Webinar – QuickBooks Online for Newer Nonprofit Users – 2016-07-21
Visit for donated technology for nonprofits and libraries! Already using Intuit’s QuickBooks Online, but still pretty new to your …
Becky: Welcome, everyone, to QuickBooks
Online for Newer Nonprofit Users.
Thanks so much for joining us
for today’s TechSoup webinar!
We’re glad to have you on with us.
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Again, my name is Becky Wiegand,
and I’m the Webinar Program Manager here
at TechSoup, and I’m happy to be your host
for today’s event. We are joined today by
a prominent expert in QuickBooks nationwide,
Gregg S. Bossen, CPA. He is also an
Advanced Certified QuickBooks Pro Adviser
with a full service accounting firm in
Atlanta, Georgia. He is the founder and CEO
of QuickBooks Made Easy, one of
TechSoup’s donor partners, and since 2000
he’s been teaching live QuickBooks seminars
around the country designed for nonprofits.
We’re really happy to have him joining us.
You’ll see on the back end a whole bunch
of people who will be on-hand to help:
David Webb from QuickBooks Made Easy.
And we have Hector Garcia
and Debra Kilsheimer,
both who are QuickBooks Pro Advisers and
part of the Intuit Trainer/Writer Network.
They are experts on-hand to help
answer questions throughout the webinar.
You’ll also see Allyson Bliss
and Susan Hope Bard from TechSoup,
and we’ll be here to help you with any
questions about our donation programs.
Quick look at our objectives for today.
There’s a lot that we’re hoping to cover.
This is more of an agenda than learning
objectives, but we have a quick overview
of what QuickBooks Online choices are
available. What you want to be using.
Which QuickBooks product is best for your
organization. We’ll have Gregg show us
how to get around, some basic introduction
to the navigation within QuickBooks Online.
And then he’ll go over somewhat
universal tips on how to properly set up
your Chart of Accounts. This may apply
whether you’re in QuickBooks Online,
or if you’re using the desktop version.
Some of this may be the same principles,
even though it may look very different
than the desktop version. We’ll also cover
where and how to track your programs. Where
and how to enter donors, members, or students.
How to enter Budgets. Getting a
Budget to Actual report easily.
The best way to enter your
income, and he’ll show two methods.
Then we’ll have time for
questions, no matter how advanced.
Keep in mind, though, that his webinar
is geared toward newer nonprofit users.
If you’re joining us from a library or a
church, some scenarios may be different.
If you’ve been using QuickBooks for 25 years,
you may find that some of this is review for you,
but you’re welcome to stay on anyway.
If you are using the Desktop Edition,
we’ll chat out the link to the webinar
that we just ran two days ago with Gregg
for QuickBooks for Newer
Nonprofit Desktop Users.
Before we get started, a
little bit about TechSoup.
We are everywhere in the world on this map
that’s blue, which is pretty much everywhere
except for a couple embargoed countries
where we’re not able to operate.
If you’re joining us from outside
the United States, we recommend
that you visit www.TechSoup.Global
and find your country on the list.
The donation programs that we talk
about today are specifically related
to the U.S.-based programs. If you’re
joining us from elsewhere, those donations
may not be available to you, but they may.
You should definitely check out on this site.
Go ahead and chat in to let us know from
where you’re joining today, so we have an idea
of where around the world, where around
the U.S., all of our participants are from.
We have around almost 400 people logged in
right now. It’s going to be a busy event,
and we may not get to every question. Most
likely we won’t with the volume of people
we have, but we will do our best on the back
end to answer questions throughout the webinar.
TechSoup has been around since 1987, and
we’ve been delivering donated products,
like Intuit products and Adobe and Microsoft
and many other donor partner products,
as well as helping to facilitate grants and
other in-kind donations to the do-gooder sector
around the world, to the tune of $5.4
billion. So, I’m proud to be part of that.
Before we get started with Gregg, I
just want to mention at the front end,
I’ll also talk about this at the back end,
if you are needing a donation of QuickBooks,
Intuit is the donor partner that creates
QuickBooks. They are our partner here,
and you can find more about their
program at www.techsoup.org/intuit.
