Quickbooks Online (QBO): Tips & Insights for Nonprofits
CLASSES
follow the same format as the 990
– Administrative
– Fundraising
– Programs
Each section can include multiple sub-classes to effectively track events, individual programs, etc.
PROJECTS/DONOR
Utilize the Projects/Donor section to efficiently track your grants and major donors. By coding revenue and expenses to each specific project, grant, or donor, you’ll gain more accurate and detailed reporting, enabling better financial management and accountability.
TAGS
Tags are a flexible tool to track items that aren't covered by other QuickBooks Online methods. Keep in mind that when you apply a tag to a transaction with multiple line items, every line will be tagged accordingly.
RULES
Creating rules in QuickBooks Online makes adding banking transactions quick and effortless. Bank and credit card transactions often lack the detailed information needed for accurate entry. By setting up rules, you can automatically categorize, assign accounts, classes, tags, and more based on specific transaction criteria, ensuring consistent and accurate record-keeping.
CHART of ACCOUNTS
– Assets
– Liabilities
– Net Assets
– Revenue
– Expenses
Setting up your chart of accounts has some components that are required and some that are flexible. Here’s a great guideline from Jitasa Group.
LINKING ACCOUNTS
Link your bank and credit card accounts to accept entries into Quickbooks Online. This streamlines entries and contributes to an efficient monthly reconciliation.
COPY FEATURE
When adding new invoices, you can quickly locate and copy the most recent invoice from the same vendor and simply update the date and adjust any other necessary fields. This feature can significantly save you time and streamline your invoicing process.
CUSTOMIZED REPORTS
Customize and save your favorite reports for easy access
Optimize QBO for Maximum Efficiency!
