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?

VIckey's Reply

Yes...but it is a little difficult:-( You will need to create some Net Assets (Equity) accounts.

Since the Retained Earnings account that QuickBooks automatically creates is really the Unrestricted Net Asset account (General Fund) (can be renamed something similar), you would need to create either a couple more such as “Temporarily Restricted Net Assets” and “Permanently Restricted Net Assets” or fund accounts such as Missions or Building.

Then use journal entries to move net asset balances from the “Retained Earnings” account to the proper net asset account.

Kathy Iven’s book: Running QuickBooks in Nonprofits explains how to do this in detail and how to set up and run QuickBooks for nonprofits.

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