Need to make the desktop version of QuickBooks
work for your nonprofit organization?
PLEASE NOTE: This book has been updated and is now available as QuickBooks for Nonprofits & Churches-A Step-By-Step Guide for the Pro, Premier, and Nonprofit Versions
Lisa London, The Accountant Beside You, will take you step by step with hundreds of illustrations. Complex concepts are explained in a friendly, easy-to-understand manner. Learn to design your accounting system and procedures to guard against fraud and error, handle donations and acknowledgments, budget, and so much more.
Included in the appendix are London's suggestions for:- Association chart of accounts
- PTA chart of accounts
- Boy Scout chart of accounts
- Girl Scout chart of accounts
- Civic club chart of accounts
- Private school chart of accounts
- and a getting started checklist.
Additional resources for nonprofits can be found at the AccountantBesideYou.com website.
ISNI 0000 0004 5059 7909 Lisa London, Author
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Table of Contents
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X. Money Out—How Do I Pay the Bills? A. Cash vs. Accrual Methods |
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Index A account list 44 accountantbesideyou.com 1, 7, 38, 228, 271, 274, 297 accountant’s changes 254, 255 accountant’s copy 251, 254 accounting controls 1, 5, 99, 128 bank reconciliation 155 for paying bills 128 for receipts 99 procedures 6 accounting year 4, 18, 50, 174 accounts account list 44 account numbers 23, 33, 34, 47, 51 account type 40, 41, 46 add new account 41 beginning balances 42, 49 delete account 47 design a chart of accounts 32 download 38 edit accounts 44 make inactive 48 naming 22, 38 parent 40, 41 subaccount 23, 40, 43 accounts payable reports 190 accounts payable (see also:bills) 34, 46, 50, 133, 190, 210 accounts receivables (see also: donations, dues)34, 46, 50 accrual method of accounting 133 accrual basis 132, 173 accrual option 173, 206 cash vs accrual methods 127 accumulated depreciation 57 accumulated profit 2 administrator’s password 216, 248 allocation of expenses 96, 152, 154, 169, 193 American Society of Association Executives (ASAE) 36 ask my accountant 37 assigning names 22 audit adjusting entries 213 annual 6, 228 audit committee 6, 167 audit trail 160, 264 reports 263 automatic allocation 152 automatic backups 14 automatic drafts 163 B backup 10, 12, 14 bank accounting controls 155 charges 159 drafts 143, 205 deposits 30, 110, 119, 123, 162 online banking 10, 26, 140, 155, 271 reconciliation discrepancies 167 remote imaging device (RID) 99 returned checks 158 transfer funds 156 undeposited funds 30, 34, 122, 125, 158, 162, 164, 207, 208 batch invoices 229 beginning balances accounts payable 133 balance equity 33 balance journal entry 49 receivable balances 115 benefits 35, 36, 50, 208 bills accounting controls 128 allocate expenses 152 billpmt 161 bills entry 137 copy 137 credit card account 138 credits 24, 146, 148 edit 136 memorize 154 online payments 130 pay bills 137, 140, 145 preferences 24 recurring bills 133 void 137, 159 bookkeeper 5, 99, 100, 101, 128, 130, 155, 216 budget by account 193 by grant 191 by month 197 by program 194 process 191 proposal 192 reports 196, 200 vs forecast 200 C calculator 133 camps 274, 291 capital campaign 2, 35 cash restricted 43 unrestricted 43, 44, 211 cash basis option 173 cash method 127 cash receipts 108 cash-flow 190, 202 chart of accounts (see:accounts) check register 161, 163 check signer 100, 128, 129, 130, 139 checking account (see:bank) checking preferences 25 checklist 204, 205, 272, 273 civic club accounts 272, 286, 288 classes add new 55 list 53, 54 names 53 edit/delete 55 parent class 55, 187 subclasses 52, 55, 184