You’ll see a number of options available
to you. Right now we have the 2016 version
of QuickBooks Premier 1-user, QuickBooks
Premier 3-user license, QuickBooks for Mac,
and QuickBooks Online subscription. So,
if you’re looking to embark upon a purchase
of QuickBooks, you can receive these
donated versions through TechSoup.
You can also see about the eligibility. I won’t
go over all of that, since you can read the screen
yourselves. So with that I’d like to go ahead
and have Gregg Bossen join us on the line
to talk a little bit about what he
does and take us into this program.
What does QuickBooks Made Easy do, and
how can people use QuickBooks Online better
for their nonprofit? Thanks
for joining us, Gregg.
Gregg: Thank you! Becky, I’m just
always amazed at how smooth you sound,
like a lot better than I do. You
have such a smooth sounding voice.
Becky: You’re funny, Gregg. You’re great
at this! What are you talking about?
Gregg: Oh, well, I appreciate that. Thank
you for – By the way, everybody, say “Hi.”
I want to make sure you’re there. I’m very
insecure, and I like to know everybody’s
listening to me. Chat “Hi. Hi. Hi.
Hi. Hi, Gregg.” I want to see that.
Somebody is from Cambodia. Somebody is
in on the line from Cambodia. James is.
I think that’s really impressive. I
think that’s really cool. Ok, great.
Oh they’re even saying my name! “Hi, Gregg!”
Jim, it’s spelled with two “g’s” on the end.
My mother didn’t like the name Gregory,
so she stuck an extra “g” on the end.
Becky: We should mention, we know that
you can’t see each other’s chat messages
and questions coming in. We will be on-hand
on the back end trying to respond to those.
If there’s something useful that you know about
QuickBooks that you want to share back out,
we can chat that back out to our audience
for you. Just note we are seeing your messages
Gregg: Alright! Great! Thank you. I
feel better now. And I was just kidding.
I mean, I really do have two “g’s” on my name,
but it’s okay if you used “Greg.” That’s fine.
Again, I am a CPA with an accounting practice
in Atlanta, Georgia. I’ve been in practice
for probably 25 years. I specialize
in nonprofit organizations.
We do audits of around 25 nonprofits a year.
We do about 100 or so 990’s, I would say,
at this point. We have about 500 more
nonprofit clients around the country
that we have technical support agreements,
where you can call up and ask us questions
and stuff like that. That’s kind of one part
of my business is I have the accounting firm,
and then I own QuickBooks Made Easy.
QuickBooks Made Easy is all about
teaching you how to use QuickBooks, and we
specialize in a couple of different industries.
One of them is nonprofits, which is why I’ve
been partnered with TechSoup for so long.
Then the other one is construction contractors.
But we’re all here talking about nonprofits,
and we teach you guys how to use
QuickBooks better for your nonprofit.
How do we do that? We have three ways
of doing it. We have training DVDs
that come with handbooks. One of them
is actually on the TechSoup website.
This is the little picture of it here:
QuickBooks Made Easy, The Essentials,
and we have one just for online users,
that you can purchase through TechSoup.
Additionally, we have tech support, and finally,
we have live seminars across the country,
and we also have webinars. I thought I would
just show you real quick where we’re going to be
since you guys are all over the place.
Here’s some of our upcoming live seminars.
They’re all-day seminars. One in
particular, since you guys are online,
and you like doing online stuff, I would
imagine. What you’re going to be seeing today
is kind of a mini version of a 3-day
webinar. It’s two hours a day for three days.
It’s happening August 16th, 17th, and 18th.
You’re going to be one this call for an hour
and a half. See if you really want to listen to
me for that long, and if you do, and you like me,
then I’m going to – We’re going
to give you a pretty big discount.
We’re going to give you a little coupon
so you can sign up for this online seminar.
I think it’s $199, normally. We’re going to let
you sign up for $149. We’re going to give you
the little coupon. As a matter of fact, I think
it might be – Yah, I think it’s in the next slide
here, but I’ll pop these codes up. Oops! I’ll
pop these codes up again. Hold on let me –
Here we go. Yes. So, this is a 3-day webinar.
