Sorting/monitoring Grants income / Ring-Fenced Project expenditure year on year

Charity. Receive Grants annually. All ring-fenced for Projects/Specific Activities.
Need to account for year-on-year on-going.
I have all the historical figures from End of Year Accounts.
Starting in QF Year 2023-24 (April to March). I can sort opening balances (nominal accounts)

I suggest I bring over Historical Income / Expenses from previous years (lump sum / opening balances fine) in Specific Nominal Accounts with their own specific Codes. Both Income and Expenses. OK?

Then, allocate Income (Grants etc) 4000 and Expenses (Ring/Fenced Projects/Activities etc) 5000 in the present year as they arise. OK?

Then use TAGS to pick out All the Transactions relating to Grant and Project/Activity. OK?

Would this work? Or can you suggest a way of doing this? Thanks. NOTE a small charity.

Regards David T

Hello @Tiddles

I found this in the forum which may help - Ringfenced funds - #2 by Joe

@QFSteve - thank you so much! This is great! Not only was I approaching it all wrong - but @Joe answer with all it’s detail makes absolute sense! Opening balances in the restricted fund bank account for the year is easy! And transfers as well. I have set it all up and all is working well. It allows project managers to see what ring-fenced funds are left to spend. Common and important for charity work. Thanks you indeed @Joe if still around. It says ‘co-founder’ of QuickFile against his profile. If the case, from the horse’s mouth …

This topic was automatically closed after 7 days. New replies are no longer allowed.