was actually for. Some of the classes we are currently using include Benevolent Fund, Backpack Buddies (anti-hunger ministry), Kitchen Fund, Missions Fund, Women's Group, Youth Service Fund (for out-of-town service trip by high school kids), etc.

Expenditures of restricted-fund money go through a single account called Fund Distributions. As with the income, the bookkeeper is required to enter a Class in order to indicate which fund the expenditure was actually from.

How many classes we have, and what they are called, depends on how many restricted funds we are actually using. If we no longer need a particular fund, we make its class INACTIVE in QuickBooks--this keeps it off the list from which the bookkeeper must choose when she makes new entries.

We have a memorized report in QuickBooks Nonprofit that tells us the current balance in each fund.

Aug 21, 2015
Class Fund Balance
by: Anonymous

Our church also uses Other Income:Restricted Donation and Other Expense:Restricted Fund Expense for things like Backpack Buddies.

We've had excess at the end of the year, so we created a Net Asset account to store it. None of the memorized reports, such as a P&L by class, do anything with the net asset accounts.

How do you handle this?

Journal entry at the end of the year to move surplus to Net Asset. Another Journal entry at the beginning of the year to put it back as Income?

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