Class categories in Balance Sheet

PeterBowman · ‎March 07, 2022

Hello,

I am doing the accounts of a charity client. Up until their financial year-end of 31-07-20, all their income and expenditure was Unrestricted funds and I have selected this class for all of their transactions.

When I run the 'Financial Activities by Class report', all the income and expenditure transactions are correctly shown under the 'Unrestricted funds' column.

However, when I run the Balance Sheet and display columns by classes, the assets (bank account) are shown in the 'Not Specified' column, but the Retained Earnings are correctly shown in the Unrestricted Funds column.

If I go into the activity of the bank account from the Chart of Accounts, all the entries are showing as having been correctly allocated to Unrestricted Funds.

My question is, how can I get the Balance Sheet assets to show in the 'Unrestricted Funds' column, instead of the 'Not Specified' column?

DivinaMercy_N · ‎March 09, 2022

Thanks for getting back here, @PeterBowman.

Yes, you can export the Balance Sheet report from QuickBooks Online (QBO) to Excel and modify it from there. Just ensure that you already set your desired customisation of the report before exporting it. I'll guide you how:

In your QBO account, go to the Reports menu.
Then, select and open the Balance Sheet report.
Next, click the Customise button to filter the information in the report.
Once done, select the Export icon and choose Export to Excel.

Then, to learn more ways how you can customise your reports to fit your specific needs, please check this link: Common custom reports in QuickBooks Online.

Also, sharing custom reports with your team is easy with QBO. For the detailed instructions, check out this article: Share custom reports.

If you have any other concerns about running reports in QBO, feel free to post again here. I'm just a few clicks away to help. Take care always.

View solution in original post

ShiellaGraceA · ‎March 07, 2022

Welcome to Community, @PeterBowman.

Let me provide some insights about the "Not Specified" columns in the Balance Sheet report. The behavior for this report is working as designed. Thus, changing transactions to get to the unrestricted funds is unavailable.

The balance Sheet gets the class categories from your transactions. However, there are exemptions to this such as Accounts Receivable, and Accounts Payable. These accounts aren't sorted by class assigned to them, which is why they are tagged as "Not Specified."

Refer to this article for details: Run a balance sheet by class or location.

I've also attached these articles for additional reference:

Please don't hesitate to reply to me anytime if you have follow-up questions or concerns with reports. I'll be around to assist you. Take care and have a good one.

PeterBowman · ‎March 09, 2022

Thanks for the welcome, Shiella.

I have read the articles and can now understand why it is not possible to produce a Balance Sheet report by class, only a Profit & Loss account by class.

I would like to send my client a Balance Sheet showing the breakdown of assets into Restricted and Unrestricted Funds. My plan is to export the Balance Sheet report from QBO to excel and then make the adjustments to show the breakdown of assets into Restricted and Unrestricted funds. Do you agree that this would be a good way forward?

DivinaMercy_N · ‎March 09, 2022

Thanks for getting back here, @PeterBowman.

Yes, you can export the Balance Sheet report from QuickBooks Online (QBO) to Excel and modify it from there. Just ensure that you already set your desired customisation of the report before exporting it. I'll guide you how:

In your QBO account, go to the Reports menu.
Then, select and open the Balance Sheet report.
Next, click the Customise button to filter the information in the report.
Once done, select the Export icon and choose Export to Excel.

Then, to learn more ways how you can customise your reports to fit your specific needs, please check this link: Common custom reports in QuickBooks Online.

Also, sharing custom reports with your team is easy with QBO. For the detailed instructions, check out this article: Share custom reports.

If you have any other concerns about running reports in QBO, feel free to post again here. I'm just a few clicks away to help. Take care always.

PeterBowman · ‎March 10, 2022

Thank you Divina, that's very helpful. I shall have a look at those links. Peter

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Class categories in Balance Sheet