I am helping someone to formalise the accounting for a charity organisation. They get donations from various sources (deposited into one bank account) which are then either nominated (or allocated) to specific projects. Each of these projects has it’s own virtual “account”, and each month they need to see income and expenses for each of these projects. This is easily done by using tracking codes and the P&L report for any given period. (See 2 screen shots: top and bottom half of report)
The P&L report is perfect, except that there are no opening and closing balances for each “account” for the period.
Can anyone advise on how to do this? Should we create separate “Cash Accounts” for each project under a control account? If each project needs to be reported individually, it is also fine, but individual transactions are not to be shown. Is there a report that would give the same info as above, but with opening and closing balances for the specified period?