2015-07 QB Fund Acctg - Funds and Departs - ZZeod

"EDITED ONLINER DIALOGS"


TOPIC:  QB Fund Acctg - Funds and Departs                                                 DATE: January 13, 2000

TOPICAL OVERVIEW: This Ministry has a number of both Departments and Funds. This dialog includes a sample QB produced Balance Sheet and Income Statement in pursuit of handling such matters within QuickBooks (TM) (QB).                                                                                          FILE: 2015-07


TO FORUM:     
        We have four fund and five departments in each fund.  How does QB handle any of type of "Due to/or From" with each fund?

TO Onliner:
       Of course, we do not have your Ministry's "Fund Culture" or your Chart of Accounts, but if we were dealing with a structure you have described we would approach it something like what follows:

Sample Balance Sheet as of 11/30/xxx1

Assets

Common Bank Account

$ 1,000

QB Equity Accounts (Disguised as Fund Bal Accts)

Fund A

    Department One

$ 400

    Department Two

$ 250

Fund B

    Department Three

$ 150

    Department Four

$ 200

Total

$ 1,000

Sample Corporate Income Statement

(via the QB Class ID Method)

04/01/XXX1 thru 11/30/xxx1

1st of Yr Bal               Class  01

$ 5,000

Income

                       Class

    Gift Income

31

$3,000

    Earned Income

32

$1,000

         Total Income

$4,000

Expenditures

    Sal/Benefits

41

$6,000

    Supp/Expenses

51

$1,000

    Debt Service

81

$ 500

    Procure FAssets

91

$ 500

         Total Expenses

$8,000

    YTD Gain (Loss)

$ (4,000)

Ending  Fund Balances

$ 1,000


       Of course, you can QB filter by Fund and produce Income Statement structure like that above for each Fund.  Or simply provide detailed QB transaction info by Class for Department Managers, as needed.

        Please note that with the Common Bank Account (all fund have their respective interest in the one Bank Account) you have no need for "Due to /Due From Accounts" until you publicly disclose via GAAP at year end.  Only one of the above Funds could utilize the QB "Actual to Budget" feature.  Click here and please examine our foundational document on this topic.               


          As most of you know, we here at  www.bcidot.org   dialog by email with Onliners regarding Ministry Finance (MinFin) matters.  Above are what we call "Edited Onliner Dialogs", or edited version of actual dialogs with some of you, but we have honored your privacy and not used your name or that of your Ministry. Our purpose is to make topical MinFin information available to any interested Ministry Finance Team so you can learn from one another.. Let us know if you would like to dialog on a Peer to Peer basis with the other Onliner involved and we will try to put you together.   Thanx - Jim Bramer  - Proverbs  9:10


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