For most nonprofits, QuickBooks Online is the way to go. It's affordable, easy to use, and packed with features tailored to nonprofits. With QuickBooks, you can track income and expenses, bill donors, pay vendors, run reports, and generate financial statements. And because it's cloud-based, you can access your data anywhere and give multiple team members access with different permission levels.
Whether you have a small grassroots organization or a large foundation, QuickBooks can handle it. The learning curve is gentle, the interface is intuitive, and QuickBooks offers great support resources for nonprofits. Stop struggling with spreadsheets and outdated systems and step into the 21st century. QuickBooks Online is calling your name!
Why QuickBooks Online Is Essential for Nonprofits
As a nonprofit, managing your finances and accounting accurately is crucial. That's why QuickBooks Online is essential. This cloud-based software helps you track income and expenses, pay bills, generate reports, and so much more - all in one place.
Easy to Set Up and Use
QuickBooks Online is simple to set up and navigate. In just a few minutes you can create customized charts of accounts, import your historical data, and be up and running. The intuitive interface makes it easy for anyone in your organization to log in and record transactions or run reports.
QuickBooks Online offers powerful standard reports like profit and loss statements, balance sheets, cash flow statements and budget vs. actuals. You can also create custom reports to get the specific insights you need. Run reports anytime to monitor your financial health and share them with board members, donors and auditors.
Multiple User Access
Give multiple members of your team access at different permission levels. Let your bookkeeper record transactions while still allowing your executive director to view reports. Set up logins for your accountant or auditor to access what they need.
QuickBooks Online integrates with many nonprofit-specific tools like donor management, fundraising and payroll software. Connecting these systems helps reduce duplicate data entry and provides a more complete picture of your organization.
With the right accounting solution in place, you can focus on your mission. QuickBooks Online is affordable, easy to use, and packed with features to help your nonprofit thrive.
Getting Started With QuickBooks Online for Your Nonprofit
To get started with QuickBooks Online for your nonprofit, follow these steps:
Sign Up for an Account
Log in to QuickBooks Online and select “Nonprofit” as your organization type. You’ll be prompted to enter details like your nonprofit’s legal name, address, and tax ID.
Set Up Your Chart of Accounts
The chart of accounts categorizes all of your nonprofit’s income, expenses, assets, and liabilities. You’ll want accounts for things like donations, grants, payroll, rent, etc. Keep your chart of accounts simple but comprehensive. You can always add more accounts later.
Connect Your Bank Accounts
Linking your bank and credit card accounts allows QuickBooks Online to automatically import your transactions. This saves tons of time and ensures your books are always up to date. Just enter your account info and QuickBooks will handle the rest.
Enter Your Opening Balances
Once your accounts are connected, enter the balances for any income, expense, asset, and liability accounts as of your conversion date to QuickBooks Online. These “opening balances” ensure your books are accurate from day one.
Set Up Users and Permissions
Determine who needs access to your QuickBooks Online account and what level of permission they need. You can set up multiple users and customize exactly what they can see and do. This keeps your data secure while allowing the right people access.
With the basics set up, you're ready to start using QuickBooks Online to effortlessly manage your nonprofit's finances. Track income and expenses, run reports, pay bills, and generate statements - all while saving time and ensuring accuracy. QuickBooks Online is a must-have tool for any nonprofit.
Tips for Using QuickBooks Online to Streamline Nonprofit Accounting
Once you have your QuickBooks Online account set up for your nonprofit, you’ll want to take advantage of some useful features to streamline your accounting. These tips can save you time and hassle so you can focus on your mission.
Set up Classes
QuickBooks Classes allow you to categorize transactions by programs, locations, fundraising campaigns, or other segments important to your nonprofit. Set these up early so you can properly allocate income, expenses, and funding right from the start. Classes make reporting on specific areas a breeze.
Enable Fund Accounting
Turn on the Fund Accounting feature to track restricted, unrestricted, and other fund balances for grants, donations, and internal funds. This helps ensure you comply with donor requirements and have necessary data for financial statements and Form 990. You’ll establish balance sheet accounts for each fund to track assets, liabilities, and net assets.
Use Budgets and Forecasts
Create budgets in QuickBooks to compare actual income and expenses to projections. You can also do forecasts to predict future cash flow and set financial goals. Budget vs. actual reports provide insight into areas that may need adjustment or where you’re ahead of the game. These tools facilitate prudent financial management and decision making for your organization.
Automate Recurring Transactions
Reduce errors and save time by setting up recurring transactions in QuickBooks for things like rent, loan payments, payroll, and other payments that happen on a regular schedule. QuickBooks will automatically enter and process the transactions for you on the designated frequency. You just need to review and approve them.
QuickBooks Online has all the features you need to keep your nonprofit's finances organized and transparent. Following these tips will help you get the most out of the software and achieve your accounting goals. Let QuickBooks handle the details so you can focus on changing lives through your mission.
With features tailored to nonprofits, robust reporting, and an easy to use interface, you'll be managing your books like a pro in no time. And the best part? QuickBooks Online grows with your organization, so you can say goodbye to outgrowing your accounting solution.
Instead of spending hours reconciling bank statements or tracking down receipts, you'll have more time to focus on what really matters - your mission and the people you serve. QuickBooks Online provides the tools you need and the freedom you want. So stop making accounting harder than it needs to be and start using a solution designed with nonprofits like yours in mind. With QuickBooks Online at your side, you've got this! Now go out there and change the world.
About ForGranted: ForGranted Media specializes in all facets of emerging technological advancements, finance, fundraising and marketing for your nonprofit. Our sole mission is to provide with resources to become a stronger organization!