QuickBooks Nonprofit editions (either Premier or Enterprise) are best suited for charities and foundations, religious groups, human services or arts organizations, academia and education and any other tax-exempt entity. Nonprofit editions have the core QuickBooks features, plus specialized workflows, reports, chart of accounts list and expert tips to better serve these not-for-profit organizations.
One of the first items to consider when starting a new QuickBooks file is the chart of accounts. With the Nonprofit edition, the set of accounts was developed specifically for nonprofits by nonprofit specialists. This list helps categorize transactions as they are entered for faster, easier IRS reporting and provides more insight into finances.
There are several nonprofit-specific reports already set up in the Nonprofit editions. They are shown below.
With just a few clicks of a mouse, the user can manage the organization effectively and satisfy IRS requirements. Take the Statement of Functional Expenses (990) for example. This report provides the user with the ability to summarize figures from appropriate accounts into expense categories that match IRS Form 990 line for line. The Biggest Donor report provides a contact list of donors sorted from the largest contributor to the smallest. A time period needs to be entered and the report is complete.
Nonprofit Boards of Directors will appreciate the Statement of Financial Income and Expense. That report summarizes income, expenses and net income using terminology relevant to the organization.
Often donor information is kept on Excel spreadsheets. That data can be easily transferred into QuickBooks Nonprofit editions using the more recent versions of Microsoft® Word and Excel. Once the donor information is loaded, a single screen provides summary information for all donors. One click on a donor’s name and the contact information and every donation they’ve pledged are readily available.
Want to learn more about the QuickBooks Nonprofit editions? Contact our not-for-profit team and we’d be glad to answer any of your questions.
