Today I am going to start out through the QuickBooks Set up for Non-profits. The first step is that you go through when you signed up for QuickBooks obscene by your own software you downloaded. And what this does is it creates a chart of accounts. Get your tax account set up properly so first thing you do click start interview. Type in your company name I'm just going to use non-profit. Noon on so you do the same thing for your company using your. This company is a non-profit. As a ship. And it's organized as a non-profit so all the chart of accounts will have a link. Or basically be tagged. To non-profit tax lines on the night. Fiscal year starts January. Well you see. And then files. And now it is set. So now you move to the task of customers. Because the non-profit. Okay services products are both. I'm going to say both because some non-profits do so.
Accounting for Nonprofits is DIFFERENT!
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Get the Sales Tax
Some type of products to compliment any services that they provide us off to both. Teaser charge sales tax. Of. So not much it's do have to. Collect sales tax on the items they sell they sell and in some cases.
So, I'm going to say yes. And do I want to create estimates menacing. Checking customer orders in QuickBooks. QuickBooks uses the term customer but customers are usually donors. In a non-profit organization. Then yeah, they can. Considered a customer. As well unlike statement. Sure. Send this progress invoicing. Managing fails you owe yes. Tracking inventory well for going to be selling books that I say yes. How many books are letters yes. I want to check time I'm going to see no. Do you employees gas. W2 employees and we must.
Using accounts okay so the chart of accounts is. Port you can find out why the chart of accounts. And just read all about it. But it's critical in the sense that it's the it's the accounts of make up here financial statements here. And only the balance sheet profit and loss statement. And so, it gets. Date distract to start tracking their finances well today is 4/18/2017. And. Beginning. So, we have 5 months of activity up until. Today during this year that we started this year I would say we're going to go back to the game this fiscal year.
However. If you're just starting out then you can. Pick the date. Where today's date whatever it is that you started to say, he started last month. Or even 2 months ago. That I'm going to stay the beginning of the fiscal year. Because. I want to go back and capture all the data. It takes a little more time but. And. So now here are the income and expense accounts. Income is the same thing as. Nations revenue. And if any. Funds that come through our considered income. So, for this non-profit. I am going to say that we get. We do special events.
Important Features in QuickBooks for Nonprofits
- Tracking Income of deposits
- Standard Reports for Nonprofits
- Tracking Expenses
- Advanced Budgeting
- Setting up Matching Grants
- Capital Campaigns
- Creating a special event
- Creating fundraising letters
- Reports for fiscal sponsorships & More
- Reports for Houses of Worship & More
- Tracking Funds
- Updating & Protecting QuickBooks data
- Adjusting inventory quantities & More
We do we sell inventory so that's that. Charities now we don't have any that you know by insults stock. Then so it's. No, we don't do that. Okay this is an interesting one revenue release from restrictions. There are 3 of classes of restrictions and for non-profits permanently restricted. Temporarily restricted and unrestricted. And so, if a. Temporarily restricted gift gets sent. To the intended target. For which it's been designated than it needs to be released from that restriction. Intel unrestricted and then set so. This is an important one for. My investment net in we may have been listening time if we have down there I'm in a. Still if being income there's something called other income goes below lines. So, I am in college unrealized gains and losses and probably. Customize it. For a ride you know any. Dividends interest or realized gains. On so anyway. The point of this is just to get something done paper. Say okay you're done go to set up. When I say have paper and get into this. So, once it's into the system then you can. But just that I'm going to start working you can add people from your email towns outlook. Not going to do that because. A lot of people that I do business with aren't necessarily my contacts. And G. mail or Yahoo or outlet so much again counselor. On. I could add the products or services they sell. And I can also add my bank account in America do. Start working. And then. This issue tutorial fine. They go to the chart of accounts. Everything set up. I like to view the open window. And see what windows are open. I selected the one window at a time. So everything's here.
Click the chart of accounts and my children. Set up experimental bank account numbers credit card account. But I do have it's populated income expenses with. You know all of the pre-set. Counts. I can go in and change the haze add these. And I can do that by going down here. Putting new or control and. And adding. Town in this case and I have a bank account. Now just because check. Let's see should I mapped it. Can I. Okay here it is. Caption. Does she assets cash non-interest bearing so this maps it to the 1990. Part. X. 10 I guess Balanchine absence. Same clothes and some cattle on a set up my. Online services yet I will do that later. And I just other accounts are mapped let's try this. It is not. Its initials. Once at the chart of accounts you can go to customize columns. What this does is add. That's added tax line here. And moods and that's good let's just added tabs. We can see that some of these have tax lines like the one I just added.
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