How to Track Restricted Funds in Quickbooks: Part 3 Reporting

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How nonprofits can utilize the class feature within Quickbooks to track and report the balances of donor restricted funds
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Опубликовано:

14 окт 2024

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Комментарии : 12

@sarahfabares911 10 месяцев назад

Thank you! So helpful!

@johnniebgoode 6 месяцев назад

Wonderful. Thank you.

@SGFred Месяц назад

You are not explaining how you get this info on the balance sheet---obviously it would have to be a journal entry but isn't that the most critical part for good bookkeeping?

@terisaclark Месяц назад

Hi! Actually the method described here does not require any journal entries. The transactions on the income statement will close out by class to the balance sheet when this is configured correctly.

@ccafKhmer 4 месяца назад

Good

@dennishessel6771 4 месяца назад

On restricted funds. How do you get the balance into the equity accounts for the restricted funds so you what the balance is over a couple of years?

@terisaclark 4 месяца назад

The balance “closes” by class so that the beginning balance is ending balance for prior fiscal year and net income is activity for current year. All activity has to be coded to class ON revenue and expenses ONLY. Do not class code asset/liability transactions!! If you are starting to use this process and need to “establish” the beginning balances I recommend entering a journal entry that impacts net asset account only and code opening balances by class. Net impact of that entry is zero to the net asset account. Now the restricted fund report will work!

@betho269 4 месяца назад

@@terisaclarkThank you! How should we track and reduce restricted fund balances for capital purchases like land and building in QuickBooks?

@toddasper2685 3 месяца назад

@@terisaclark Does QBO close by class automatically or is that through a journal entry for each class?

@terisaclark806 3 месяца назад

@@toddasper2685 It does close automatically!

@howlinhoward 4 месяца назад

Is the Net Assets report a custom report within QB?

@terisaclark 4 месяца назад

I make my own report by running the statement of financial position (or balance sheet) by class and then collapse asset and liability sections so that only net assets (equity) accounts show by account number.