QuickBooks for Churches -Accounting Guide for Quickbooks Software

The only church accounting manual for Quickbooks Pro, Premier, or Nonprofit (Desktop Versions) Includes: How churches can save money by tracking payroll without an outside service, Record stock donations, Track investment gains and losses, How to record a mortgage, and How to track member accounts for fundraisers and mission trips.   Church accounting is not only challenging but is quite different from for-profit businesses. Other QuickBooks guides exist, but those do not focus on the specific necessities that churches have. Lisa London, CPA, knows and understands that not everyone thinks like an accountant. She walks readers through the process of setting up QuickBooks from a chart of accounts custom-designed for churches, to running the reports for the year-end and preparing for an audit.  QuickBooks for Churches and Nonprofits is written for beginners in a friendly and easy-to-understand style, while also including tips that even experienced CPAs may be surprised to find. Many of London's readers are CPAs looking to streamline their church's (or client's) accounting system. The step-by-step instructions and hundreds of illustrations will describe how to: Design a chart of accounts for churches that will give you the information you need, Set up internal accounting procedures and controls to safeguard the money, Track tithes and related cash flow, Send year-end donor acknowledgments, Record stock donations, Track investment gains and loss, And much more! QuickBooks for Nonprofits & Churches is for readers running the Windows desktop version of QuickBooks Pro, Premier, or Nonprofit versions. If you aren't sure which version to use, check out my blog post, Which QuickBooks Does My Nonprofit Need? If you are using Quickbooks Online (QBO), you will want to read QuickBooks Online for Small Nonprofits and Churches. My Quicktips Blog offers helpful reminders and hints.  Shipping costs are a flat rate of $4.95 for media mail, no matter how many books you purchase or $8.95 for 2-3 day USPS Priority Mail for up to 3 books. E-Books have no shipping costs and are available for immediate download.  ISNI 0000 0004 5059 7909 Lisa London, Author Table of Contents I. Fundamentals: Fund Accounting, & Controls II. Acquainting Yourself with QuickBooks III. Setting up Your Church File IV. What is the Chart of Accounts? V. How do I Track My Grants & Programs? VI. How About Members & People I Owe Money To? VII. Inputting Members & Vendors from Files VIII. Items-Tracking the Transactions IX. Money In-Recording Donations & Revenues X. Money Out-How Do I Pay the Bills? XI. Entering Payroll XII. Bank Reconciliations & Other Reconciling Issues XIII. Where Do We Stand? Designing Reports XIV. Am I Meeting My Targets? Budgeting XV. It's Month End and/or Year End-What do I do? XVI. What About...??? XVII.  Appendix Index A accountant changes 282 accountant copy 279 accounting controls 6, 100, 128, 247 accounting year 5, 20, 202 accounts (see: chart of accounts) accounts payables 49, 138, 188, 221, 241 accrual method 127, 134, 201 accrual option 201, 237 acknowledgement 107, 247, 264 adjusting entries 56, 245 allocation of expenses 151 amortization schedule 284 ask my accountant 34, 53, 303 assets 3, 4, 33, 35 audit audit adjusting entries 245 audit committee 7, 194 audit trail 186, 292 authorized signers 129 autofill 25 B backing up 12, 17, 19 backup automatically 16 bank bank fee 183 beginning balance 57, 192 deposits 57, 118, 122 drafts 146, 190 online banking 11, 28, 142, 143, 180, 236 bank reconciliation 180 adjustment 193     reconciliation discrepancy report 192 beginning balance entry 57 bill payment memorize the bill 142, 153 online payments 66, 125, 130 paying 131,138 recurring bills 135 void bill payment 188 voucher 129, 195 voucher-style check 128 bounced check 183 brokerage reconciliations 237 budget budget by grant 222 budget by month 229 budget process 222 forecasts 232 C calculator 133 calendar 11, 26 capital campaign 3, 35 cash basis 127, 201 cash receipts 109 cash transfers 180 cash-flow projector 234 chart of accounts 22, 33, 36, 42, 43 active/hide 47, 71, 72, 202 add new account 39 designing the chart of accounts 33 upload 304 check  register 189 checking account 40, 41, 57, 122 Church Accounting: The How-To Guide for Small & Growing  Churches 126, 154, 167, 178, 179, 247, 258, 264, 287, 309 Circular E 168 classes 50 class lists 53 class tracking 25 classes vs. jobs 50 naming of classes 51 parent classes 217 subclass 51, 55 closing date 25, 245, 282 collapse 209, 214, 237 comments 210 conflict of interest policy 7 contact sync 79, 81 credit cards balance 241 charges 147, 278 discounts 301 receipts 147 recurring donations 125 CSV(comma separate values) 78 current assets 33, 35 current liability 33, 35 custom fields 68 Customer Center 116 customers add new members 61, 109 attaching files 72 type 63, 109 customized reports 198 naming protocol 291 D deposit 118, 121 desktop versions 2 dividing date 280 donations 41, 66, 147, 149, 183, 190, 195, 196, 259 entering pledges 113 entering 61, 104, 110 in-kind 264 miscellaneous receipts 117 pass-through collections 119 recurring 125 restricted 116 donor acknowledgments 247 donor database 111 donors (see: customers) duplicated donor/ vendor accounts 291 E editing or deleting classes 55 EIN (Employer Identification Number) 20, 76, 295 EFTPS (Electronic Federal Tax Payment System) 178 tax deposits 178 electronic payments received 102 electronic signature 141 email 22, 61, 65, 