Skip to main content
D
dawn-lee-comcast
May 17, 2024
Question

Our nonprofit switched to QB online 1/1/24. We track by classes with manual updating of activity to equity accts. Was it set up wrong? (Before me!)

  • May 17, 2024
  • 1 reply
  • 0 views
Our classes are our “funds” - building, operating, miscellaneous.  They have ongoing balances, but those were entered as opening balances in corresponding equity accts.  There is no automatic updating to the equity accts from the class activity - it’s always been done manually at year end.  How do I get a real time update of the balance of each of our funds?

1 reply

D
DebSheenD
May 17, 2024

I'm glad to guide you through getting a real-time update of the balances of your funds in QuickBooks Online (QBO), dawn.

 

It's a good thing that you're using classes to track different funds. This feature allows you to categorize transactions by fund, program, location, etc. Ensure you've set up an Equity account for each fund to get real-time updates.

 

I also included a helpful resource for categorizing transactions in QBO: Categorize online bank transactions in QuickBooks Online.

 

For additional information, the following contains detailed steps on how to add or edit transactions in the register: Modify transactions in QBO.

 

Return to this thread if you have further questions about opening balances in QuickBooks. We'll respond to you as soon as possible. Take care!

D
dawn-lee-comcastAuthor
May 17, 2024

Thank you for your reply! Unfortunately, I think I didn’t explain my situation well!  
Our COA has Equity accounts which are our funds, and when we switched from a QB license to QBO on 1/1/24, the previous treasurer entered opening balances for the equity accounts.

All of our activity is in classes, which are also our funds.  So if we get a contribution to our Building fund, it is entered to a contribution account, in the Building fund class.  Or if we charge an expense to the Building fund, it is charged to the expense account, building fund class.  Nothing changes in the equity account in either case.
The previous treasurer would go in at year end and make JE’s to update the balances of all the equity accounts, some of which have sub funds!  I know I can run a statement of activity by class to see the activity, but I’d like to know the balance in the fund in real time.

Is there a way to link the class activity back to the equity accounts? (And what about the equity accounts that have sub-accounts, like Miscellaneous, which has about 7?)  Or is there a way to have put starting balances for each class when we switched to QBO? Or is our COA just set up wrong? (Ugh, I hope not!)

 

 

R
rvrfrf
May 17, 2024

Thanks for getting back with the Community, dawn-lee-comcast. I appreciate your detailed information.

 

When a class is created, or edited, it can be assigned a name and up to 5 sub-classes. I can certainly understand how an ability to assign an account and starting balances to classes could be useful and have submitted a suggestion about it as of today.

 

You can also submit your own feature requests while signed in.

 

Here's how:

 

  1. Use the Gear icon, then go to Feedback.
  2. Enter your suggestion(s) in the Have feedback? window.
  3. If necessary, attach a file with your Camera icon.
  4. Select Next.

 

Your feedback's definitely valuable to Intuit. It will be reviewed by our Product Development team and considered in future updates. You can stay up-to-date with the latest news about your product by reviewing Intuit's Product Updates webpage.

 

You also have the option of checking our QuickBooks App Store for apps which may be able to help you achieve what you're looking to accomplish.

 

For the time being, you're able to tag classes to transactions. You can refer to our Track transactions by class article for detailed steps on the process. To see class balances, you can run reports by class. Your Sales by Class Detail report will group sales by class and display other details like balances.

 

In regard to if your Chart of accounts is set up incorrectly, I'd recommend working with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find a ProAdvisor. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.

 

I've also included a couple detailed resources about working with classes which may come in handy moving forward:
 

 

Please don't hesitate to send a reply if there's any additional questions. Have an awesome Friday!

Terms & ConditionsAccessibility statement