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chrisjones-culti
July 24, 2024
Question

Financial activities by class WITH funds carried forward

  • July 24, 2024
  • 1 reply
  • 0 views
I can create a financial activities by class report which shows the breakdown of income and expenditure by class against the account heads. We have always done this.

But if I want to see 'what remains' in each restricted class at a year end, I have to change this report to cover "All Dates" so that I can see the final balance in each class.  

However, what we need is Financial Activities by Class report that includes a balance of the final amount in each class for that year i.e. the report should run like the current, but then at the bottom *include a line with the balance of funds brought forward from the prior financial year / period*.  There should then be a second line at the bottom which totals these amounts showing the total available in each class.

Without the additional line showing funds brought forward, the report is pretty useless it never shows the true ending balance of the classes at the end of the period.  Some will show a negative balance where the income is less than expenditure, but this is not true as there were funds remaining  at the end of the prior period that should be included in the final report.

This would be similar to a standard set of reports used by e.g. a charity called a SOFA (statement of financial activities.). It includes a breakdown of e.g. the financial year *plus* the carried forward amounts in each class.

Is this possible? It seems such a simple thing, but I can't see anyway to create this..

1 reply

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IrizA
July 24, 2024

I'm here to provide information regarding the ability to view the balances in the Financial Activities by a Class report in a specific, periodchrisjones.

 

In QuickBooks Online (QBO), pulling up the Financial Activities by Class with the final amount for a specific period is currently unavailable.

 

As a workaround, we can run a Transaction Detail by Account report and customize it to see the remaining balance on each class. It's also best to check the date so the system will accurately display the data.

 

If you're in the Modern View, kindly follow these steps:

 

  1. Go to the Reports menu at the left navigational panel.
  2. From the Find report by name field, enter Transaction Detail by Account.
  3. Navigate to Columns, then tick the Class option or other fields to include this in your report.  
  4. Go to Filter, then choose the Class option under the Filter dropdown.
  5. From the Options dropdown, click Equals.
  6. Press the Value dropdown and select one or more classes from the list.
  7. Go to the Group by section.
  8. From the Group by dropdown, you can choose Account or Class.
  9. Click the Exit icon.
  10. To ensure that the report is updated, click Refresh report.

 

If you want to customize your report in Classic View, kindly follow these steps:

 

  1. Click the Switch to Classic View.
  2. Review the Report period field.
  3. Press the Group by dropdown, and choose the Class option.
  4. You can also click the Customise option, then hit the Filter section.
  5. Tick what you'd want to include in your report.
  6. Click Run report.

 

You can also export your data to your Excel and then view your it from there.  

 

Additionally, you can print and use your reports outside QuickBooks.

 

You can still ask us about customizing your reports to see certain balances, chrisjones. Please let us know, and we will be here to guide you further.

C
chrisjones-cultiAuthor
July 24, 2024

Dear IrizA,

 

I appreciate your reply, but this is not at all helpful.  We do not need a report broken down by all the transactions which is pages and pages long. 

 

We simply need a report which is in the exact format of Financial Activities by Class, but which includes two additional rows at the bottom, Funds Brought Forward and then Total Funds.

 

As explained in the question, this is a very simple and standard type of reporting called a SOFA in the UK, or Statement of Financial Activity.  This enables the whole set of accounts to be viewed on one page, broken down into class (left to right) and by the active rows from the chart of accounts (top to bottom). 

 

Do you have another solution? Or for the high price that we pay for this subscription, is there a way to request that this be added to this report?  The current view of Financial Activities by Class is not useful at all without having the brought forward balances available, unless it is viewed by 'All Dates' so that the remaining balance of each class is visible. 

 

 

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