Setting up a not for profit chart of accounts and need clarification on how the sub-account setup works? Thank you

Hi there, 

In QuickBooks Online, you can create sub-accounts to break down your expenses, income, and more into greater detail. For example, you can divide your utilities account into sub-accounts, so you can track different types of utility payments, like gas, telephone, water, and so on. 

You can create sub-accounts of any main (or “parent”) account.  Use them to keep your chart of accounts organized and make more detailed report. 

Here's a helpful article that explains how you can add a sub-account: Create sub-accounts in your chart of accounts in QuickBooks Online.

This article should provide all the information you need. If you still need a hand in order to get back on track, please reach out to our tech support team. 

Cheers. 

Thank you. I am setting up a not for profit chart of accounts and am trying to figure out the best way to setup the expense side of the COA that relates to each of the funding streams so that I can report P&L's by individual funding streams. Trying to avoid, if possible, setting setting up individual expense accounts (same accounts ie Office Expenses Funding 1, Office Expenses Funding 2, etc)  for each funding stream. Can I use sub-accounts or track categories, or some other means to accomplish this? 

did you get an answer? i have the same issue

Hi visions,

I know that non-profits have some specific ways to track income and expenses, so it makes sense to want to make sure your chart of accounts is set up the way you need. I'd be happy to share more information about working with the chart of accounts in QuickBooks Online and how you can make sure you have the guidance for setting up your chart of accounts.

With the ability to add accounts and sub-accounts, QuickBooks Online offers flexibility and customization in tracking your income and expenses. For expenses in particular, you can create main accounts and sub-accounts to track things in more detail. For instance, if you wanted to create an expense account called "overhead fees" and then create sub-categories for electricity, rent, water, etc. To learn more about adding accounts, account types, and working with them in the program, check out this article: Learn about the chart of accounts in QuickBooks

For guidance on getting the right setup for you, I recommend working with an accountant. An accountant that understands non-profits and QuickBooks Online would be a great asset for your team, and you can even add them as a user to your account by going to the My Accountant tab and using the field available. If you don't have an accountant, you can use the Find a pro to help button to find a professional near you.

I hope this has helped you with getting your chart of accounts set up in QuickBooks Online! Don't hesitate to stop by again. :)