QuickBooks helps you in many ways, it also comes in Nonprofit editions but very few people knows that some standard versions can also be used for the Nonprofit business. The below article helps you to understand the steps of setting up of Non-Profit business through the express start and set up a New Nonprofit Business using the easy Interview. Settings up of QuickBooks as a nonprofit company surely affects the income tax on your business.
The wrong setup of Non Profit menu in QuickBooks can lead to missed deductions, improper calculations, and even the penalty for the wrong use of funds. It is very important to set up the Non Profit menu correctly so that it doesn’t hamper your funding, calculations, tax time, and the donors as well. You can get in touch with the professionals whenever you need any assistance.
To set up a Nonprofit organization within QuickBooks, you would just need to follow the below given steps:
- Login to your QuickBooks accounting software.
- From the top navigation bar, select the files tab and then click on the “New company file”.
- Here a new window will appear, from there select Advanced setup option.
- Now enter the journal details about your Non-profit organization, like:
- Other contact details,
- Tax ID etc.
- Once all the info is provided, now you would need to select “NonProfit” radio button and click next.
- In the next window that appears, you would need to select the fiscal year. Select the appropriate option from the drop down menu and click next.
- Now enter your admin details along with the password. This will help you protect your company file and people without password will not have access to it.
- In the following windows that appear, you will be provided with simple yes or no query. Select the appropriate option and click next.
- Where it says create Chart of Accounts, you would need to select the date from when you you’re your transactions to be tracked.
- In the next window, click on Go to the setup tab and hit “Start working tab”.
- Now navigate like: Edit > Preferences > Accounting > Company preferences. Here check mark the boxes corresponding Use account number, and Use class tracking.
- For the reports to get refreshed automatically you would need to click on “Refresh automatically” tab under the reports and graphs tab.
Once you have followed the above given steps as it is, your Nonprofit organization company file will be up and running within QuickBooks. If you have found any problem following the steps above then talk to our QuickBooks ProAdvisor. You can call them at our QuickBooks toll free number and get your issue resolved.