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Level 1

Track Designated Giving for Churches - could I use trust accounts liabilities in detail type to track designated gifts for specific use only. From the description it appears it may work.

Could I use trust accounts liabilities in detail type to track designated gifts for specific use only. From the description it appears it may work. Currently the accounts are set-up up as liabilities and appear on the balance sheet with the checking account for the asset side. I would like for these accounts to have separate reporting to show our congregation. If the trust accounts liabilities does work is there a report that can be run in QB for reporting of these funds.

 

I do not want to use class codes because I have set-up class codes with our funds to make sure each transaction goes to the proper fund not a specific designated account. This tip was submitted when setting up QB for non-profits.

 

Thanks for all of your help!

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Level 15

Re: Track Designated Giving for Churches - could I use trust accounts liabilities in detail type to track designated gifts for specific use only. From the description it appears it may work.

Donations received are income.

Once the income is recorded, it can be deposited to a bank account for that funding requirement. Some folks use separate bank accounts per fund, which works well. Others use a sub account in QB of the fund bank account to record the deposit for that fund.

If you use the sub bank account concept, remember that you do not post any deposit or withdrawal to the parent account, every transaction is posted in the sub account.

In order to post to a liability account, there would have to be an offsetting expense or deposit. Since income creates a deposit you can not use that twice.

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