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…
Work through each of the steps below to update the settings for your QBO account. Even if you already have QBO set up, it is a good idea to review these settings to see if you are missing anything. I will highlight the most important settings to get the functionality you’ll need from QBO, but…
Your very first step is to sign up with TechSoup and request the discounted QBO subscription. TechSoup offers discounts on software, tech devices, and services for 501(c)(3) nonprofits, so it’s a great resource for tech needs aside from QBO as well. The price for QBO through TechSoup is minimal compared to a regular accounting software…