Aplos Vs. Quickbooks for Nonprofits

Today I'm going to talk to you a little bit about how QuickBooks differs from Aplos when it comes to fund accounting. So you've probably heard me saying at some point say that Aplos does
fund accounting and QuickBooks does not. That is a true statement but what does that really mean?
So in QuickBooks what they do is a standard business accounting, and in fund accounting (nonprofits, churches, and government entities) you need to do what's called fund accounting which requires you to have a separate equity account for each of the funds that you need to keep track of and a fund needs to have its own income, its own expense, also its own equity, but also it's its own assets and its own liabilities. It's almost like its own little mini organization within your larger organization. So again it needs its own income statement its own balance sheet it needs to be its own kind of living and breathing thing and that's where QuickBooks can't really do that. Because it doesn't have fund accounting, usually what you need to create is a workaround for getting a cash balance for each one of your funds, an income statement for each one of your funds, and a balance sheet for each one of your funds.

[@lindamcneil711]

Liked Apolos, but had a hard time getting the support we needed for online and text donations. Unfortuanately, the 2k plus a year cost of the software is becoming the killer. We just cannot afford the software. I think we will need to go with QB.... for cost and frankly, I think I find it much easier.

[@crosspej]

Can QuickBooks users utilize the Projects features in QB as a proxy for Funds, instead of using Classes? What are the limitations of that approach?

[@hakeamgureh2441]

What if it’s a donor requirement to keep multiple and exclusive bank accounts for each project?