I look after the finances for a church, if there are funds in a specific CLASS, how do I move it to another CLASS correctly so that revenue/expenses are not affected?

jrajaratnam-wcsc · ‎January 19, 2024

There is money in CLASS: OLD - $1,500 based on the balance report ending December 31. I want to move the $1,500 to CLASS: NEW (which currently has a balance of $2,000. So the total, after the transfer would be $3,500 in CLASS: NEW and $0 in CLASS: OLD. I can't go back and reclassify the deposits into CLASS: OLD because they're from 2022 and the financial statement is completed and that would be affected. I'm not sure how to transfer the funds without it affecting the Revenue/expenses. I created a CLEARING/WASH account - but was not sure how to properly use it as a journal entry.

I have looked at old posts - but nothing was recent and a lot of people had issues with this in the last few years. Has QuickBooks Online provided us with a method to do this? Thanks.

Henock K · ‎January 19, 2024

Hi jrajaratnam-wcsc,

Welcome to the Community. It's essential to correctly record your transactions to keep track of your books. QuickBooks Online is a great program that gives you the ability to simply track your sales and expenses. I'd be glad to help.

I encourage you to contact an accountant. They'll be able to point you in the right direction to keep your books balanced. If you don't have an accountant, you can find one near you by clicking on My Accountant on the left navigation menu> and then Find a pro to help.

Let me know if you have questions, I'll be happy to help.

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I look after the finances for a church, if there are funds in a specific CLASS, how do I move it to another CLASS correctly so that revenue/expenses are not affected?

I look after the finances for a church, if there are funds in a specific CLASS, how do I move it to another CLASS correctly so that revenue/expenses are not affected?

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