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Пікірлер
@kloverend 19 сағат бұрын
A user cannot track functional classes (program, admin, fundraising ) if using* class* to track restricted/unrestricted funds. Do you recommend subclasses? Why this method over location tracking? Thanks!
@sarahfabares911 6 күн бұрын
Well said! Thank you for sharing!
@strategysessions 7 күн бұрын
❤✝️🙏🏽
@starr01525 26 күн бұрын
What happens when you have a stagnant rogue board and a management team interfering with our right to communicate with them? I don’t know how the non profit I’m familiar with got this far in their corruption 🧐
@terisaclark 25 күн бұрын
I'm sorry to hear this. The mission is worth finding resolution to the conflict. A good resource that I've used is boardsource.org/resources/board-responsibilities-structures-faqs/
@paulschultz4969 Ай бұрын
I am using the Accountant version of QBO for training. (I use the QBD for nonprofits now but understand I need to transition to QBO now.) Where do i find classes? Under QBD they use LISTS but is that not used in QBO for all accounting lists like classes and jobs?
@terisaclark 29 күн бұрын
Classes are activated under Your Company/Accounts & Settings/Advanced. Then you can manage the classes under the LISTS settings
@zeroisonline 2 ай бұрын
If I open my own 501c3, can I not donate one of my own vehicles to it?
@terisaclark 2 ай бұрын
That answer depends on several factors. You should discuss the specifics with your tax / legal counsel.
@TheRealBlackula 2 ай бұрын
Yes you can 👍
@victoriousbooks 3 ай бұрын
This is a freaking nightmare I'm beginning to hate QuickBooks online because it was not designed for non-profits and it's a nightmare to manhandle it into working
@SGFred 4 ай бұрын
You are not explaining how you get this info on the balance sheet---obviously it would have to be a journal entry but isn't that the most critical part for good bookkeeping?
@terisaclark 4 ай бұрын
Hi! Actually the method described here does not require any journal entries. The transactions on the income statement will close out by class to the balance sheet when this is configured correctly.
@RosaGarza-s8n 4 ай бұрын
Hi is there anybody out there that donates cars to elder senior citizen . I had a car and this person hit me and he lied about having insurance and so I lost out on that so now I'm without a car and having a hard time getting to a doctor's appointments and things I have to do
@waynecmontgomery 4 ай бұрын
Donor restricted gifts require a contract or a meeting of the minds. A check memo doesn't count.
@sarahfabares911 4 ай бұрын
This is so helpful! Thank you!
@SGFred 4 ай бұрын
Tracking the funds is no problem but my question is can you use the funds for cash flow or do you always have to have the balance available in the bank?
@gimpgangster 5 ай бұрын
Recently, I had someone donate an RV to my non profit and we don’t need it. Can I sell it? I gave the individual a tax receipt but I’m pretty confident we’re not going to get back in cash value what the tax receipt they got.
@terisaclark 5 ай бұрын
This is very much an it depends situation…. I think I’ll cover this topic next week on my content. 😁
@ccafKhmer 5 ай бұрын
Why do people in Nepal called treasure if he or she is CFO or accountant!
@terisaclark 5 ай бұрын
Very interesting! I didn’t know that and would also be curious about the history of that.
@karaderma5064 5 ай бұрын
"Categories' is no longer found on the menu
@terisaclark 5 ай бұрын
I’m not sure why you are not seeing categories. You may need to contact QB. I can confirm that the option to use classes is not included with all subscription levels.
@melissaaltamirano33844 5 ай бұрын
10 months?!
@terisaclark 5 ай бұрын
Say more - what is your question about?
@ccafKhmer 5 ай бұрын
Great
@sandyjohnston7784 6 ай бұрын
I am not seeing that we have categories option
@terisaclark 5 ай бұрын
You have to turn this on. It's in settings(gear)/account & settings/advanced/categories. If you're not seeing that, it's possible you will need to upgrade your subscription level.
