I am a bookkeeper for a non profit and when I first started with them I had no experience or training in the non profit sector. I’ve had to figure a lot of stuff out on my own, including cleanups due to a BADDDDD conversion from QBD to QBO, and have felt so so overwhelmed with it all. I’ve finally finished the cleanup after taking some courses from a tax auditor, and now I need to figure out how to manage the grants. It looks like the last person who managed the books had the COAset up with a lot of the “don’ts” on your list, and it is extraordinarily overwhelming to look at and try to figure out. I’m really thankful to have found you, and I hope that I can get things in order so that things work smoother for us.
@adriandiazkeith1761 Жыл бұрын
I'm volunteering at a local Board with a focus on Treasury. You definitely spoke to me! Defining the sections with Do's and Don't was key in this video. Thank you so much.
@germeeng700 Жыл бұрын
You're so welcome. Please let me know if there are other topics you'd like me to cover.
@Wia_Creations11 ай бұрын
Found this to be a good background to setting up a CoA for Non-Profit. Keep it up
@filmonTewolde Жыл бұрын
Thank you for the video. This helps a lot. Can you please do a video on how you handle the way QuickBooks online automatically moves Net Revenue into Retained Earnings at the end of the fiscal year rather than to the Restricted and Unrestricted accounts. Thanks.
@germeeng700 Жыл бұрын
I will add that to the rotation
@bill898510 ай бұрын
Where have you been all my life? ;o) Your explanations are very clear and on point. Thank you. I've subscribed and will likely binge your vids.
@germeeng70010 ай бұрын
Glad these have been helpful!
@emilyfisher96495 ай бұрын
Crystal clear explanation, sounds like good advice, great communication, thank you so much.
@richardschneider92797 ай бұрын
Thank you for the valuable information!!
@JunkanooBob99 Жыл бұрын
Love your videos, very clear.
@germeeng700 Жыл бұрын
Thank you!
@mradroable11 ай бұрын
This was a very good video for me to watch, I like the Dos and Don'ts you presented which is very helpful. I am working for an organization which is non-profit. Actually I am mostly volunteering.
@staceysmith94829 ай бұрын
Great info. Thank you
@user-vp4me4lq1p11 ай бұрын
Thank you, Germeen!! You did an amazing job of clarifying the COAs for NPs. I have an established NP that I will be converting from QBD to QBO and I have some idea of what my NP individual needs are, but would like a COA template so I can pick and choose? They were not using classes so things needed to be downloaded into to an excel spreadsheet and then reported to the board. Ugg so laborious! I want to be able to create these customized reports and just pull them monthly to save time. Thank you in advance!!!
@BreeHarris-uf3gl2 ай бұрын
Thank you so much for these videos. Do you have a video or pdf available that gives a suggested list of the chart of account names?
@staceysmith94827 ай бұрын
Thank you I appreciate this guide. My current chart of accounts is a mess. Can you provide more payroll expense for liabilities for the BS reporting how it should be listed?
@ITSSHELLY75074 ай бұрын
This video is so helpful! Do you have a video explaining how to handle pledges receivable in the chart of accounts?
@sammelnick83013 ай бұрын
I think that belongs on the financial position statements on accrual accounting. Maybe!
@cyouinthemajorleaguesfound4276 Жыл бұрын
Thanks for the video. I'm curious, though. With this system of putting functional expenses under Class, how would you label a program expense or fundraising expense in the bigger picture of categories?
@germeeng700 Жыл бұрын
Not sure I understand your question. Theres a separate class for program expenses and fundraising expenses. If you want to dig deeper, you can use subclasses for specific programs or fundraisers.
@normarosado8411 Жыл бұрын
This is all different for churches, do you have a chart of acct for churches?
@germeeng700 Жыл бұрын
I tweak the COA specifically for churches that work with us but I dont have a template. We do follow the same logic however with keeping the COA simple and natural categories.
@shekinadrumer17 ай бұрын
A house of worship that does not have to file a 990. Would you recommend that they still categorize by functional classes such as Admin, Fundraising and Programs for Grant Seeking purposes? Blessings!
@shekinadrumer17 ай бұрын
I'm trying to make an Equity account for Net Asset for restricted and unrestricted funds? What detail type should I use, Owner's Equity? Blessings again!
@diajackson Жыл бұрын
We inherited an overcrowded COA. What can we do to streamline it?
@germeeng700 Жыл бұрын
In this case, I typically would come up with a better version of the COA where we're either consolidating lines or getting rid of certain accounts altogether. We then present to management and the board. All of this gets done outside QBO so that you can get buy in. Once approved, we make the changes. Depending on timing we usually wait until the beg on the new year or when audit season is over.
@theprepfactory171 Жыл бұрын
Is there a COA set up video?
@germeeng700 Жыл бұрын
You can check out this video>> kzbin.info/www/bejne/mqiulKKfZ7dnga8
@Rlvthatsme123 Жыл бұрын
I have done all the don'ts..... I need to start over. Can this be done. Can I start from Scratch?
@germeeng700 Жыл бұрын
It depends on how "messy" the file is and whether clean up is worth the time investment.
@user-eh6ru4ds5w Жыл бұрын
Do you have a full COA list?
@germeeng700 Жыл бұрын
I dont have one that I share
@NoNonsenseNan Жыл бұрын
both net assets with donor restrictions and net assets without donor restrictions cannot be Retained Earnings and if I create Net Assets with sub accounts the sub accounts cannot be retained earnings - so what type do we use?
@germeeng700 Жыл бұрын
you can use owner's equity
@michaelmueller32288 ай бұрын
That is the impossible dream, I don't believe you can have multiple net asset balances (restricted fund, general fund) in QB.
@user-sx1go8fy2i Жыл бұрын
"this gives me anxiety" made me laugh
@germeeng700 Жыл бұрын
lol!
@robertoyaonajr.45427 ай бұрын
There’s an option to make your quickbooks a non profit book.
@juniorjohnson49716 ай бұрын
I agree am just getting started with it
@cjckendall-bandera Жыл бұрын
You lost me when you didn't include "program, fundraising, & admin expenses"
@germeeng700 Жыл бұрын
We don’t crowd the chart of accounts with functional expenses. We take a simplistic approach and use the COA for natural categories and use classes in QBO to track program, admin, and fundraising expenses. That way we have multiple ways we can pull reports and we can choose the level of detail.