There’s the code, and there’s the tech support
for a year’s worth of tech support. I’ll talk
about that in a minute. Right now, I want to hear
from you guys. So, get a kind of a lay of
the land here. I’m going to pop through this.
This slide here, I should mention it. It just
kind of explains to you what QuickBooks is for.
It’s an Accounting Package, but it also can be
a Light Donor Database, actually. It’s not bad.
You can get donor reports and year-end donor
letters. It’s kind of neat. We’ll show that
at the end of this webinar. Alright. Here’s
my poll. How new are you to QuickBooks?
Some of you have never used QuickBooks
before. Go ahead and start answering.
No one is answering yet. There we go.
Never used QuickBooks before at all.
Some people know QuickBooks Desktop,
but not Online. You’re new to Online.
I’m sure there’s a number of you in that
boat. Then there’s people that know Online,
but not that well. Then there’s I know QB
Online well, but not for nonprofits. You know?
You might know the Online Edition well, but not
for nonprofits. Then, I just have some questions.
I’m a QuickBooks master. Then, I’m
hunting Pokemon, which we have three people
doing that, and I’m sure that David Webb, who
works for us, is one of those three people,
actually. I don’t know.
David, are you on the line?
David: I am, and I do not.
Gregg: Oh, okay. Alright. Isn’t that weird
that that’s happening in the world? Anyway.
Becky: We have a lot of people chatting in that
they’ve been using it just for a few months.
Lots of comments coming in,
and we are reading those.
Gregg: Yah. Yah. Go ahead, everybody,
answer real quick. We’ll leave the poll up
just another second. We’ve got another
100 or so people that for whatever reason
aren’t answering the poll. How could
you possibly not want to listen to me?
I don’t understand.
Becky: Perhaps there are more people
hunting Pokemon than we realize.
Gregg: Maybe. Maybe so. Maybe
so. Alright. I’m going to go ahead
and skip to results, and we can see what we’re
looking at here. So, look at how many people
are new to just the Online Edition,
the second one there: 35%. 34.7%
know QuickBooks Desktop
but are new to Online.
A quarter of the people on the call have
never used QuickBooks before. You just started.
You use QuickBooks, and low and
behold you have this Online Edition,
and you want to learn how to use it.
You might be at an advantage, actually.
The people that are used to using the desktop
version of QuickBooks, we get really freaked out
when we see the Online
Edition. Anyway, enough of that.
Oh! There’s one more poll I’m going
to do too just for the heck of it.
This is a completely irrelevant poll. I kind
of did this for us. So you’re on a road trip,
and you’re hungry. Where would you eat?
We got Arby’s, Burger King, Chick-Fil-A,
Hardy’s, In-n-Out Burger, McDonald’s, Taco
Bell, Waffle House, Wendy’s and White Castle.
Somebody added that. I didn’t put
that on there. I do like White Castle.
Becky: That was me.
Gregg: I thought so!
Becky: I hail from Michigan where White Castle
exists, and I live in the White Castle-free zone
of California. I kind
of miss it. I miss it.
Gregg: Yah. Yah. Alright. We won’t do this too
long. I’ll go ahead and skip to the results.
You can keep answering because we’ve
got to get into QuickBooks. But – Oh!
Becky: Hey, Chick-Fil-A
is very popular.
Gregg: Well, we’ve got healthy people here. I
thought that. I put one kind of healthy thing,
and apparently that’s the one.
Becky: Yep. And some are saying we
should have none of the above too,
because there are a lot of folks that
don’t eat fast food, and you are correct.
We absolutely should.
Gregg: Even those of us that don’t eat
fast food, when we’re on a road trip,
we usually end up going. You know?
I just can’t help myself. I’m sorry.
Alright. This is the objectives, which of course
we already kind of – She already went over.
First thing I want to cover –
So here we are. We’re starting.
