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PSax
November 22, 2022
Question

Managing restricted funds across financial years

  • November 22, 2022
  • 1 reply
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We are a charity with numerous restricted funds. If income and spending are all in the same financial year it works well. However if some of a fund remains at the start of a subsequent year I have real difficulty is getting a report to show spending in the second year against the carried forward balance of the fund. The Accountant tells us what is left in each fund at the end of year one but I do not know how to show this in the accounts. When I worked them manually I just recorded a carry forward figure - is something like this possible and if so how? I would be very grateful for any advice anyone can give me. Thanks. 

1 reply

G
GeorgiaC
November 22, 2022

Hi PSax, thanks for posting on the Community - QuickBooks Online uses a transfer process at the end of the financial year called an electronic swap to move net profit to the retained earnings account. To see what makes up the retained earning figure, you can run a profit and loss statement for the previous financial years: 
 

1. Go to Business overview and select Reports (Take me there).
2. Locate and select the Profit and Loss report.
3. From the Report period dropdown list, select All Dates.
4. Select Run report.
5. Select the Net Income amount to open the Profit and Loss Detail report for All Dates.

 

This report shows all of the transactions that make up the net profit (or loss) that QBO automatically switched to your Retained Earnings account. 🙂
 

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