Fund accounting through Quick Books?

by De
(Ohio)

I recently took over a part time treasurer position at our church. The previous treasurer has used Quick Books for most of the accounting but keeps a separate file for the "fund" totals. Has anyone used Quick books to track the designated funds? They don't have an account name of "funds", just the standard income, expense,asset, liablity. Would it be best just to designate the funds as "other asset" and track them that way?

Vickey's reply

I would recommend setting up each fund as a class. With class tracking, you simply enter the expense or revenue and assign a class (fund) to it.

See this post for instructions how to turn on class tracking.

Class tracking is the easiest way to "keep a separate file for each fund". You can run a Profit and Loss by Class report to obtain your balances. However, your balance sheet will only show one equity account. See this post for information on fixing that issue.

Hope this helps,



Church Accounting Package

www.freechurchaccounting.com

Know the answer? Face the same situation? Please post your answer or comment by using the "comment" link below. Thank you!

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Accounting.



Need training on how to use QBO or Aplos effectively for a church or better yet ...need an expert in either of those accounting software to do your monthly bookkeeping and/or payroll? See more on our accounting services!







Enjoy this page? Please pay it forward. Here's how...

Would you prefer to share this page with others by linking to it?

  1. Click on the HTML link code below.
  2. Copy and paste it, adding a note of your own, into your blog, a Web page, forums, a blog comment, your Facebook account, or anywhere that someone would find this page valuable.