So, what QuickBooks Online choices are
available? Actually, I’m going to go ahead
and click to the slide here. There
we go. There are actually four choices
of QuickBooks Online Edition. If you have
the Online Edition, you have four choices:
Self-Employed, Simple Start, Essentials,
and Plus. Which one is right for you?
That’s real easy. It’s Plus. The
reason why is because Plus has budgets
and program tracking. None of the others
have the ability to enter a budget,
and none of the others has the ability to track
programs. So, basically, it’s a no-brainer.
You must have Plus. Fortunately, that is
the option that you can get from TechSoup
at $50 a year. Alright? That was
pretty simple. I think we can move on
to the Online Edition itself. I’m
going to go ahead and share my screen
and make sure that you can see this.
Becky: Let us know on the chat if you have any
difficulty viewing. You can also click Full Screen
to view a little bit closer up, and if you need
to get out of that to get back to the chat view,
you can just hit Escape.
Gregg: So, what we’re looking at is we
are looking at the Online Edition. Okay?
I’m going to address a question that I
know some of you already have, which is:
if you already have the Online Edition, and
you’re paying $20, $30, I think the retail
is $39 a month, then you might be thinking
to yourself, “Wait a second. I can get it
for $50 a year? How do you do that?”
Well, you go to the TechSoup website.
I will tell you that what you really
need to do in order to switch this over,
so you’re only paying the $50 a year, is to
basically close the old account that you set up
and create a new account through the TechSoup
website. When you close the old account,
you’ll have to take your online account, your
online data file, like all the transactions
and everything, you have to download
it onto a desktop version of QuickBooks,
and then you’ll have to
upload it into the new account.
I’m just going to go up here to this little
gear, for those of you who are wondering.
When you’re in your online account,
and you’ve decided I’m going to switch
to a new online account through TechSoup,
I’m going to go here to the gear.
I’m going to click Export Data, and it
actually creates a data file that can be read
in the desktop. Put it onto a desktop version
of the program. You may have to get it from –
We can help you with it at QuickBooks
Made Easy. We can load it onto our desktop.
Then we upload it. Then we’ll give it to you,
and you can upload it back to your new account
that you get through TechSoup.
That’s kind of how that works.
I’m going to move into the navigation.
Yah. I think I’m going to go ahead
and talk about navigation. We’re going
to have time at the end to do questions.
Then we’ve got Hector and Debbie and
David answering questions as we go,
but I’m going to do some live questions as
we got through also, just to kind of keep
it interesting, so you’re not just listening
to me babble for an hour and a half. Alright?
So, here we are. The first thing I need
you to understand is that, you know,
QuickBooks Online Edition is a
cloud-based version of the software.
Which means, that we didn’t even – I should
probably show you this. I’m going to go ahead
and sign out. So it means that after you’ve
created an account, you go to a website
to sign in. You type www.qbo.intui.com. It
takes you to a site. You put your user ID
and your password, and you click Sign
In, and it signs you in to your file.
Now, if you only have one file, then it
signs it in – signs you in to that one account
or that one company file. I have a bunch
of different ones here, so it’s asking me
which one do I want to open. I will stop now and
tell you that $50 a year that you pay TechSoup,
that gets you one account, one file. It
gets you one company file, one organization.
If you run two nonprofits, maybe a 501(c)(3)
and a membership organization that’s a 501(c)(6)
also, and you need two different accounts,
you’ll be paying $50 a year for the first one.
The second one you’ll need to pay the
regular amount, that free thing only works
for one account, or that $50 a
year only works for one account.
I’m going to go ahead and click on the first
data file that we’re going to be using here,
and it’s going to open up the home page.
Okay? Here we are. This is the Home page.
I just want to give you guys that are new kind
of the quick and dirty of how to get around.
I’m not going to describe everything that’s on
this screen. I’m going to describe the things
that are most important. The thing about the
Online Edition, and in case you’re wondering,
there is no nonprofit version of the
Online Edition. Okay? There’s simply
those four choices, and the one that you want
is the Plus version. That’s the one that you –
That’s the most expensive one, normally, but
the one you get for $50 a year at TechSoup.
