How do I define nonprofit Net Asset accounts?

So how do I define the three required net asset equity accounts? None of the Detail Types pertain to a nonprofit.   Is Owner Equity the closest Detail Type that QBO has? Even though it is for an S Corp?  How were these equity accounts defined in QB desktop nonprofit edition?

And, I can talk to my accountant all day long and still not be able to define those equity accounts properly in QBO.

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@PreciousB wrote:

Thanks for visiting us here in the Community, TomInAiken.

 

I can share some insights about the account detail types in QuickBooks Online (QBO).

 

You're right that Permanently Restricted, Temporarily Restricted, and Unrestricted are not currently available as the account detail type in QBO. Right now, we are unable to add more types when creating an account.

To make sure you've selected the correct type, I suggest consulting with your accountant. They'll be able to help you set up the equity accounts correctly.

 

Check out this article for more insights about adding a new account: How to create a new parent account or subaccount. 

 

I'm glad to provide further assistance should you have any questions. I'm wishing you and your business continued success.

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Hello there, @phylwith.

As mention by my colleague above, we are unable to add more types when creating an account.

To ensure you've chosen the correct type, I recommended consulting with your accountant. They'll help you with the equity accounts correctly.

For further details about sub-accounts, you can check these articles:

• How to create a new parent account or subaccount
• About bank or credit card subaccount setup

You can also check this article for more information about fund accounting for non-profits: Fund Accounting for non-profits.

Please let me know if you need any help with QuickBooks. I'm always here to assist. I hope to hear about your success!