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Jan103
March 2, 2023
Question

Eliminate Designated Contributions from Income & Expense Report

  • March 2, 2023
  • 1 reply
  • 0 views

We are a church.  In order to see how our income and expense is aligning with the budget, we need to eliminate designated contributions from the Income and Expense (P&L) Budget Performance report.   In other words, we want to track only the money in the general fund against the budget.  How is this done?   Here is an example of the problem: Budget is $10,000 for Local Compassionate Ministries (LCM). We expect to meet the demands for LCM from the General Fund; however, $5,000 designated gifts are given to the church for specific LCM needs.  At the end of the year, LCM on the Budget Performance report shows that we have spent 12,000 making it look like we have exceeded budget by $2,000.  Since we received $5,000 in designated gifts, we are actually $3,000 under budget.

1 reply

S
SirielJeaB
March 2, 2023

Hello there, @Jan103. I appreciate your thorough explanation of how you intended to track designated contributions using the Income and Expense report. Allow me to provide information on how to isolate this issue.

 

You can categorize the transactions of the $5,000 designated gifts and put them into the correct account that you want to show in the report. Then, customize your report by selecting only the accounts you want to show. Here's how:

 

  1. Run the Income and Expense (P&L) Budget Performance report.
  2. Select Customize Report on the Report window.
  3. Navigate to the tab/s that need to be updated on the Modify Report window, then click OK when finished.

 

Check out this article for detailed information and processes: Customize reports in QuickBooks Desktop.

 

You can create rules to categorize transactions for items you frequently buy, such as supplies or business expenses. For more details, visit this article: Create rules to categorize transactions in QuickBooks Desktop.

 

I've also included the following articles that will you manage reports inn QuickBooks Desktop:

 

 

The Community is always available if you have further questions about tracking your income and expenses or any QuickBooks-related issues. We'd be happy to help you at any time. Take care!

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