Fund Accounting (i.e., funds within bank accounts)
Within one bank account, I need to have fund accounts. For example, within my one checking account, I need to have a general fund and a tax fund. I know that Easy Books will allow me to create a bank account and make it a container and then put other bank accounts within that container. The problem that I come across, though, is that Easy Books will not allow me to reconcile the bank statement with the container account (i.e., the checking account). It will only allow me to reconcile the accounts within the container (i.e., the fund accounts). I need to be able to put transactions within the fund accounts, but then reconcile the entire checking account. Other bookkeeping software allows this (e.g., QuickBooks and Gnucash). Is there a way to do this in Easy Books or is there some workaround?
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Support Staff 1 Posted by Admin on 20 Jan, 2013 04:05 PM
I'm not sure I understand what you're doing. If you have one bank account, do you want to somehow ring-fence money into different pots? If so, the app does not help you with this. Let me know if I've got the wrong end of the stick though.
2 Posted by steffens on 20 Jan, 2013 08:20 PM
Mathew, thank you for the reply. I believe that you understand. For churches and other nonprofits, at least in the United States, it is common to have one bank account that contains money from multiple funds that need to be accounted for separately. For example, a church will often have a "general fund," a "missions find," a "benevolence fund," and other funds, all of which it holds in one bank account. General nonprofits will often have a restricted fund and an unrestricted fund. Most entities do not set up separate bank accounts for each of these funds. Rather they account for them in their bookkeeping program. It appears that Easy Books will allow me to do this by making the one checking account a "container," with the funds (or subaccounts) accounts within that container. The container will show all the transactions of the subaccounts within it. However, Easy Books does not appear to allow me to reconcile the one bank statement with the container.
Support Staff 3 Posted by Admin on 20 Jan, 2013 10:27 PM
I see what you mean now. You're right: containers could be used as a partial workaround for this but as you've seen it isn't perfect.
Admin closed this discussion on 20 Feb, 2013 12:55 PM.