The Steward's Prophet

Finance for Faith Communities

a project of Congregational Finance LLC -- Rev. Karen McArthur, editor

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Rev. Karen McArthur
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How do you create a "Statement of Financial Position that shows the classification of Net Assets?

1. In QuickBooks, choose “Statement of Financial Position” from the Memorized Reports.

2. Adjust dates so the day before the current year is in the “from” field and the report date is in the “to” field – for example, 12/31/09 to 3/31/10 will give you two columns with those dates.

3. In another window, open “Statement of Fund Balances” or “Statement of Net Assets”

4. Leave the “from” field blank.  Enter the date of the report in the “to” field.

5. Verify that the total of the Funds is the same as the “Total Equity” on the Statement of Financial Position.
If not, then troubleshoot until it matches.

6. With the Statement of Financial Position on the screen, click on “export” at the top center of the window.
This will send the report to an excel spreadsheet.  Use these settings (you should only have to set these once)

• Advanced: do not check “Space between columns”
• Advanced: Choose “Send header to Screen”
• Basic: Choose new spreadsheet
• Basic: Do not choose “Include a new worksheet …” at the bottom

7. After excel starts up and the report is on your screen, at the bottom of the spreadsheet Replace the “Total Equity” section with the wording as follows.
LIABILITIES & NET ASSETS
Net Assets
            Unrestricted Net Assets
            Temporarily Restricted Net Assets
            Permanently Restricted Net Assets
Total Net Assets
TOTAL LIABILITIES & NET ASSETS

8. Enter the subtotals from the Statement of Fund Balances.
If you do this carefully, adding lines between the “opening balance equity” and “retained earnings”, you will retain the various formulas.

9. Verify that Total Assets = Total Liabilities & Net Assets

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