Our nonprofit switched to QB online 1/1/24. We track by classes with manual updating of activity to equity accts. Was it set up wrong? (Before me!)

I'm glad to guide you through getting a real-time update of the balances of your funds in QuickBooks Online (QBO), dawn.

It's a good thing that you're using classes to track different funds. This feature allows you to categorize transactions by fund, program, location, etc. Ensure you've set up an Equity account for each fund to get real-time updates.

I also included a helpful resource for categorizing transactions in QBO: Categorize online bank transactions in QuickBooks Online.

For additional information, the following contains detailed steps on how to add or edit transactions in the register: Modify transactions in QBO.

Return to this thread if you have further questions about opening balances in QuickBooks. We'll respond to you as soon as possible. Take care!

Thank you for your reply! Unfortunately, I think I didn’t explain my situation well!  
Our COA has Equity accounts which are our funds, and when we switched from a QB license to QBO on 1/1/24, the previous treasurer entered opening balances for the equity accounts.

All of our activity is in classes, which are also our funds.  So if we get a contribution to our Building fund, it is entered to a contribution account, in the Building fund class.  Or if we charge an expense to the Building fund, it is charged to the expense account, building fund class.  Nothing changes in the equity account in either case.
The previous treasurer would go in at year end and make JE’s to update the balances of all the equity accounts, some of which have sub funds!  I know I can run a statement of activity by class to see the activity, but I’d like to know the balance in the fund in real time.

Is there a way to link the class activity back to the equity accounts? (And what about the equity accounts that have sub-accounts, like Miscellaneous, which has about 7?)  Or is there a way to have put starting balances for each class when we switched to QBO? Or is our COA just set up wrong? (Ugh, I hope not!)

Thanks for getting back with the Community, dawn-lee-comcast. I appreciate your detailed information.

When a class is created, or edited, it can be assigned a name and up to 5 sub-classes. I can certainly understand how an ability to assign an account and starting balances to classes could be useful and have submitted a suggestion about it as of today.

You can also submit your own feature requests while signed in.

Here's how:

1. Use the Gear icon, then go to Feedback.
2. Enter your suggestion(s) in the Have feedback? window.
3. If necessary, attach a file with your Camera icon.
4. Select Next.
   
   

Your feedback's definitely valuable to Intuit. It will be reviewed by our Product Development team and considered in future updates. You can stay up-to-date with the latest news about your product by reviewing Intuit's Product Updates webpage.

You also have the option of checking our QuickBooks App Store for apps which may be able to help you achieve what you're looking to accomplish.

For the time being, you're able to tag classes to transactions. You can refer to our Track transactions by class article for detailed steps on the process. To see class balances, you can run reports by class. Your Sales by Class Detail report will group sales by class and display other details like balances.

In regard to if your Chart of accounts is set up incorrectly, I'd recommend working with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find a ProAdvisor. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.

I've also included a couple detailed resources about working with classes which may come in handy moving forward:
 

• Create & manage classes
• Get started with class tracking

Please don't hesitate to send a reply if there's any additional questions. Have an awesome Friday!

Thank you the information about the subclasses - I may be able to use that.  And thank you for the other links.

All of those still do not solve my problem, unfortunately - it appears I will have to manually adjust equity account balances with activity in corresponding classes.  I can run reports to get that information, but can you give me an example of the JEs that I would have to make to update the equity account balances?  (The organization moved from a single license on a laptop to QBO on 1/1/24, the same day I began in this position, so I can’t see what was previously done.)

Thank you.