How did you set up your with and without donor restrictions categories? Did you use class? If so, how do you create a statement of activities that is GAAP?

Good morning, @accounting-nivas. 

It's great to see a new face here in the Community. I hope you're having a great day so far. 

To get the best solution to your question, I recommend consulting with your accountant. They'll be able to give you the best accounting advice for your business. If you don't have one, no worries. Here's a link to find one near you: Find ProAdvisor. 

In addition, check out this guide that can help you and your business out in the future: How to prepare and analyze a statement of cash flows. 

This information should get you on the right track. Let me know what you're accountant says. I'll always be around to help if you need me again. Take care!

HI,

Sorry but that is not helpful.  I am the accountant!  I know how to get this to work on other nonprofit software because they have a "Fund" option that used to be used for UR, TR and PR.  It can also be used for with donor restrictions and without donor restrictions.  You can then run a SOA with each Fund in a column.  All Expenses are always UR/without donor restrictions so all expenses correctly show up in the first column with only revenue items in the second/with donor restrictions column.  Then a net assets released line is set up to release funds from with and without donor restrictions.  QB SOA does nothing of the sort.  It is not an SOA but an income statement.  There is also no "FUND" designation.

So, my question remains, how do you recommend setting this up so that it works in accordance with GAAP?

Thanks, Tina

Hi Tina, thanks for getting back to us.

I can see you're very familiar with the accounting process. I'd like to provide a few details on what QuickBooks can do to be GAAP compliant.

I see that the GAAP (Generally Accepted Accounting Principles) are accounting practices that you follow as an accountant. Since QuickBooks was designed as a bookkeeping system, the program needs additional spreadsheets to get this thing done. Also, you can manually track and create it outside QuickBooks.

In your free time, you may want to check QuickBooks resources: Help Articles. It includes information on how to handle QuickBooks reports, transactions, and taxes. 

Please visit again if you have other questions or any concerns about QuickBooks. I'd be glad to have you back and help you in any way that I can. Take care and stay safe always.

Would I be able to create GAAP financials in Fathom?

Hello @accounting-nivas,

I appreciate you for getting back to us here in the Community. I'm here to help you get the answer to your question about creating GAAP financials.

If you're referring to the third-party financial reporting app, I suggest reaching out to their customer support. This way, you'll be able to confirm if they support the data you need like creating GAAP financials.

Here's the link: https://www.fathomhq.com/.

Also, you can check with them if they integrate with QuickBooks. It will help you sync the data automatically into the system.

For additional reference, I've attached articles for more details about how to remove installed third-party apps, as well as migrate the ownership to another user:

• Disconnect an app and change subscription
• Transfer app ownership or disconnect apps

Feel free to hit that Reply button if you have additional questions related to using QuickBooks. Have a great day ahead.

Hello Tina:

if you have found an answer to your question, please share it with us on this site because I have the same question.

Thank you,

Mark