Thank you for doing an updated video on this. Even more clarity. The 3900 Beginning balance on the balance sheet is the retained earnings from prior year, correct?
We use classes in QBO. But we have several fund accounts which operate multiple years. We’re mission based and fund “schools”. I would love to see a video based on that method. And for fun, how to set the system up to show them on a balance sheet. 😊. Thanks for your videos, please keep up the good work.
I've been thinking a lot about classes lately as well. Sometimes, the chart of accounts get too long and repetitive. Classes would be a way to extend it horizontally.
I like your approach of using the equity accounts to see the balance. But I have the same questions as above, should these funds be recorded some time on the p&L statement?
Thank you for doing an updated video on this. Even more clarity.
The 3900 Beginning balance on the balance sheet is the retained earnings from prior year, correct?
We use classes in QBO. But we have several fund accounts which operate multiple years. We’re mission based and fund “schools”. I would love to see a video based on that method. And for fun, how to set the system up to show them on a balance sheet. 😊. Thanks for your videos, please keep up the good work.
I've been thinking a lot about classes lately as well. Sometimes, the chart of accounts get too long and repetitive. Classes would be a way to extend it horizontally.
This approach of recording donor restrictions will not reflect in statement of activity, the P&L statement, am I right?
I like your approach of using the equity accounts to see the balance. But I have the same questions as above, should these funds be recorded some time on the p&L statement?