I'll share some steps on how to track the funds, brian-createreel.
When using Fund Accounting in QuickBooks Online, you can use Class tracking and banking sub-accounts to track individual funds.
Let's start by turning on the Class tracking feature by following these steps:
- Go to the Gear > Account and settings.
- On the left panel, select Advanced.
- In the Categories section, click the toggle icon to enable the Track classes feature.
- Hit Save and the Done.
After turning the feature on, you will see a Class field on transactions like deposit, invoices, etc.
Next, set up a separate Class for each fund to track it separately.
- Go back to the Gear locate in the upper right-hand corner.
- Under Lists, select All Lists.
- In the Lists page, click Classes.
- Click New and enter the name of a fund in the Name field.
- Hit Save.
Repeat the steps above to add each of the funds you need to track. When you're ready to enter the funds, you can create transactions like deposits or expenses. Then, select the appropriate fund in the Class field for the income or expense line affected.
If you have multiple funds, you can set up a different sub-account. Check out this article and go to Step 3: Track multiple funds with bank sub-accounts in this article: Fund Accounting for non-profits.
Finally, run a Profit and Loss by Class report to review income and expenses of your funds.
Here are the steps:
- On the left panel, click Reports.
- Under Business overview, click the Profit and Loss by Class.
- Select the Report period and hit Run report.
I'll be around if you have any follow-up questions or other concerns. Thanks.