QuickBooks - The Basics for Nonprofits

[Pages:55]QuickBooks The Basics for Nonprofits

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QuickBooks? - The Basics for Nonprofits

Using QuickBooks? to Better Manage Your 501(c)3

TABLE OF CONTENTS

Page

LOADING THE PROGRAM

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SETTING UP YOUR NONPROFIT

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1. Company information

2. Editing the Chart of Accounts

3. Setting up Classes

4. Creating Items

ENTERING TRANSACTIONS

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1. Director uses a personal visa card to secure web address

2. Director pays attorney for incorporation with a personal check

3. Director uses a personal check to open the corporate checking account

4. Pay attorney with a check to file for 501(c)(3) tax exemption

5. Pay web designer for logo and website with a check

6. Pay for liability insurance with a check

7. Use debit card to order business cards

8. Receive endowment of stocks

9. Deposit a contribution

10. Repay loan from director with a check

11. Buy mailing list with a debit card

12. Enter bill for flyers and event tickets

13. Buy stamps and office supplies with the debit card

14. Enter the sale of fund raiser dinner tickets and deposit the proceeds

15. Enter the vendor bills from the fund raiser dinner event

16. Enter a bill for program supplies

17. Summary post the payroll from the payroll company reports

OTHER TRANSACTIONS AND IMPORTANT ACTIVITIES

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1. Enter a pledge for a future donation

2. Receive a payment on a pledged donation

3. Enter the receipt of an in-kind donation

4. Pay bills

5. Reconcile the checking account

6. Backing up your data

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QuickBooks The Basics for Nonprofits

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Loading the Program on Your Computer

1) After you have purchased a copy of QuickBooks Pro, take the CD out of the box and insert it into your CD-ROM drive.

2) Follow the simple on-screen instructions. The software will walk you through each step of the installation.

If the software does not start automatically:

Click Start on the Windows taskbar Choose Run Type D:\setup.exe (where D is your CD-ROM drive) Click OK

At the QuickBooks Installation screen, enter the License Number and Product Number from the yellow sticker. Then click through the screens until the installation is complete.

3) Start QuickBooks by double-clicking the desktop icon 2

QuickBooks The Basics for Nonprofits

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Setting up Your Nonprofit

When you open QuickBooks for the first time, the Welcome screen will appear and give you three options.

Click on Create a new company file.

The EasyStep Interview screen appears and will step you through the setup process.

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QuickBooks The Basics for Nonprofits

COMPANY INFORMATION Enter your company information.

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Select your industry

Scroll down and select Non-Profit. 4

QuickBooks The Basics for Nonprofits

Filename for New Company

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QuickBooks will store all your accounting information in computer files. The default name of the files is your company name. You can change it if you wish.

What do you sell?

For our example, we will only be providing services. 5

QuickBooks The Basics for Nonprofits

Sales Receipts

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We will use sales receipts to record contributions we receive. Using Invoices

We can use invoices to record contributions pledged, but not paid immediately. 6

QuickBooks The Basics for Nonprofits

Managing Bills

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We want to keep track of the bills we owe. We'll choose yes. Start Date

We'll use the beginning of the year. Or you could enter the first date of the month of the first transaction you'll be entering into QuickBooks.

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QuickBooks The Basics for Nonprofits

Bank Account

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We can set up our checking account now.

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