Class values are used to classify transactions in not-for-profit accounting. The Financial Edge contains default values that align with FASB’s former net asset classifications of unrestricted, temporarily restricted, and permanently restricted. Customers must update The Financial Edge with the new classes of net assets with donor restrictions and without donor restrictions.
To add the new Class values:
In General Ledger go to Configuration > Tables
Select the Class table
Click New Table Entry
Enter the name of the new Class in the Description text box
This process will only make the new values available to be selected as Class values in the system. Funds, Accounts, and Distributions must be updated separately to use the new Class values. See 2017 FASB Accounting Standards Update for more information on the change to with donor restrictions and without donor restrictions Classes.