Starting a New Chart of Accounts "Other Account" with a Balance - Desktop Nonprofit
- January 17, 2024
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It's been years ago that our church first set up QB Nonprofit Desktop along with a General Journal Entry to establish new accounts that correspond to our Funds (Classes), all with starting balances. Our Fund balances are carried over from year to year and, in that original setup, from an old accounting system to QB. The accountant that created that JE debited the Opening Balance Equity Account, which now, of course, has a zero balance, as it should, and credited each new "Fund" account. Our existing "Fund" accounts are set up as "Other Income" accounts. (I'll include a screenshot of that JE.)
My dilemma: I now need to create a brand new Fund/Class and a corresponding account on our Chart of Accounts. What is the "best practice" method to do this?
I hope I've explained this clearly!!