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Tracking and reporting income and expenses with fund accounting

Keeping track of expenses by fund is easy when you're tracking funds with classes. Whenever you write a check or enter a bill or credit card transaction in QuickBooks, select the class corresponding to the fund from which you're spending the money. Also select an expense account.

To get an accurate picture of your funds, you must classify every transaction in QuickBooks.

If a transaction doesn't apply to the general fund or to any other fund, classify it as Other.

A Statement of Financial Income and Expense (profit and loss) report enables you to see income and expenses for any and all funds, including your general fund (sometimes referred to as overhead). Nonprofit organizations may also need to report the amount they spend on overhead as a percentage of their total expenses.

To see your Statement of Financial Income and Expense (Profit and Loss) by Fund report

To report overhead as a percentage of total expenses

  1. Open the Statement of Financial Income and Expense report.

  2. Click Customize Report at the top of the report.

  3. On the Display tab, add a column for % of Row.

This report shows you income and expenses for each fund as a percentage of total income and expenses for each fund. Look at the Total Expense figure in the column for your general fund to see your general fund expenses as a percentage of your total expenses.

See also

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