"as assets and liabilities are owned by the entity as a whole, not by the any segments "

Not For Profit organizations and Governmental account do, in fact, require Bal Sheet kept by Funds = Class.

To do this with QB Online that doesn't support Bal Sheet by Class, you can use the same functions as are used by QB Pro desktop users. Pro also doesn't not manage BS by Class.

You will make a Parent level of accounts where you need to track Class as Subaccounts and then you Never post to the parent. You do this for Bank and Credit Card, but Equity (Net Assets or Fund Balances) would not be attached as subaccounts. Like this:

Checking <== use only to Reconcile and make no entries here

Subaccounts: Restricted, Operating, Reserves, Program A, Program B <== everything happens here

There is a good book for this, that is based on QB desktop, but the concepts still apply to Online: Running QB for Not For Profit, by Kathy Ivens.