close company 8 closing date 23, 208, 214, 216, 255 cloud-based storage 15 COGS (cost of goods sold) 235, 237 collapse button 183, 206 column by column copying 91 column width 183 contact sync 80, 82 contributed tab 172, 179 copy/paste 269 credit card account 138, 146 charges 126, 144 processors 101 receipts 125, 144 reconcile 146 recurring donations 125 CSV (comma separated values) 79, 89 current asset 35, 47 current liability 35 custom fields 67, 78, 95 custom reports 43, 212 customers add new customer 77 attach files 119 customer type 62, 66, 89 grant 70, 118, 119, 132 importing 87 naming protocol 61, 79 other information 79 D deposit (see:bank) dividing date 253 donations 43, 100, 144, 146, 162, 168, 208 accounting controls for receipts 99 acknowledge receipt 106 by members 63
entering cash receipts 108 entering checks received 104 entering dues 112 in-kind 237, 238 miscellaneous receipts 119 pass-through 120, 121 recurring dues 115 restricted donation 118 donor acknowledgments 216 donor thank-you (see also:video) 255 donors (see:customers) donors/grants reports 181 download a QuickBooks file 7 credit card charges 146 IRS publication 598 265 reports 172 transactions 10 dues invoice template 113 receivable 110, 111 received 112 E email a donor 255 entering donations 102, 109 Enterprise version of QuickBooks 6 expand button 180 expense-reporting 36 exporting reports 184 Express Start 18, 31 F financial statements (see also: reports) 5, 95, 204, 228, 273 fiscal year 115, 174, 216 fixed asset items 59, 96 forecasts 200, 201 fraud 5, 128 fund accounting 2, 41, 43 fund balances 204, 205, 210 fund class 52, 57, 105 fundraisers 100, 228, 274, 291 G general fund 58, 236 general journal entries (see also: journal entries) 23, 55, 150, 161, 169, 231 general preferences 27, 30 general support 3 gift cards 168 Girl Scout Troop 272, 292, 293 grants (see also:jobs) 3, 35, 51, 69, 93, 194 group allocation 154 H handbook 7 handwritten checks 143 header/footer tab 175, 213, 217 hide detail accounts on reports 183 header 179 inactive accounts 48 transactions 164 historical data 69, 191, 192, 193, 194, 196 home screen 9, 10, 102, 111, 143, 161, 162 hovering your mouse 183
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I iif files 297 import contacts from email 79 contacts through spreadsheet 89 dues template 112 in-kind donations 237, 238 income tracker 266 income (see: donations) independent contractors 35 inflation 193 inputting donors using a spreadsheet 87 instructions on uploading the file 38 insufficient funds 155, 159 internal accounting controls (see: accounting controls) internet-based donor record systems 109 inventory 35, 93, 126, 234, 235, 236 invoices (see also: pledges, dues) 111, 115, 116, 120, 189, 202, 229 IRS forms and publications 35, 106, 216, 219, 222, 223, 225, 226, 227, 265 items add new 94 on a bill 269 on an invoice 93 pass-through donations 121 service items 94, 242 to allocate expenses 96 to save time 154 track volunteer 96 types 93 J jobs (see also:grants) 4, 51, 52, 70 journal entries (see also:general journal entries) 55, 148, 150, 158, 169, 213 autofill 23 beginning balance entry 57 to record credit card charges 126 to record payroll 148 to record postage 169, 205 year-end adjusting entries 213 L labels 64, 129, 190 layout designer 258, 260 liabilities (see: accounts payable(see also bills) limitations of QuickBooks 3 limits on names 61 logo 256 long-term assets and liabilities 34, 35 M make deposits 119, 120, 123, 162, 207, 245 manual checks (see: handwritten