Fund accounting in QuickBooks is tricky and requires many entries. The first entry is a deposit to income using the grant class. As you spend down on the grant, you must include the grant in the class field of each transaction. You then run a profit and loss by class, but you need to select the date range from the beginning of the grant to current to determine the grant's available balance.
The equity section with regards to a grant is much more complicated depending on whether the funds are restricted, non-restricted or temporarily restricted. Technically, when grant funds are restricted or temporarily restricted the balance needs to be adjusted as the grant money is spent. Unless you are very savvy, I would leave the equity adjustments to the accountant that prepares your 990.