Many small to medium-sized businesses turn to QuickBooks accounting software to effectively manage all their financial needs. Whether
it’s tracking donations, maintaining vendors, or paying employees, QuickBooks can also provide the solution you have been looking for to help manage your nonprofit.
Nonprofit organizations often rely on donations and grants as their main sources of revenue. It is vital to track this type of intake in an organized manner for tax and accounting purposes. There are several features of QuickBooks that allow this to be done. QuickBooks recognizes the various forms of donations to nonprofits. It enables monetary donations to be made using several payment methods such as cash, credit or debit card, check, and even a bank transfer to account for all types of monetary donations. However, sometimes donations come in other forms, which can be difficult to account for. QuickBooks can also monitor donated goods and services according to the Generally Accepted Accounting Principles guidelines and suggests the appropriate use of journal entries to properly record.
Additionally, QuickBooks can be used on the go in its mobile app. It also works with bank and other crowdsourcing applications used by nonprofits, such as Fundly for example, to synchronize transactions. This allows expenses to be tracked as soon as they occur and avoids manual input into QuickBooks.
The work nonprofits do could not be done without the effort of volunteers. Whether it is working on site at a fundraiser or in a behind-the-scenes job, volunteers are the heart of most nonprofits. QuickBooks software allows volunteer hours to be tracked if this is a function your organization needs.
These are just a few of the features QuickBooks software provides for nonprofits. For more information regarding how to customize QuickBooks to fit the needs of your organization visit,
https://quickbooks.intuit.com/ca/resources/nonprofit-organizations/customize-quickbooks-your-needs/.
If your nonprofit organization is considering the use of QuickBooks or similar software, feel free to reach out to the professionals at Gilliam Bell Moser LLP.
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