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csaurio
Level 1

Set-up a chart of accounts for Permanently Restricted, Restricted, and Unrestricted

I want to define 3 equity accounts for a nonprofit: Permanently Restricted net assets, Restricted net assets, and unrestricted net assets. When I try adding them to my chart of accounts I don't see anything that fits 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?

1 Comment 1
JasroV
QuickBooks Team

Set-up a chart of accounts for Permanently Restricted, Restricted, and Unrestricted

Let's work together and set up your chart of accounts seamlessly, @csaurio.

 

You can either select Fixed Assets or Other Assets as the Account type. Then for the Detailed type, you'll want to search online for reference on what type to use.

 

There, you can browse for an example of an asset type that's similar to Permanently, Restricted, and Unrestricted net assets.

 

You can also check out these articles for additional reference: 

 

 

Furthermore, I highly recommend working with your accountant for further guidance. They can share with you their expert advice on what account type and detail type to use and ensure the accuracy of your account.

 

Once everything is all set, you might want to utilize this link for guidance in matching our accounts seamlessly: Reconcile an account in QuickBooks Online.


In case you need more help about setting up an account in your QuickBooks Online (QBO), please feel free to tag me in your response. I'll be here ready to assist you. 

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