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Level 1

Church Bookkeeping: Cant't get both Balance Sheet and Budget vs. Actual reports correct

I'm having a terrible time trying to get both reports to be correct. If I record the "sales receipt" items to the General Fund Equity account, then the Balance Sheet is correct but nothing shows up in the Budget vs. Actual account. If I record the "sales receipt" items to the Contributions Income account the Budget vs. Actual is correct but the Balance Sheet is not. If I record to both the Equity and Income accounts the contribution is doubled; also incorrect.

 

This is my last great hurdle to getting QB setup so I can start using it productively. I see no way out at the moment.  Please help!!!!

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Best answer March 21, 2020

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Moderator

Church Bookkeeping: Cant't get both Balance Sheet and Budget vs. Actual reports correct

Thanks for getting back to us, dwieberd.

 

We can use an income account for the item. Then, deposit it the amount to an equity account. I'll show you how:

 

Here's how to modify an item:

 

  1. Click the Lists menu, and then select Item List.
  2. Right-click the item, then select Edit Item.
  3. In the Income Account field, select an income account.
  4. Click OK.

 

Once done, open the Sales receipt and toggle it to an updated item. Here's how:

 

  1. From the Customers menu, select Customer Center.
  2. Select the customer's name and double-click the sales receipt transaction.
  3. Toggle the ITEM and select the updated one.
  4. Click Save & Close.

 

Afterward, let's deposit it to an equity account:

 

  1. Click the Banking menu, then select Make Deposits.
  2. Tick the sales receipt.
  3. Click OK.
  4. In the Deposit To field, select an equity account.
  5. Click Save & Close.

 

Then, we can export the Balance Sheet Budget vs Actual report to Excel. This way, you can remove some details on it. We can compare it to your Balance Sheet report.

 

There you have it. I'm just around if you still need help!

View solution in original post

4 Comments
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Moderator

Church Bookkeeping: Cant't get both Balance Sheet and Budget vs. Actual reports correct

Hello @dwieberd,

 

Balance Sheet only includes your asset, liability, and equity accounts while income is a Profit and Loss account. You can read through this article to learn more: Understand the chart of accounts in QuickBooks.

 

That being said, you'll also want to pull up your Balance Sheet Budget vs Actual report and compare each data to your Balance Sheet.

 

I'm also including a few references here to learn more about how you can memorize a report after customizing it.

 

Reach out to me if you have any other questions.

Highlighted
Level 1

Church Bookkeeping: Cant't get both Balance Sheet and Budget vs. Actual reports correct

I have been struggling with this for days, so I think I understand the basics covered in the references. My problem is I need to produce a report like the one attached. How can I do this in QB?  If I enter each donation check in the sales receipt window, specifying an equity account item for each, then I can get a correct balance sheet similar to the one attached. But the budget vs. actual report will be all blank since nothing has been transferred to any income account. If I change the sales receipts to refer to the income account item, then the balance sheet will be incorrect since none of the money has gone to an equity account. How do I send the money to each account without doubling the amount of each donation? Am I trying to do something that's impossible in QB?  

Highlighted
Moderator

Church Bookkeeping: Cant't get both Balance Sheet and Budget vs. Actual reports correct

Thanks for getting back to us, dwieberd.

 

We can use an income account for the item. Then, deposit it the amount to an equity account. I'll show you how:

 

Here's how to modify an item:

 

  1. Click the Lists menu, and then select Item List.
  2. Right-click the item, then select Edit Item.
  3. In the Income Account field, select an income account.
  4. Click OK.

 

Once done, open the Sales receipt and toggle it to an updated item. Here's how:

 

  1. From the Customers menu, select Customer Center.
  2. Select the customer's name and double-click the sales receipt transaction.
  3. Toggle the ITEM and select the updated one.
  4. Click Save & Close.

 

Afterward, let's deposit it to an equity account:

 

  1. Click the Banking menu, then select Make Deposits.
  2. Tick the sales receipt.
  3. Click OK.
  4. In the Deposit To field, select an equity account.
  5. Click Save & Close.

 

Then, we can export the Balance Sheet Budget vs Actual report to Excel. This way, you can remove some details on it. We can compare it to your Balance Sheet report.

 

There you have it. I'm just around if you still need help!

View solution in original post

Highlighted
Level 1

Church Bookkeeping: Cant't get both Balance Sheet and Budget vs. Actual reports correct

Thanks for your help.

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