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Level 2

Nonprofit help - Accounting for Current portion of pledges receivable

We are a nonprofit and I need to have a Long Term Pledges Receivable and (preferably as a subaccount) a Current Portion of Long Term Pledges Receivable. If I set up the long term pledges receivable account type as Other Assets and the detail type as Other Long Term Assets, it appears that I can't set up my Current Portion account type as Other Current Assets. Is this not possible? If not, what is best practice?

2 Comments
Moderator

Nonprofit help - Accounting for Current portion of pledges receivable

Hello lroth,


I’m here to share how adding a sub-account works in QuickBooks Online (QBO).


When adding a sub-account, the parent account must be the same category type. For example, if the sub-account is Other Current Assets account, the parent must also be an Other Current Assets account.


Here’s how to add a sub-account:

  1. Go to Accounting on the left pane.
  2. Click the New button at the top, then enter the needed details for the sub-account.
  3. Check the box next to Is sub-account.
  4. Select the parent account.
  5. Click Save and Close.

You can also take a look at this article for reference: How do I create a new account or subaccount in QuickBooks?

 

There you have it. I’d be glad to help if you have further questions while working in QBO. Enjoy your weekend.

Level 2

Nonprofit help - Accounting for Current portion of pledges receivable

I know how to setup subaccounts. Can anyone make a suggestion for best practices for setting up Current Portion of Long Term Pledges Receivable?

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