@MdBorhan-rg5tx 6 ай бұрын
Hey Guy, It's Borhan here! I'm a huge fan of your "Terisa Clark" KZbin channel. Your content is always top-notch, and I can see the passion and effort you pour into each video. I believe you have incredible potential to reach an even wider audience with a solid KZbin strategy. I would love to schedule a short meeting with you to discuss how I can help you grow your channel faster. This is not a sales call, but an opportunity to share ideas and offer assistance. Let me know if you're interested, and we can find a convenient time to chat. Thanks for your time and for creating such amazing content. Keep up the fantastic work!
@sarahfabares911 6 ай бұрын
Great suggestion for fundraising events, thanks!
@terisaclark 6 ай бұрын
You’re welcome!
@ccafKhmer 6 ай бұрын
It is difficult for the funder does not know the financial analysis.
@itsjustastitch9615 6 ай бұрын
If part of a membership fee is for a specific program, does that make it a Restricted fund. This is a small homeschool organization and there is a fee to be part of student council. Are those fees considered "restricted"?
@terisaclark 6 ай бұрын
It depends…. A restricted gift occurs when a donation has a restriction placed by the donor (typically to a restricted purpose) the nonprofit has opened up for donor restricted giving.
@ccafKhmer 6 ай бұрын
Great!
@sarahfabares911 6 ай бұрын
Gret suggestiosn!
@terisaclark 6 ай бұрын
Let us know how it works out for you!
@ccafKhmer 6 ай бұрын
We have a CFO but she does not know her job well. She does not do much as we wish to see!
@terisaclark 6 ай бұрын
These gaps can be challenging. I’m happy to be a resource to you.
@ccafKhmer 6 ай бұрын
Great!
@ccafKhmer 7 ай бұрын
Good
@DannaJackson-gj4rv 7 ай бұрын
Is the P&L by class report only available from the accountant's view?
@terisaclark 7 ай бұрын
No. However depending on your “industry settings” I have found it isn’t listed as a standard report. But if you open a P&L report and click “filter” under customize report you can select classes
@dennishessel6771 7 ай бұрын
On restricted funds. How do you get the balance into the equity accounts for the restricted funds so you what the balance is over a couple of years?
@terisaclark 7 ай бұрын
The balance “closes” by class so that the beginning balance is ending balance for prior fiscal year and net income is activity for current year. All activity has to be coded to class ON revenue and expenses ONLY. Do not class code asset/liability transactions!! If you are starting to use this process and need to “establish” the beginning balances I recommend entering a journal entry that impacts net asset account only and code opening balances by class. Net impact of that entry is zero to the net asset account. Now the restricted fund report will work!
@betho269 6 ай бұрын
@@terisaclarkThank you! How should we track and reduce restricted fund balances for capital purchases like land and building in QuickBooks?
@toddasper2685 5 ай бұрын
@@terisaclark Does QBO close by class automatically or is that through a journal entry for each class?
@terisaclark806 5 ай бұрын
@@toddasper2685 It does close automatically!
@howlinhoward 7 ай бұрын
Is the Net Assets report a custom report within QB?
@terisaclark 7 ай бұрын
I make my own report by running the statement of financial position (or balance sheet) by class and then collapse asset and liability sections so that only net assets (equity) accounts show by account number.
@sarahfabares911 7 ай бұрын
What does CDARS stand for?
@terisaclark 7 ай бұрын
Great question! It’s Certificate of Deposit (CD) Account Registry service. You can learn more about the difference in CDARS and ICS here. There’s also tools to help decide which one is best for you. www.intrafi.com/ics-cdars?creative=642894641019&keyword=cdars&matchtype=b&network=g&device=m&IntraFi+Network+Deposits&hsa_acc=1865490710&hsa_cam=14048614964&hsa_grp=123100431017&hsa_ad=642894641019&hsa_src=g&hsa_tgt=kwd-299234380062&hsa_kw=cdars&hsa_mt=b&hsa_net=adwords&hsa_ver=3&gad_source=1&gclid=CjwKCAjw9cCyBhBzEiwAJTUWNREi-DAuTpgiZwTWXmmjzQbvrGISDglr0bP3vvLsT8_bMyu7zJqhCxoCDHkQAvD_BwE
@sarahfabares911 7 ай бұрын
Spot on! Thank you!
