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Monthly Archives: February 2011

How to Fix Donations Entered Directly on Deposits in QuickBooks for Nonprofits

Our school is a non-profit, so I'm using QuickBooks Premier Nonprofit.  When I set up QuickBooks at our fiscal year start on 7-1-10, I decided that I would set up each donor as a Customer with Customer type as Contributor, and I deposit the donations in Banking/Make Deposits. I use the Customer Name in the Received From column in the deposit, but the only report I can get for the donations is through the Customer Type report.  I am realizing now that I want more detailed reports because our donation volume is growing. I want to start creating sales receipts for each donation (past & future), but my fear is that I will need to delete all my past deposits that have donations in them because the new sales receipts will create payments in Undeposited Funds.  Do you know of anyway around a sales receipt creating a payment-at least for my past donations? Do you have a better solution? I appreciate any help you may have for me!  Thanks so much!
There is a little trick you can try.  But you might just want to start using sales receipts for future donations because entering all those past sales receipts is going to be really time-consuming. 

If you decide to do it, let all the deposits to into undeposited funds.  Then create a deposit from all undeposited funds with an additional line using your donation revenue account with a negative amount, creating a $0 deposit.  You might want to create a clearing account bank account to deposit it to, especially if you have other corrections to make. 

The sales receipts will duplicate your revenue, but the negative line on the deposit will restore it back to the original value.

I’d make a backup of the file before starting, just in case.


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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

Visit our webstore for great deals on QuickBooks and QuickBooks POS!

How to Use Designated Funds and Their Disbursements in QuickBooks for Nonprofits

Hi Ruth – I am using the QuickBooks Premier Nonprofit Edition 2009 and would like to know the best and easiest way to use Designated Funds and their disbursements.  Please help me out!
You should use classes to keep track of your designated funds, and then use the net income from the Profit & Loss by Class reports to transfer your equity balance from the retained earnings account to the correct designated fund.  At the end of each fiscal year, QuickBooks automatically closes your net income to the QuickBooks-created retained earnings account.  Because it needs to me maually allocated between your fund balances, I recommend renaming it to something like "Need to Allocate".  Make sure to also create at least three additional equity accounts called Unrestricted, Temporarily Restricted and Permanently Restricted.

If you want to control cash disbursements, you can create sub-bank accounts.  It’s easy to make a mistake, though, because you have nothing to reconcile against so you might want to consider opening separate bank accounts for your funds.  In either case, you'll need to physically transfer funds to the unrestricted account whenever you release a restriction.

Here's what your classes should look like (to make preparing your Form 990 easier):

Unrestricted:
   Admin
   Fundraising
   Programs
     Program 1
     Program 2

Temporarily restricted:
   Donor restricted
   Grants
      Grant 1
      Grant 2

Permanently restricted:
   Endowment 1
   Endowment 2
 

You might want to consider purchasing a book about using QuickBooks for nonprofits.  Kathy Iven’s in the best book out there but it’s old (2005).  She recently updated it but it hasn’t been released yet.  You can pre-order it at Amazon for less than $24 (it normally runs $37): 

Running QuickBooks in Nonprofits: 2nd Edition: The Only Comprehensive Guide for Nonprofits Using QuickBooks


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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

Visit our webstore for great deals on QuickBooks and QuickBooks POS!

News Flash – New and Improved Intuit Statement Writer

This is one of the many reasons I recommend purchasing QuickBooks Premier for Accountants, which offers all  the industry versions in one plus additional accountant features like Client Data Review (which is useful for correcting your own file too), Fixed Asset Manager, and Intuit Statement Writer.  Intuit Statement Writer is only available in the Accountant’s version of Premier (for an additional fee).  It’s included in all versions of QuickBooks Enterprise at no additional cost.

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Intuit has done it again. Intuit Statement Writer (ISW) was already a great tool for accounting professionals and was named an Awesome Add–On last fall by The Sleeter Group >. Now, with suggestions, requests and feedback from accounting professionals, Intuit has made its ISW 2011 even better.

Since you already can create a Balance Sheet, Income Statement and numerous other reports with QuickBooks >, you may wonder why you need ISW. QuickBooks’ standard reports often do not meet the needs of you or your clients. As a result, many accounting professionals export the report to Excel to make modifications and customizations to the report. If the data changes in QuickBooks, you have to export the report back to Excel and make the modifications and changes all over again. Plus, you have to do this for each client, each time. This is a very inefficient workflow.

You can work more efficiently and produce customized financial statements and reports faster than ever. Using ISW allows you to create custom statements and reports only once – and then you can reuse them for future periods or for other clients. After you customize your statements and documents, the template is memorized; all you have to do is simply refresh it to reflect the current numbers.

