tag:blogger.com,1999:blog-2084483202098738705.post8736895910876946572..comments2024-03-16T04:23:28.773-05:00Comments on MinistryCPA - Corey A. Pfaffe, CPA, LLC: Bookkeeping for Expenses--Part Budget, Part DonationCorey A. Pfaffe, CPA, PhDhttp://www.blogger.com/profile/15711102161358752143noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2084483202098738705.post-38104997011262231192011-04-03T15:49:09.946-05:002011-04-03T15:49:09.946-05:00Question:
My question refers to your Feb 9 post a...Question:<br /><br />My question refers to your Feb 9 post about using equity accounts to keep track of designated giving/expenditures. It is appealing to me because it makes it easy to show that designated giving was indeed spent appropriately and also allows for carrying over unspent gifts from year to year.<br /><br />When you do this in QB, do you still keep track of the designated giving with income and expense accounts as well? Currently we categorize general contributions under "undesignated giving" and we have several income sub-accounts under "designated giving" to keep track of designated gifts (missions, music, etc.). Would that stay the same with your system? <br /><br />Answer:<br /><br />You will need to post designated giving receipts and disbursements to the equity accounts only. In order to provide a summary of activity for a selected period of time, QuickBooks provides Activity reports that I've found very helpful.Corey Pfaffehttps://www.blogger.com/profile/14403804807948033774noreply@blogger.com