@terisaclark 7 ай бұрын
You are so welcome
@larissapullen9265 7 ай бұрын
Thank you! I loved how succinct yet practically helpful this video was. I am serving on a board for the first time and going to be helping with balancing the budget and I feel a lot more confident now after watching :)
@terisaclark 7 ай бұрын
Glad it was helpful!
@tmmash 7 ай бұрын
The breakdown of phases for finance management is really useful. Felt good being able to say hey, I'm in phase 1 😂 other nonprofits go through a similar thing. Also the emphasis on delivering reporting on time as a way of identifying the need for getting someone else on board to assist with reporting. Great advice🎉
@terisaclark 7 ай бұрын
Great to hear!
@ccafKhmer 7 ай бұрын
Great!
@ccafKhmer 7 ай бұрын
Great!
@ccafKhmer 8 ай бұрын
Good!
@TheCrystaml 8 ай бұрын
Quickbooks does have audit log features in both the online and desktop platforms. Sage also has audit logs and has for well over a decade.
@johnniebgoode 9 ай бұрын
Wonderful. Thank you.
@johnniebgoode 9 ай бұрын
This is brilliant. I am bringing it to our board next month. We have restricted funds that have years of cobwebs covering them. Years!!!!!!!!! Close them and let's focus on something new.
@terisaclark 9 ай бұрын
I’m so glad it will help you reset and get focused on what’s ahead!!
@YourDailyHopeandEncouragement 9 ай бұрын
Hey there! Just stumbled upon your video "How to Track Restricted Funds in Quickbooks: Part 2 Coding Transactions" and I found your tutorial on managing finances for nonprofits super helpful. As a Christian channel owner, I often discuss responsible stewardship, so your insights really resonate with me. Subscribed and looking forward to more valuable content!
@terisaclark 9 ай бұрын
Thank you for that feedback! I welcome any content ideas or questions you have!
@ccafKhmer 10 ай бұрын
Great!
@terisaclark 9 ай бұрын
Glad it was helpful!
@stacybarnes8521 10 ай бұрын
Does treasurer need access to bank accounts or can statements be provided monthly. Also should the treasurer add the nonprofit bank account to his personal company Quickbooks account?
@terisaclark 10 ай бұрын
A treasurers role can vary greatly depending on how many staff are in the nonprofit. So their access may vary based on those checks and balances. However - I would STRONGLY recommend that a nonprofits bank account be linked only to the nonprofits Quickbooks account.
@sarahfabares911 11 ай бұрын
Great points! Thank you!
@terisaclark 11 ай бұрын
Glad it was helpful!
@kimiko9738 11 ай бұрын
Thank you for your video.
@michaelfreeman5743 11 ай бұрын
When it comes to 1099s, it is my understanding: 1. If the gift from the non-profit to an individual is a pure gift (no services provided and it's not in exchange for anything), most likely you don't issue a 1099. 2. Just because you have an LLC, doesn't mean you are exempt from 1099s. It has to do with how the LLC is taxed. If the LLC is taxed as a Schedule C or a Partnership, then they would receive a 1099. If the LLC is taxed as a S-Corp or C-Corp, then it would not receive a 1099. I may have heard wrong, but I thought it sounded like you were saying just gifts in general were subject to 1099s and all LLCs were exempt from 1099s. Forgive me if I heard wrong.
@AmberCalvino 11 ай бұрын
If you use class for restrictions, how do you track transactions as program, mga, or fundraising?
@ccafKhmer 7 ай бұрын
It is possible to use location
@sarahfabares911 Жыл бұрын
thank you!
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@sarahfabares911 Жыл бұрын
Thank you! So helpful!