Tracking Funds in QBO

Webinar Info

Do you collect contributions from donors that are restricted for specific purposes or “Funds”? Unlike restricted grant tracking where the money to track comes from one source and is spent over a finite period of time, multiple donors can give to a “fund” and these funds have life-cycles that can last for years and in many cases, indefinitely.

A land trust fund, a scholarship fund, an education fund, a disaster recovery fund….these are just a few examples. Tracking these funds in QBO can be particularly challenging. Not only do you need to know the activity in and out of each fund during the year, but you should also be able to see the balance of each fund in real time. Which fields should you use to track funds? How can you see the balance of the funds easily? How would you record when the board allocates unrestricted money to a fund or transfers money between funds?

Join Gregg Bossen, a CPA specializing in nonprofits and president of QuickBooks® Made Easy™ for Nonprofits as he delivers this first ever session on tracking funds in QBO.

What you will learn:

• Two fields for tracking funds in QBO and which one is right for you
• Entering your fund
• Recording opening balance of the fund
• Pointing transactions to the fund both in and out
• Recording board allocated unrestricted dollars to a fund
• Transferring amounts between funds when needed
• Generating reports showing activity in a fund over a given period of time
• Generating a memorized Fund Balance Report that ties to the Financial Statements