I have a non-profit company that has 3 bank accounts that I would like to be able to pull revenue and expenses separate for the 3 separate entities without setting up 3 companies. Can this be done within QB?
Sure, just go to Preferences and turn on Class Tracking. Assign a class to each division or area you want to track. On every income and expense transaction, assign it's proper class and you can get a Profit & Loss By Class Report.
Also, will I not be able to pull a trial balance by class? I do not see how I could because the banks are not associated with a class. Can I associate the balance sheet items with a class and run a balance sheet on each entity?
Any input you could give me would be greatly appreciated.
Sorry. The classes are for designating different profit centers so they are only useful for the income and expense accounts. You can't split the Balance Sheet accounts with classes for any useful purpose.
I set up my non-profit with subaccounts. I had three funds to track income and expenses in. My first level for Income was General Fund (GF), Endowment Fund (EF) and Camp OK Endowment Fund(CF). As a subaccount of GF Income, I have Donations Income. As a subaccount of EF, I have a Donations Income account, and there is one under CF Income. Under GF Expenses, I have Grants issued Expense, under EF and CF, I also have Grants issued Expense. I then can run an Income Statement for all funds. I have also memorized Income Statements for GF, EF, CF that only have the appropriate accounts selected.
The banks are set up completely separate. It does not matter how much I have in each bank, what matters is the Fund Balances I have by running the Income Statements. Cash in the bank is an asset, balances in the funds (the sum of all income less the sum of all expenses) is on the equity side. The two MUST equal and will under my system.