checks) mapping data fields 84 mapping to a tax line 44 members 61, 115, 126, 229 account 229, 230 dues 112 payments 231 memorize 115, 134, 143, 144, 151, 154, 179, 265 memorized transaction list 154 merchandise sales 234 miscellaneous preferences 27 Montessori 294 month & year-end checklist 205 multiple list entries 87 multiple users 7, 246 N names 22, 53, 61, 75 naming protocol 22, 38, 64, 90 non-operating income and expenses 37, 184, 191 non-restricted money 123 Nonprofit version of QuickBooks 2, 7, 32, 36, 111, 180, 190 notes 70, 73, 74 numbering structure 33, 36, 38, 47, 167 O offsite location 13, 15 online accounts (see:bank - online banking) online backups 12 online version of QuickBooks 2 opening balances 42, 64, 75 ordinary income 184 other names 61, 67, 240, 241 overpayments 24 P pass-through collections 120 passwords 19, 130, 214, 215, 246, 254 payee 26, 128, 157 paying bills online 130 paying sales taxes 265 payment preferences 138 payment screen 30, 116 PayPal 101, 223 payroll entering through the write checks screen 151 liabilities 46 service 149, 227 withholdings 151 recording using a journal entry 148 petty cash 128, 168, 207 pledges (see:donations) preferences accounting 23 bills 24 calendar 24 checking 25 company 22 desktop 26 general 27 miscellaneous 27 my preferences 22 payments 29 Premier version of QuickBooks 2, 7, 111, 112, 190, 200 prepaid assets credit cards 168 insurance 47 postage 169 preview 20, 219, 226, 262 1099s 224 checks 138, 140 filing and mailing labels 129, 190 report scaling 268 Pro version of QuickBooks 2, 197, 200, 229 Proadvisor 2 programs (see: classes) PTA 272, 285 Q Quicken 2, 18, 31 Quicken conversion 31 R receipts (see:donations) reconciliation discrepancies 164, 165, 167 reconciliations 155, 169, 207 reimbursable expenses 132 reimbursements 143, 219 reissued 26 report center 189, 264 reports accountant 190 auditor 264 designing & running 170 expand or collapse 179 most useful 180, 200 scaling 268 statement of activities 170 statement of financial position 170, 181, 205, 206, 214 statement of functional expenses 35, 181 types of 170, 180 required information 18 reserve account 243 restore 15, 31 restricted fund 2, 57, 105, 117, 118, 210, 255 restricted versus unrestricted cash 43, 211 returned checks 158, 159, 267, 268 reversing entry 161 RID (see:scanner) S sales receipts (see:donations) sales representatives 67, 79, 91 sales taxes 27, 93, 265 scaling 174, 268 scanner(RID) 28, 99, 100, 101, 121, 123, 124, 162, 259 scouting 36, 291 selective access 250 self-duplicating receipt book 100 set date/password 215 show lowest subaccount only 44 spreadsheets column by column 91 converting data 89 exporting reports to 184 potential errors 90 synchronization 79, 85, 86, 126 T tax return 18, 32, 35, 42, 44, 51, 181 Techsoup.org 2 templates 3, 112, 113, 114, 115, 256, 257, 263 temporarily restricted class 117 temporarily restricted funds 53 thank you 255, 257, 262, 263 timesheet 239, 241, 242 to-dos 72, 74 transfers 101, 155, 156 trips 126, 229, 231, 274, 291 U UCOA (Unified Chart of Accounts) 32, 36, 272, 275 undeposited funds 30, 122, 125, 158 unrelated business income 265 unrestricted cash 41 unrestricted funds 52, 53, 57, 105, 210, 255 uploading a file into QuickBooks 38 V vehicle donations 238 vendor center 144 vendors adding 74 credits received 146 custom fields 78 importing 74 video 255 void bill payment 161 checks 161 volunteer hours 93, 96, 239 W W-2 wage-and-tax-statement 227 wrap text 186 write checks 140, 143, 148, 151, 157, 159 Y year end adjustments 5 checklist 205, 214 closing date 205 donor acknowledgments 216 journal entries 213 requirements 219 |