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I entered a new roll at a private school as business manager. The profit and loss statements have so many categories and sub categories they are really unreadable and the budget tools therefore are not working properly. Trying to refine but don't event know where to start. Suggestions? Some things are listed in 4 places (asset, liability, income and expense), some are just income/expense. As far as I can tell "classes" are only used for the class spending accounts, everything else is a category. Can I/should I change those?. The governing board wants a 1 page P&L statement which theoretically is totally possible, as our only income stream is tuition payments and 1 fundraiser.
@SMP77 For now, my best suggestion is to attach a picture(s) of the P&L you are referring to.
I believe that would save a lot of back-and-forth as people offer help.
I'm here to assist you in preparing a concise, one-page summary of the Profit and Loss (P&L) statement for submission to the governing board, SMP77. This condensed version will provide the key financial information necessary for their review and decision-making processes. Let's work together to ensure you can clear out your P&L statements to include only the important accounts and categories.
An essential step in enhancing your financial management system is to review your chart of accounts thoroughly. This process involves carefully examining each account and sub-account to identify those no longer essential or relevant to your current business operations. There are also certain accounts in QuickBooks that can’t be deleted because they are default accounts. Once you've identified the unnecessary accounts, you can choose to remove or deactivate them. This will allow you to create a more efficient and insightful financial reporting system. It'll also provide a more accurate picture of your organization's financial health. I'll add an image showing the process.
Additionally, you can use the class tracking feature in QuickBooks Desktop (QBDT). This feature allows you to track and analyze the financial performance of these segments individually, offering a more transparent view of your business operations.
Remember, the QuickBooks Community forum is a valuable resource available 24/7, SMP77. If you have more questions about managing bank accounts, classes, or categories in QBDT, comment below or start a new discussion. The community is always here to help you navigate through your QuickBooks journey.
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