"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
Common Bank Account
QB Equity Accounts (Disguised as Fund Bal Accts)
Sample Corporate Income Statement
(via the QB Class ID Method)
04/01/XXX1 thru 11/30/xxx1
1st of Yr Bal Class 01
YTD Gain (Loss)
Ending Fund Balances
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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