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?
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.
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.
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