Non profit - Equity account for donor restricted, donor unrestricted funds?

Thebkkb · ‎March 12, 2022

Hi there,

How to set up an equity account for donor restricted, donor unrestricted funds?

In Quickbooks Online, what is the best "detail type" account to use to set up an equity account for donor restricted, donor unrestricted funds?

See attached picture, thank you.

giobookkeeping · ‎March 25, 2022

Hi Thebkkb,

Personally, I wouldn't be bother much with the detail types when creating chart of accounts in QBO. Unlike account types, detail types don’t impact the actual accounting portion of your books. Detail types are there to help you choose the right account type, especially if you’re new to accounting.

When I'm caught in a situation where I'm unsure what detail type to use, I usually go with the closest or most neutral one. In this case (with equity accounts), I go with Owner's Equity. Hope this helps!

View solution in original post

giobookkeeping · ‎March 25, 2022

Hi Thebkkb,

Personally, I wouldn't be bother much with the detail types when creating chart of accounts in QBO. Unlike account types, detail types don’t impact the actual accounting portion of your books. Detail types are there to help you choose the right account type, especially if you’re new to accounting.

When I'm caught in a situation where I'm unsure what detail type to use, I usually go with the closest or most neutral one. In this case (with equity accounts), I go with Owner's Equity. Hope this helps!

Thebkkb · ‎April 18, 2022

@giobookkeeping

Thank you for coming back to me! That was helpful :)

AlcaeusF · ‎May 02, 2022

Hello @giobookkeeping,

I have reviewed the solution you’ve shared and it's correct and accurate. Thank you for sharing your inputs to help address the issue.

We love to see members supporting one another! Have a great day.

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Non profit - Equity account for donor restricted, donor unrestricted funds?