Excellent brief instructions for how to set up locations, projects, and classes. But, did you do a more indepth video on how to actually do this? Also, what are "jobs" used for as related to QBO? Lastly, did you do a video on how to run donor receipts? I am using QB Premier for nonprofits now but it is going away. i will need to setup our organization on QB online now. Which QBO should I purchase from Techsoup to do the accounting for our small nonproift?
I love this! The idea of how to use classes and locations is so intuitive and makes so much sense. One thing I'd love to have some insight on is when a W-2 employee is paid using QuickBooks payroll, how do we then track the classes for program, admin, etc? Like, if we have a general 10% goes to a certain subclass and the rest is general/admin. That would be really helpful!
In a Statement of Financial Position for our organization, I don't want to see the "Equity" heading under Assets. This is not relevant for our organization unless am missing something completely? When is "Equity" relevant?
@@germeeng700 Thank you for your response. I couldn't figure out a way to change that heading? You mean change the Account name (Equity to Net Assets)? It appears to be an account which can not be edited?
Hi do you have videos on showing how to go into the program and make the adjustments you suggested? Like where to go to set up the classes and locations. I tried to search for it but can't find it. Also can you show in the program how the chart of accounts should look instead of on a spreadsheet there are other columns I see in the program do I just ignore those?
Can you speak more specifically about how to manage fiscal support that a non-profit provides to others for fiscal agency. You mentioned using tags to track that and I am intrigued.
Thank you for this video. I noticed that you use location to differentiate between restricted and unrestricted. I’m with a church that has several local chapters. I’m thinking that I need to use the location option to budget for each of those chapters. Is there another way to efficiently track restricted funds?
What is best practice for tracking scholarships? For instance, we receive donations for certain named scholarships and then hold the funds until someone applies for the scholarship and then we write the check to the applicant.
Can you give some advise on clergy in a 501c3 non profit... can we create an expense account and designate an amount for the pastor who uses it at his own discretion instead of paying him in a salary (items such as clothes, gas, food, etc)? We already have the housing allowance in place - which is great! What are some other ways to take advantage of tax free options we may not know about?
If RESTRICTED GRANTS are PROJECTS, then how do we accrue the account? GAAP says to put the grant income on the balance sheet as deferred income. Then, a JNL will move the money used for that grant from the balance sheet to that project as income as it is used. That means that the ACCRUAL button and the CASH button on the report for the project are the same. I must be missing something.
What is an affordably priced Non Profit QBO course that you can recommend? I am a QBO expert but I understand that the Non Profit part is very different. Thanks
We started with setting up our grants and contracts as "Donors" and then started using subdonors. Oof what a mess. Thinking we might use Donors to label our grants/contracts, but then using projects to track our years of each grant.contract?
Would really love a deeper dive on the set up of projects.
I have been looking for the information in this video for weeks, so glad I found you!!
You are BOSS!!! and this is exactly what I need as I start a new position as treasurer for a nonprofit. Thank you so much for sharing your wisdom.
Excellent brief instructions for how to set up locations, projects, and classes. But, did you do a more indepth video on how to actually do this? Also, what are "jobs" used for as related to QBO? Lastly, did you do a video on how to run donor receipts? I am using QB Premier for nonprofits now but it is going away. i will need to setup our organization on QB online now. Which QBO should I purchase from Techsoup to do the accounting for our small nonproift?
I have learned so much from you. This video could not have been better explained. Thank you Germeen.
@@MartinHernandez-t6g you’re so welcome!
SO HELPFUL!!!!!!!
Wonderful video! Thank you Jameen
This video is sooo helpful.Thank you so much.
I love this! The idea of how to use classes and locations is so intuitive and makes so much sense. One thing I'd love to have some insight on is when a W-2 employee is paid using QuickBooks payroll, how do we then track the classes for program, admin, etc? Like, if we have a general 10% goes to a certain subclass and the rest is general/admin. That would be really helpful!
@@sammelnick8301 you’d have to make an entry to move the payroll amounts to the specific class.
In a Statement of Financial Position for our organization, I don't want to see the "Equity" heading under Assets. This is not relevant for our organization unless am missing something completely? When is "Equity" relevant?
@@61pratima nope you’re not missing anything. QBO allows you to change the heading to “Net Assets” that’s what we do when setting up the account.
@@germeeng700 Thank you for your response. I couldn't figure out a way to change that heading? You mean change the Account name (Equity to Net Assets)? It appears to be an account which can not be edited?
Hi do you have videos on showing how to go into the program and make the adjustments you suggested? Like where to go to set up the classes and locations. I tried to search for it but can't find it. Also can you show in the program how the chart of accounts should look instead of on a spreadsheet there are other columns I see in the program do I just ignore those?
Great video. What do you define as the difference between FUNDS and RESTRICTED GRANTS?
Very helpful- thank you!
Can you speak more specifically about how to manage fiscal support that a non-profit provides to others for fiscal agency. You mentioned using tags to track that and I am intrigued.
Hello, I am working on setting up an account for my organization
Thank you for this video. I noticed that you use location to differentiate between restricted and unrestricted. I’m with a church that has several local chapters. I’m thinking that I need to use the location option to budget for each of those chapters. Is there another way to efficiently track restricted funds?
Hy
So encouraging
What is best practice for tracking scholarships? For instance, we receive donations for certain named scholarships and then hold the funds until someone applies for the scholarship and then we write the check to the applicant.
Can you give some advise on clergy in a 501c3 non profit... can we create an expense account and designate an amount for the pastor who uses it at his own discretion instead of paying him in a salary (items such as clothes, gas, food, etc)? We already have the housing allowance in place - which is great! What are some other ways to take advantage of tax free options we may not know about?
If RESTRICTED GRANTS are PROJECTS, then how do we accrue the account? GAAP says to put the grant income on the balance sheet as deferred income. Then, a JNL will move the money used for that grant from the balance sheet to that project as income as it is used. That means that the ACCRUAL button and the CASH button on the report for the project are the same. I must be missing something.
What is an affordably priced Non Profit QBO course that you can recommend? I am a QBO expert but I understand that the Non Profit part is very different. Thanks
Do you have a how to document on how to change customers to donors?
Thank you.
Gear>Account and Settings>Advanced>Other Preferences>Customer drop-down
Thank you
would it be wise to setup the main nonprofit programs as projects?
One of the struggles is, at this time, projects can only have income from one single donor/customer. It makes it hard to do that way.
Fiscal sponsorship tracking would be helpful
How much would you charge to set this up for someone?
As my organization is not in US, so my organization is in eligible.
We started with setting up our grants and contracts as "Donors" and then started using subdonors. Oof what a mess. Thinking we might use Donors to label our grants/contracts, but then using projects to track our years of each grant.contract?
Why did that end up as a mess? I am thinking about that way as well.
Hi Germeen, It's Jameen lol! Would you sell me an excel copy of your basic Non-Profit chart of Accounts shown here?
What do you charge to set this all up for an existing baby organization? I’m so lost even with your basic explanation here
What was it you use Products/Services for?