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Level 2

How do I define nonprofit Net Asset accounts?

I want to define 3 equity accounts for a nonprofit: Permanently Restricted, Temporarily Restricted, and Unrestricted. When I try adding them to my chart of accounts I don't see anything that fits for the Type. I can't just leave that field empty and all the other choices don't pertain to a nonprofit. So, how do I define these 3 equity accounts?
3 Comments
Moderator

Re: How do I define nonprofit Net Asset accounts?

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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Level 2

Re: 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.


@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.


 

Moderator

Re: How do I define nonprofit Net Asset accounts?

Thanks for coming for coming back to the Community, TomInAiken.

 

You're right. The closest detail type we can choose is the Owner's Equity.

 

As for QuickBooks Desktop, we don't have an option to choose a detail type.

 

Please reach out to me if there is anything else I can help you with.

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