Can we modify grouping for Equity to conform with standards for nonprofit organizations?
example: Assets = Liabilities + Net Assets (instead of Equity)
then group Net Assets as Unrestricted, Temporarily Restricted, and Restricted
If not, I hope this will be implemented for future updates. Thanks a lot for this software.
I think you can do almost everything you want. All you have to do is rename and/or create accounts in Chart of Accounts under Settings tab. Using the classified balance sheet and multi-step income reports, you can create whatever groups you want. The only thing you could not do is rename the Equity category as Net Assets.
Hi @Tut. Why can’t we rename Equity to something else please? In our case, instead of “Net Assets” it should be “Fund Balance” to fit our non-profit’s Income Statement otherwise known as “Statement of Financial Position.”
Right now, the solution I have in mind is to print it and then edit the PDF/file. It would be great if there would be no need to manually edit/remove such terminology.