Fund "Balance Sheet accounts" within Quickbooks class accounting

by Pete
(Durango, CO)

In your Fund Accounting book, when using Quickbooks, the Class Tracking is recommended.

Having done that I see how to run P&L type reports but is there a way to segregate Balance Sheet accounts by Class?

Comments for Fund "Balance Sheet accounts" within Quickbooks class accounting

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Balance Carry Forward
by: Sheryl

Basically, that's what I did. But I also created a balance carry forward in the equity accounts that equal the balance carry forward in the Statement of Activity. That way I know that if those two accounts don't balance there was something done that shouldn't have been. I created an income account called prior year balance forward, and an equity account called prior balance carried forward. I debited the equity account and credited the income account and assigned the correct "fund/class". It seems to work. Let me know if my thinking is correct.

Carrying Over Fund Balances
by: Vickey

I handle it a couple of different ways for different clients.

The easiest way is to create an income account (I usually call it "Beginning Balances"). Then I do a JE (journal entry) dated the first day of the year. I use that income account on every line and debit the carry over balance in each fund and assign the class.

Then after I have a line for each fund/class that I want to "carry over" the balance...I assign that same income account...but this time I credit the total amount to "balance" the JE and assign the "General" or "Unrestricted" or whatever you call your unrestricted operating class.

The JE "zeroes" itself out ...so you don't see that income account on your regular income statement, but you will see it when you run a class report.

NOTE this method does not show the "balances" of the funds on the Balance Sheet, so for those clients that want those "restricted/designated " balances on the Balance Sheet...I create equity accounts for those funds and do JEs to move those "balances" out of "retained earnings" where QB auto assigns them.

That gets a little complicated, but Lisa does teach that method in her online classes.

I offer online consultations as part of my bookkeeping services and walk you thru how to do that as well =)

If you are just starting to use classes, Greg with "QB Made Easy" has an awesome way to track those balances too (for churches)! I've used his method he teaches in his "Beyond the Essentials" course for clients that have "clean" classes =)

But I have discovered that those that have been using classes for years and not always correctly...it's a BIG clean up to be able to use his "budget' method =(

Carrying fund balances to a new year
by: Sheryl Love

How do you carry the balance for each fund to a new year after QuickBooks closed everything? Each class sits at zero on January 1.

Balance Sheet By Class/Fund
by: Vickey

Yes you can by running a Balance Sheet and "Display columns by": Classes...but I don't recommend it as it is a "mess"!

Mainly because "classes" are used to track "income/expenses" ...NOT Balance Sheet items such as assets, liabilities, and equity.

QBO Net Asset Detail Type?
by: Anonymous

In QBO, what should the Detail Types be for the other Net Asset accounts? I don't believe we can make them all Retained Earnings, but none of the other options seem to make sense either.

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