QuickBooks is a widely used accounting software that handles finances, manages contributions, monitors budgets, and organizes finances for tax purposes. It is the most recognized solution, which is developed by Intuit and utilized by organizations.
By using QuickBooks tools and functionalities, you can enhance your organization’s robust capabilities, rather than other software like Donorbox. After getting all the information about QuickBooks, you must now be thinking about how your nonprofit organization is run. Essentially, “QuickBooks For Nonprofits” should make it to fulfill what you need.
Why do you Need QuickBooks for Nonprofits?
Many people hold misconceptions regarding why this tool is important for nonprofit organizations. QuickBooks is a robust and widely used option for nonprofits, which helps in managing and tracking donations. It assists in maintaining track of donations and fulfilling the requirements. It addressed all over specific needs of the nonprofit Organization. It helped to manage funds, donations, and contributions for donors and stakeholders.
Benefits of QuickBooks for Nonprofits
- Tailored Features: This feature includes fund accounting, donor management, and tracking of finances. It helps to modify the track of donations and meet the obligations requirements.
- Budgeting & Forecasting: Budgeting & Forecasting is used especially for creating, managing, and estimating budgets for nonprofit needs.
- Donor Management: It manages to collect all donor information and tracks donation history. It is designed for comprehensive donor positivity, and it’s used to maintain all financial and donation-related transactions.
Advantages of Using QuickBooks For Non-Profit Organizations
Here are many of the Advantages of QuickBooks for nonprofits.
- Financial Management: QuickBooks enables non-profit organizations to monitor all finances, such as their income and expenses. It helps to enhance accounting and make it easier.
- Simplified accounting: Through QuickBooks, we are efficiently handling all financial records, offering an easy-to-use interface that streamlines the accounting process.
- Improve reporting: QuickBooks offers numerous financial reports designed for non-profit organizations, which can improve your performance.
- Integration with other software: As per other software, QuickBooks can efficiently solve problems like payment processors and fundraising platforms.
- Donor management: Donor management means calculating all income and expenses of donors. It helps to track donations and donor informations. It also helps to take tax receipts and donors’ details.
Steps to Set up QuickBooks for Nonprofits
Follow these few things to use QuickBooks for Nonprofits
While QuickBooks is suitable further needs of nonprofits. It is easy to set up correctly to handle records and generate reports smoothly. We divided it into four simple steps.
Step 1: Select the Right Plans for Nonprofit
QuickBooks provides two options, the Plus Plan and the Advanced Plan. First, you need to select any plans. Let’s understand the difference between these plans.
QuickBooks Online Plus
To purchase an Online Plus Subscription for $45 for three months. If you want to continue your subscription duration of the Plan, you’ll give $90 after three months.
QuickBooks Online Advanced
QuickBooks offers free subscriptions for the first 25 users. First three months, QuickBooks Online provides you costs $100/month and then rises to $200/month.
Step 2: Modify Account Settings For Your Nonprofit
After choosing your plan next step is to begin configuring your account. Completing this step, you will want to go to the main dashboard. To modify your account settings and then simply click on the gear symbol.
Step 3: Configure Data storage and integrations,
follow these steps
- Connect your bank account with QuickBooks First.
- Connect your QuickBooks software to another application, such as a CRM or an Online donation platform.
Step 4: Set Up Your Chart of Accounts
QuickBooks serves chart of accounts as a directory to store the financial information. If you want to access your nonprofit organization’s details, this resource guarantees to reach the exact location where to look.
To customize the unfield charts of Account, follow these steps.
- Assets: The Starting number of the beginning year’s account needs 1000 numbers.
- liabilities: Account numbers beginning with 2000
- Net: Starting beginning numbers with 3000
- Revenue: Account numbers beginning with 4000-6000
- Expenses: Account number beginning with 7000-9000
Conclusion
QuickBooks is the complete solution for Nonprofit Organizations. Using this tool, automated payments, and donor report management. With the help of this tool, your donation will automatically appear in your QuickBooks account. We have discussed QuickBooks benefits, advantages, and a step-by-step guide to setup.
