by Jackie
(Kenai, AK )
I am using Quickbooks Pro 2011. I do not have the one for non-profits. My question is can I set up fund accounting in Quickbooks Pro? If so, can someone give me the general idea as to how?
2Comments
fund accounting
EEllen
this sounds helpful to me, I need more help. We have had separate accounts now have one account, but still need to track different funds. I have quickbooks pro 2010. Can I make this work now? or would I have to open a new company. I have quite a few sub accounts.
Fund Accounting in QuickBooks
VVickey
I think the easiest way is to use class tracking.
To set up QuickBooks for class tracking...
Go to Edit, Preferences, on left side of window--click Accounting--click Company tab.
Click little boxes next to “use class tracking” and “prompt to assign classes”.
Now go to List, Class List--in little window--click on classes and then New.
Set up your classes. Some people set up 3 classes: Unrestricted, Temporary Restricted, and Permanently Restricted. Then set up individual funds as subclasses under one of the 3 classes.
Others just set it up for regular fund accounting and set up classes such as: General, Missions, Building, Youth, Etc.
Whenever you enter a transaction you will be need to assign a class to it.
Then you can run a Profit and Loss by Class Report which will detail your income and expenses by fund.
To set up QuickBooks for class tracking...
Go to Edit, Preferences, on left side of window--click Accounting--click Company tab.
Click little boxes next to “use class tracking” and “prompt to assign classes”.
Now go to List, Class List--in little window--click on classes and then New.
Set up your classes. Some people set up 3 classes: Unrestricted, Temporary Restricted, and Permanently Restricted. Then set up individual funds as subclasses under one of the 3 classes.
Others just set it up for regular fund accounting and set up classes such as: General, Missions, Building, Youth, Etc.
Whenever you enter a transaction you will be need to assign a class to it.
Then you can run a Profit and Loss by Class Report which will detail your income and expenses by fund.