Now that you’ve matched and added transactions through the bank feed, reconciling will be a breeze! Reconcile Bank Accounts and Credit Cards Reconciling your bank accounts involves comparing the transactions you entered to QBO to the transactions on the bank statements. This checks that you have captured all the activity that occurred on your bank…
Now that we’ve done all the prep work, it’s finally time to actually use the bank feed! Matching and Adding transactions in the Bank Feed Matching Transactions Adding Transactions Creating Rules Bank rules allow you to pre-determine the transaction information for recurring transactions. When you set up a rule, the bank feed will recognize the…
The bank feed is one of QBO’s main time-saving features, and if you’re just getting started with your nonprofit and DIYing your books, saving time is probably high on your list of priorities! Before we get into the details of the bank feed, there are a few things you should know. The bank feed can…
In this section of the The Guide, we’re going to learn about expense transactions in nonprofit bookkeeping. And I have good news – now that you’ve made it through the revenue section, entering expenses is going to be a breeze! You’re already familiar with the navigation in QuickBooks Online and expense transactions use many of…
This section goes over specific instruction for each of the QBO transactions used to enter revenue. First, I will show you how to add the customer to record the transaction under. Then we will look at how to enter Sales Receipts, Pledges, Receive Payment, and Bank Deposits. Use the dropdown menus below to view each…
In this part of The Guide, we’re going to learn about revenue in nonprofit bookkeeping. I will first go over a couple things to consider before you get started with revenue entries. Then we’ll look at types of revenue your organization might receive and the specific transactions in QBO that you will use to enter…
One of the great features of QBO is that you can connect your bank account and get every transaction from the account imported straight into QBO. This makes entering transactions and reconciling at the end of the month so much easier! You’ll want to connect any accounts that are in the organization’s name. This means…
When you enter a Pledge* or Sales Receipt in QBO, you can’t categorize by Account. Instead, you have to use the Products / Services list. These map back to an account in QBO. We’re going to prepare that system now so it’s ready to go when you start making entries. To do that, we’re going…
Your Chart of Accounts is the backbone of your accounting system. These are the categories where you track income and expenses for the Statement of Activity, and bank accounts and other assets, liabilities, and net assets for the Statement of Financial Position. Don’t worry if you don’t know what all that is yet. Just know…
Nonprofits track their expenses by function. They do this in 3 main categories: Administration, Fundraising, and Program. These tie in directly to the 990 reporting. You will use Classes in QBO to track your functional expenses. Before we get into setting up your Classes and chart of accounts, here’s a quick rundown of how these…