![]() In many ways, Projects function just like sub-customers. ![]() I am really excited about the new Projects Center as a way to track restricted grants! To use this feature, you must first turn on “Use project financial tracking” on the Advanced Tab of Account and Settings. QuickBooks Online gives us another option: Projects When you want to see the activity on the grant, and know the restricted balance, run a Profit & Loss by Customer report, filtered for that specific sub-customer, and set the date range for the correct time period. In order to use this feature, you must first turn on “Track expenses and items by customer” on the Expenses tab of Account and Settings This allows you to see the income from each grant separately, and to track costs back to it using the Customer/Project field on Expense transactions. Plan ahead! Be optimistic! Assume that a Customer giving you a restricted grant will probably give you another and that you will want to be able to tell them apart! Set each individual restricted grant up as a sub-customer A nonprofit might have donors, members, students, clients – consider anyone who gives you money to be a Customer. ) That source is your customer.ĭon’t get hung up on the terminology. Audited financials now show income and net assets With Donor Restrictions. Every restricted contribution comes from somewhere: an individual, a foundation, or a government entity. How should you manage restricted grants in QuickBooks Online?Īn easy place to track restricted contributions is in the Customer list. I hope lots of funders fully support your Theory of Change and give you grant after grant after grant… Close your eyes for a moment and imagine what using Classes for all of those grants would look like in QuickBooks …ĭon’t do that to your data file. ![]() I hope your organization is around for as long as it takes to fulfill your mission.
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