QuickBooks For Non-Profits Organizations.
There is no doubt that NGO’S which is a non- profit organization will also want to track funds that comes from their donors, public support or grant to finance a project. At this point they will want to use an accounting software for that purpose and I will be giving us a little summary on how we were able to setup QuickBooks for a non-profits organization NGO’s.
A non-governmental organization is any non-profit, voluntary group or association of members which is organized on local, national or international level. It is general established to engage in, not for-profit activities but to render essential service to the community or remark on social projects or amenities within the state or local levels.
One of our client that has be using excel to track this record called our attention on how to migrate data to the QuickBooks accounting software and we were able to solve their using the following process below.
How we setup QuickBooks for non-profits organization.
Firstly, we imported all the list of donors from the excel into the QuickBooks software either a foreign donor using different currency aside NGN or local donor using our home currency. The system accommodates multiple currencies in other to track donor summary report in their currencies and also track how much they have used to fund a project and how much was expensed or incurred in the project operations.
We proceeded to importing all the vendors and also track our vendor reports on how we have been incurring our expenses either for project purpose or for administrative operations.
We also setup bank accounts in NGN, USD, GBP and other currencies if needed in other to track funds received in foreign currencies track exchange rate gain or loss and how it is being used to finance community or social projects.
Charts of accounts: This is the foundation of any accounting software that consists of the income heads, expenses, liability and assets of an organization.
Income: The inflows account is setup under the charts of account in other to track the membership, contributions, donations from donor, donations, from public support, grant and other inflows will be mapped to a projects to show its operations.
Expenses: This is an expenses account that will be created in the chart of accounts to track payment for expenses incurred for a project or administrative expenses for office use. The expenses are also mapped to a project in other to check profit and loss by projects.
Class: Class in QuickBooks is used to track projects and you can also track a sub class as a sub project.
Inventories: Most NGO has inventory but this not tracked in the business because it’s not for sales. This can be giving out to members of the associations as gift sample promotions or souvenirs. We can only track the quantity on hand and mapped to an expense account called gift or any other name suitable by the business in other to know how many we have left in our store.
Reporting: Reports is a very essential aspect of any business that will help owners make decision for future purposes. QuickBooks for non-profits organization NGO’s has the following reports which are:
- Donor summary reports
- Vendor Balance Summary.
- Statement of financial position.
- Income statement by projects
- Audit trail reports.
- And many more.
Reconciliation: The overall essence of an accounting software is to ensure that reconciliation is done with ease this helps to capture all funds received in all area of inflows and all expenses incurred are also recorded and at the end of the end of the month reconciliation of figure, error of commission and omission.
At this point we were able to conclude the project on QuickBooks for non-profits organization, contact us on +2347012193226, +2348066212773 or send email using info@accountingtechwares.com or Fintechsoftwareservices@gmail.com
We offer support service after installation, setup and training.
