How to Record Restricted Assets in QuickBooks
Restricted assets, such as revenue bonds or property assigned as loan collateral, usually require specific accounting procedures to separate them from other items in an organization's balance sheet. Intuit QuickBooks business accounting software allows you to record and track restricted assets in your business or nonprofit organization's accounts by setting up a separate funds class. To record restricted assets in QuickBooks, you first need to set up class tracking in the program's accounting preferences.
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Instructions
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Launch QuickBooks.
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Click "Edit" in the main menu, then select "Preferences" from the drop-down menu. This opens the Preference window.
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Click "Accounting" in the list of options on the left side of the window.
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Click the "Company Preferences" tab. Click the "Use Class Tracking" check box to select and enable this option.
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Click "Lists" in the main menu, then select "Class List."
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Click the "Class" button at the bottom of the list. Select "New" from the context menu. Enter a name for the class into the input field; for example, "Restricted Assets." This creates the Restricted Assets funds class.
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Enter checks, electronic payments or other transactions into the relevant business account in QuickBooks. After entering the transaction amount in the input field, click the "Class" field button and select "Restricted Assets" from the drop-down list of funds classes. This records the restricted asset transaction in your balance sheet.
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Tips & Warnings
View all restricted asset transactions by clicking "Reports" in the main QuickBooks menu and selecting the Balance Sheet by Class report from the list of available reports.