ISW isn’t just for CPAs who prepare financial reports; it is also beneficial for accountants or bookkeepers who customize statements or want to add value to their clients. You can use it for internal management reports, and include charts and graphs as well. Clients really appreciate the added value, while you’ll appreciate the way ISW enables you to these tasks very efficiently.

The new enhancements in ISW 2011 include:

    • New Report Designer – Easily manipulate accounts with an easy, drag-and-drop method for customizing statements. You can easily:
      • move accounts to rollup/combine/separate accounts  (notice Cash & Cash Equivalents in the image below);
      • insert subtotals or other rows or columns (notice the column for a 3rd year on the Balance sheet and the rows for the Fixed Asset Section in the image below);
      • customize headers and footers for the statement and column headers;
      • format your statements to meet your needs; and
      • save as a template to use in the future or with other clients (notice the memorize in the image below – you can memorize one statement template or the group template).

 

  • Easier to save on a network drive – The new setup wizard allows you to specify the drive (network or local) to save templates, while the new Report Designer allows you to change the location if necessary.
  • Round-off errors – ISW now asks you to indicate which account to use for rounding errors on the balance sheet; this information flows through to the Statement of Cash Flow as well.
  • Continuous Page-numbering – You can indicate where to start the continuous page-numbering (i.e., you can skip page numbering on the cover letter and report and start on the Balance Sheet).
  • ISW Information Center – There are numerous videos and resources to help you with ISW. The software includes convenient links to Learn More, Watch a Guided Tour or Check for Updates.

You really owe it to yourself to try the improved ISW 2011 to see how it can help you in your practice. To learn more about it, we are offering a new course from Intuit Academy >, “Intuit Statement Writer 2011 – Your Financial Statement Solution” in mid- to late February that includes detailed examples of how to prepare three different types of statements and reports:

  • Example 1: Financial Statements with Compilation Report
  • Example 2: Non Profit Organization
  • Example 3: Financial Statements and charts/graphs for Management

Click here to be notified as soon as the course is available. You can watch the web seminar, get free CPE if you need it and download the PDF course manual to use as a reference.


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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

Visit our webstore for great deals on QuickBooks and QuickBooks POS!

News Flash – Join Ruth Perryman for a 16-Week Live QuickBooks Training Webinar Series

Many of you have asked if we offer online training classes, so we're thrilled to announce that we're teaming up with Business Training Team to bring you a weekly live QuickBooks training webinar series starting this Friday (3/4) at 8am pacific. 

This is your chance to learn more about QuickBooks than you ever imagined and get your most challenging questions answered.

If this series goes well, we're planning on adding additional lessons for QuickBooks Point of Sale, QuickBooks for Contractors, Quickbooks for Nonprofits, and others.  So please join us!

Here's more information:

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What will we cover in this course?

  • Lesson 1: Getting Started
  • Lesson 2: Setting Up QuickBooks
  • Lesson 3: Working With Lists
  • Lesson 4: Working With Bank Accounts
  • Lesson 5: Using Other Accounts in QuickBooks
  • Lesson 6: Entering Sales Information
  • Lesson 7: Receiving Payments and Making Deposits
  • Lesson 8: Entering and Paying Bills
  • Lesson 9: Analyzing Financial Data
  • Lesson 10: Setting Up Inventory
  • Lesson 11: Tracking and Paying Sales Tax
  • Lesson 12: Doing Payroll With QuickBooks
  • Lesson 13: Estimating and Progress Invoicing
  • Lesson 14: Tracking Time
  • Lesson 15: Customizing forms and writing QuickBooks Letters
  • Lesson 16: Reports, Graphs and Exporting 

Have you ever left an instructor led course and went back to your office and could not remember what was taught on a particular topic?  Every module will be recorded and you will have access to these recordings for an entire year.  You can replay the training module as many times as needed until you have a complete understanding of the topic.

 Bonuses:

  • Monthly Question and Answer Live Webinars
  • Excel Introduction and Intermediate Training Videos

Initial Pricing….

For the first 25 participants, you will receive this live webinar training for $27 per month.  Starting March 4th we will be having our first live webinar training session where you will have the opportunity to ask your questions and follow along as Ruth Perryman, Advanced QuickBooks ProAdvisor, teaches you the ins and outs of QuickBooks.  As we build our library of courses – THIS PRICE WILL GO UP.

p.s. You have nothing to lose – we offer a 30 day money-back guarantee.  Simply contact us and we will gladly refund your money if you are not completely satisfied.

Sign Up Now


Get free QuickBooks support and training!
LinkedIn   Google+   FaceBook

This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

Visit our webstore for great deals on QuickBooks and QuickBooks POS!