![]() However, getting up to speed on QuickBooks can be challenging if you’re just getting started using it to organize your finances. The software is popular for ease of use, a simple UX, security features and rich accounting features from banking integration to employee management. As well, each report itself can easily be customized to suit a particular purpose.QuickBooks is one of the most comprehensive accounting software packages on the market, and thousands of busy business owners use it every day. It also helps to easily generate helpful reports for the organization’s management or donors, or for tax purposes. It also shows the individual who entered the transaction or data changes, which helps to protect the integrity of the organization’s data.Įntering and properly categorizing each transaction including donations, grants, expenses, and program activity for clients, helps nonprofits to easily create a complete database. Turning on the audit trail tracks all transactions and data changes. One particularly helpful QuickBooks feature to activate is the audit trail. Journal entries are generally considered the best means of recording donated goods and services. Donated services should also be recorded as revenue, at the value relative to what it would reasonably cost the nonprofit organization to purchase these services. Donated goods should be recorded at fair value at the time of receipt, as either revenue or inventory. Special attention should also be paid when dealing with non-monetary donations such as goods or services. In addition, many nonprofits especially those who depend extensively on the work of volunteers often find it helpful to track volunteers separately by entering them under the “other names list” menu item. One common step is to categorize donors, clients, and members of the nonprofit organization by type, location, or by specific services they provide for the organization or its clients. There are several other ways that nonprofit organizations can customize QuickBooks to better facilitate tracking and compiling data. ![]() For example, the newly renamed menu item “statement of activity” may later be amended to “statement of financial actions.”įurther Customization of QuickBooks for Nonprofits For example, the menu item “customer” is renamed “donor ” the menu item “invoice” is renamed “pledge ” and the menu item “profit and loss” is replaced with “statement of activity.”Īll of the above changes, and any other menu item changes, can also be done or edited at a later time. This action renames several of the basic menu items to better suit the bookkeeping and accounting functions for nonprofit organizations. From the drop down list for “company type,” again select “Nonprofit.”.From the drop down list for “company industry,” select “Nonprofit.”.However, much of the process can be accomplished with just a couple of clicks: QuickBooks provides simple, step-by-step instructions for customizing the program to suit nonprofit organizations. Nonprofits can use the cloud accounting version of QuickBooks, QuickBooks Online, or the standalone QuickBooks software. The Basics of Customizing QuickBooks for Nonprofits
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