78, 284 employee payroll 165 envelope number 12 escrow payments 282 expand button 209 exporting reports to a spreadsheet 215 express start 20 F federal tax withholding rates 168 FUTA (Federal Unemployment Taxes) 167 fiscal year 202, 247 fixed asset item list 96 forecasts 230, 232 fraud 7, 128 fund accounting 2, 3, 41 fund balances 241 fund classes 51, 107 fund transfers 274 G general journal entry 25 general fund 58, 298 general ledgers 98 gift cards 195 governing council 7 grants 28, 50, 64, 87, 116, 270, 291 group allocation 153 H handbook 8 handwritten checks 145, 146 header/footer tab 204, 244, 248 hide header  209 detail 214 subaccounts 209 accounts 43, 47 historical information 224 home screen 10 hovering your mouse 214 I iif (QuickBook files) 304 importing 86 inactive accounts 47 independent contractors 250, 251 insufficient funds 180, 186 insurance  settlement 118 intangible religious benefits 247, 287 inter-fund transfers 274 internal accounting controls 1, 6, 100, 128 internet-based donor record systems 110 investment  accounts 41, 244, 296 investment earnings 3 invoices (see: pledges) IRS Circular E 168 Form 1096 256 Form 1099  250, 257 publications 247, 293 W-2 wage-and-tax-statement 258 items add more items 94 group 93, 151 types 93 to allocate expenses 96 to save  time 153 to track by organizations 120 to track volunteer hours 96 tracking 93 items, account numbers, and  classes 99 J jobs (see: grants) journal entries autofill the memo line 25 beginning balance 55 credit card charges 125 to record payroll 154 to record postage usage  196 year-end adjusting entries 245 L  labels 129, 221 layout designer 287 liabilities 4, 198 licenses 274 limitations 4, 41 limits on names 61 loan 282, 283, 284, 295 long-term asset 35 long-term liability 35, 282 M make deposits 118, 122, 190, 238, 272 mapping data fields 83 mapping to a tax line 42 member-specific accounts 259 members (see: customers) memorize 135, 138   reports 208 bills 234 transaction list 153 mission-trips 259 modify report 200, 268 month-end checklist 235 mortgage 282 multiple subaccounts for cash 41 multiple-users 274 N naming protocol 23, 36, 61, 65, 78, 89 net assets 4, 34, 57, 198, 235 net earnings 4 non-operating income 215 non-operating revenues 34 non-pledged donations 223 notes 73, 74, 210 numbering structure 33, 194 O online backups 14 online banking payments 142, 236 online versions 2 opening balance 40, 65, 298 ordinary income 215 outstanding pledges 11, 113 overpayments 25 P parent  account 39 parent organization 141, 142 partial payment on the pledge 115 pass-through  payments 120 pass-through donations 119 passwords 130, 141, 274, 275 payee 27, 128, 182 paying  sales taxes 293 paying bills online 130 Paypal 103, 255 payroll add new employees 165 employee benefits 161 generating payroll 173 in house 158 miscellaneous additions/ deductions 164 payroll liability payments 177 quarterly filings 178 setup checklist 160 withholdings and credits 167 permanently restricted funds 3 petty cash 128, 195 pledges 112, 114, 125, 142, 201, 220, 245 preferences 23 premier & nonprofit versions 2, 232, 259 prepaid postage 197, 296 accounts 239 assets 33, 244, 296 preview 22, 250, 256, 290 principal 284 print deposit slip 124 mailing labels 129 paychecks 175 checks 139, 141 forms and labels 129 signature image 141 reports 207 1099s 255 pro version 2, 228, 232, 287 proadvisor 2 programs budgets 222 classes and fund classes 51 track 50 R receipts (see: donations) receivables 112, 113 reconciliation discrepancies (see: bank) recurring donations from credit cards 125 reimbursements 145, 250 report center 211 reports balance sheet 4, 33, 198, 237 designing & running 198 income statement 4, 198 most useful 211 pdf  207 scaling option 207 statement by class 262 statement of  financial position 4, 198, 237 statement of activities 4, 198 statement of functional expenses 212 reserve account 270 restoring the data 17 restricted cash 40, 41 restricted funds 241 restricted vs unrestricted cash 242 restricted vs unrestricted funds 51 returned checks 183 reversing entry 189 RID (remote imaging device) 73, 101, 121 S sales receipts (see: donations) sales rep 78 scaling 207 scanner (RID) 73, 101, 121 selective access 277, 279 sensitive financial reporting 279 service item (see: items) set date/password 246 states' department of  revenue 168 stealing 7, 102 sub-items 93, 120 sub-types 63 sub-columns 202 synchronization 78, 79, 84, 85, 126 T tax form worksheets 178 tax id 21, 76, 253, 295 taxable earnings 164 techsoup.org 2 template 113, 209, 284, 290 temporarily restricted funds 53, 298 temporarily restricted class 115 thank-you note 284 threshold payments 255 time-saving downloads 309 timesheet 96, 266 tithes (see: pledges) to-dos 72, 74 tooltips 30 track restricted cash 41, 156 track restricted vs unrestricted funds 51 transfers 180, 274 transmittal form 256 transpositions 193 U undeposited funds 32, 121, 125, 183, 189, 192, 238 unemployment 167, 168, 169, 170 unrestricted cash 40, 41, 242 unrestricted funds 51, 241, 274 unrestricted net assets 4, 58, 235, 242, 298 upload a chart of accounts 304 V valuation of a donation 264 vehicle donations 264 vendor  center 131 vendors 74, 78, 79 video 259, 284 void a check 186 volunteer hours 96, 266 volunteers 100, 267 W withdrawals 191 withholdings 155, 156, 167 wizard 253 write checks 143, 145, 146, 154, 181 Y year-end closing date password 247 year-end adjustments 5 year-end checklist duties 236 year-end donor acknowledgments 247 year-end payroll filings 178 year-end requirements 250