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Posted by Bob on January 8, 2007, 12:02 am
Please log in for more thread options You can also run "classes" in QB. Classes break out income and expense
to specific activities.
In your case, one class may be the Gift Shop. A second class may be a
major fundraiser. A third class may be donations. You can allocate cost
to each class to provide individual income statements that roll up to a
consolidated income statement.
Classes exist only for income and expense not for balance sheet itesm.
Laura wrote:
> >I probably set up the chart incorrectly, and can't figure out how to
> >correct it. Here's what I have:
> >
> > Our non-profit organization has income from a variety of sources
> > (contributions, memberships, etc.. It also has sales from a gift shop.
> > Each of these categories has its own income account with account type
> > "Income". There's also a cost of sales account for the gift shop with
> > account type "cost of sales"
> >
> > During the year, we post all gift shop sales to the "gift shop sales"
> > income account. We post inventory purchase to the Inventory balance sheet
> > account. At year end we post an adjusting journal entry of the form:
> >
> > Cost of sales xxxxx
> > Inventory xxxxx.
> >
> > I end up with the correct year end P & L and Balance Sheet figures. But
> > the P & L report layout is not in the normal form. Instead I end up with:
> >
> > Income
> > Income1 xxxx
> > Income2 xxxx
> > etc...
> > Income 10 xxxx
> > Gift shop sales xxxx
> > Total Income xxxx
> >
> > Cost of sales
> > Cost of sales xxxx
> > Total Cost of Sales xxxx
> >
> > Gross profit xxxx (which is then the sum of all the income
> > account balances minus the COGS)
> >
> > I'd normally expect the cost of sales to be "attached" only to the gift
> > shop sales, with the gift shop gross profit being the difference.
> >
> > Should I have labeled all the other income accounts as "Other Income"? If
> > so, can the account types be changed after the fact?
>
> Yes, the Income accounts should be listed under Other Income to get the
> desired P&L format you want. You can change their type to Other Income by
> editing the account to change the type to Other Income.
>
> If they are a subaccount you will will need to remove the subaccount
> designation, save the change, re-edit the account to move it to Other
> Income.
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