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QB Non profit (church) and monthly rebalancing Unrestricted Net Assets into Temp Restricted Net Assets (a fund and separate class).

Our organization wishes to run financial reports monthly.  It is my understanding that in order to have the Statement of Financial Condition (Balance Sheet) accurate it is best to adjust the Unrestricted Net Assets table with the monthly the Net Assets results for the unrestricted funds classes and the Temp Restricted Net Assets Equity  with  Net Assets reported from I&E of the class containing those funds.  I am wondering what will occur at month 12 when QB makes its closing entry into the Unrestricted Net Assets table.  Since it seems the QB establishes an overall Net Assets by doing an internal I&E, with all funds taken together, what do I expect to see in the Unrestricted Net Asset Equity account on the last day of the year, and if QB generates a number for the year what do I do to maintain Net Assets across the funds?  

Best answer 2 weeks ago

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Frequent Contributor *

Re: QB Non profit (church) and monthly rebalancing Unrestricted Net Assets into Temp Restricted Net Assets (a fund and separate class).

You'll need to do a journal entry at the beginning of the new year to move the reserves about the various funds. Quickbooks whilst recognising classes is not trying to keep a separate balance sheet for each.

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Frequent Contributor *

Re: QB Non profit (church) and monthly rebalancing Unrestricted Net Assets into Temp Restricted Net Assets (a fund and separate class).

You'll need to do a journal entry at the beginning of the new year to move the reserves about the various funds. Quickbooks whilst recognising classes is not trying to keep a separate balance sheet for each.