Using QuickBooks Online for Nonprofit Organizations & Churches

Using QuickBooks Online for Nonprofit Organizations & Churches

by Lisa London, Kimber Eulica

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Overview

If you are considering using QuickBooks Online for your small nonprofit or religious organization, Lisa London’s latest book is a must have!


The Accountant Beside You, Lisa London, has teamed up with CPA Eulica Kimber to show you how to make QuickBooks Online work for your nonprofit. From establishing good internal accounting controls, to converting from your desktop QuickBooks, to step-by-step instructions for setting up the system, QuickBooks for Small Nonprofits & Churches will guide you along the way.


This resource includes hundreds of illustrations, sample chart of accounts for a variety of nonprofits, a sample chart of account for a religious organization, and instructions on managing the various aspects of an accounting system. No prior accounting knowledge is needed; Lisa and Eulica explain the process without unnecessary jargon.


Topics include:



  • Procedures to guard against theft and errors
  • Designing a chart of accounts (with examples for different types of nonprofits in the appendix)
  • Converting a desktop QuickBooks organization into QBO
  • Tracking donor gifts and grants,
  • Importing donor and vendor contact information
  • Receiving money, paying bills, and tracking credit card charges
  • Reconciling accounts
  • Budgeting
  • Designing management reports
  • Month-end and year-end procedures
  • Tracking fundraisers, in-kind donations, volunteer hours
  • And so much more.


For assistance with your organization’s accounting needs, join the over 10,000 readers of the Accountant Beside You series.

Product Details

ISBN-13: 9781945561023
Publisher: Deep River Press Inc.
Publication date: 07/26/2016
Series: Accountant Beside You
Pages: 252
Sales rank: 439,627
Product dimensions: 7.00(w) x 10.00(h) x 0.53(d)

Table of Contents

1. QuickBooks Online Options 1-1
A. Will QuickBooks Online Work for My Organization? 1-1
B. QBO vs Desktop 3
C. Fund Accounting 5
D. Reporting Differences 6
E. Differences in Terminology 7
F. The Case for Internal Accounting Controls 8
G. Advice for the Governing Body of the Organization 8
H. Tips, Hints, and When to Let Someone Else Do It 9
2. Acquainting Yourself with QBO 10
3. Setting up Your Organization File 14
4. What is the Chart of Accounts? 27
5. How do I Track My Grants & Programs? 42
6. Donors & People I Owe Money To 50
7. Inputting Donors & Vendors from Files 59
8. Products & Services-Tracking the Transactions 66
9. Money In-Recording Donations & Revenues 72
10. Money Out-How Do I Pay the Bills? 94
11. Payroll 112
A. Using Journal Entries to Record Payroll 113
B. Entering Payroll through the Check Entry Screen 115
C. Paying the Benefit Contribution 115
12. Bank Feeds & Reconciliations 117
A. Banking 117
B. Connecting Your Accounts 119
C. Preparing for the Bank Reconciliation 123
D. Reconciling the Bank Account 129
E. Credit Card Reconciliation 134
F. Reconciling Petty Cash 134
G. Other Reconciliations 135
13. Where Do We Stand?-Designing & Running Reports 137
A. Types of Reports 137
B. Navigating the Reports Center 138
C. Defining the Parameters and Saving Customizations 139
D. Most Useful Reports 144
E. Exporting Reports to a Spreadsheet 147
F. Other Miscellaneous Reports 149
14. Am I Meeting My Targets? Budgeting 150
A. The Budget Process 150
B. Entering Your Budget 152
C. Entering Budgets by Program or Grant 156
D. Budget Reports 158
15. It's Month End &/or Year End-What do I do? 162
A. Month & *Year-End Checklist 163
B. Reviewing Your Transactions 164
C. Allocate Fund Balances 167
D. Restricted versus Unrestricted Cash 168
E. Year-End Adjusting Entries 172
F. Board Reports 172
G. Year-End Closing 172
H. Year-End Donor Acknowledgments 173
I. Other Year-End Requirements 179
16. What About...??? 186
A. How Do I Account For ...? 186
1. Fundraisers 186
2. Record the Sale of Merchandise 187
3. In-Kind Donations 190
4. Volunteer Hours 191
5. A Reserve Account on the Income Statement 195
B. How Do I ??? 198
1. Invite and Manage Multiple Users 198
2. Invite an Accountant 203
3. Send a Thank You from the Receipts Screen 204
4. Customize Forms 205
C. What About .....? 209
1. Reports I Need for an Audit 209
2. Tax Stuff 209
17. QBO Mobile and 3rd Party Apps!! 211
A. QBO Mobile 211
B. 3rd Party Apps 212
18. Appendix 213
A. Before You Start Checklist 214
B. Proposed Charts of Accounts 215
1. For Organizations Needing a Simplified UCOA 216
2. For a Religious Organization 221
3. For Associations 228
4. For a PTA 231
5. For a Civic Club 232
6. For a Boy Scout Troop 235
7. For a Girl Scout Troop 237
8. For a Private School 239
Index 241

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