Anyway, here we are. What you’ll see is
the vast majority of what’s on your screen,
what’s covering most of the screen, are
these charts. These charts are actually
not very relevant for nonprofit
organizations, because, remember, there’s not
like a special QuickBooks Online for nonprofits.
There isn’t. If you happen to do a lot of invoicing,
maybe you’re a membership association,
this chart that tells you what’s overdue
and stuff might be helpful. This next chart in
the middle, Expenses, kind of gives you a pie chart
of where your expenses are coming from. That’s
kind of cool. This is a little P&L chart.
But there’s not really much you can do with
these charts other than changing the date
range, and they’re not really that
important for nonprofits anyway.
So, what I will tell you is that there are three,
three places that are the most important to go to
when you’re on the Home page. Okay? Now, I need
to say something first. Listen very carefully
to me. Listen now. Any time you are in the land
of QuickBooks, and you’re entering something,
the thing that you’re entering is in one of
two categories. Either it’s something that goes
into one of the lists that QuickBooks
has, like a new customer, you’re putting
in the Customer List, or new expense account
you’re putting in a Chart of Accounts List.
If it’s not one of those things that
you’re entering, it’s a transaction.
That’s the other category of stuff, and
that would be a check or a bill or a deposit.
So, the two things that you usually
enter when you’re in QuickBooks are things
you’re adding to a list or transactions.
Now, the reason why you came to this webinar
is because you want to learn QuickBooks, so
that you can get good reports out of the software
for your Board of Directors. In order to do
that, not only do you need to really know how
to enter the transactions, which is actually
fairly easy, the main reason why people
don’t get good reports out of the software is
because they didn’t set the lists up correctly
to begin with. Alright? Now, we’re going to talk
about the set up quite a bit during this webinar.
We’re going to do a little bit on transactions,
but – The reason why I brought all of this up now
is because if you want to set your lists up,
mainly you go to this little gear thing here.
That’s one place. Remember, I told you
there was three places on the screen
that are important; this is one of them.
If I click on the gear, you see where
it says Chart of Accounts? That’s one of
the lists. Okay? That’s where you would go
to set up your Chart of Accounts list.
This is where you go to set things up
and set your lists up, in particular, is
here. The next is, if you’re not doing that,
the other category was transactions.
So you are adding a transaction, adding.
You see this little plus sign right here?
That’s where you go to enter transactions.
If I click on this, you’ll see here’s where,
for instance, I can enter a check. Okay?
I’ll just go ahead and pop on a check, and
here’s a little pretty picture of a check.
Then you fill it out. You can print it.
You can save it, what have you. Okay?
This little gear right here, that’s where you
go to set things up. Plus, that’s where you go
to enter transactions. The third place that you’ll
be going to mostly is getting to the reports.
The reports are over here in this little area over
here that says Reports. Pretty simple. Alright?
I think, yah, I think – I’m going to go ahead
and click on Reports and just talk about this.
This confuses people when they first see it,
because your eyes immediately go down here,
and you start looking for
– “Oh! I guess these are the only reports I have.” That’s not really true.
I’m going to go ahead and click this
arrow that goes back. It says All Reports.
Now I’m looking at all of my reports, and
actually – Do you see these little five areas
here? We have Recommended, Frequently Run,
My Custom, Management, and All Reports.
If you click All Reports, you’ll be able
to find every single report that’s in here.
Frequently Run, those are reports that
you go to so often that they go ahead and –
That’s something that QuickBooks memorizes
and puts on there. My Custom Reports,
these are going to be your memorized
reports, and I’ll mention that if we can.
Then, Recommended Reports, I think these are
probably just reports that a lot of people use.
Yah, like a P&L. I’m going to go to All Reports,
because I like to get an overall of everything.
Then they’re organized in these different areas
here: Business Overview, Accounts Receivable,
Accounts Payable, Accountant Reports.
Okay? If I click on Business Overview,
then this is where I would see the
Profit and Loss and the Balance Sheet.
That’s all accounting really is if you
don’t know very much about accounting.
All it is is entering transactions so
that you can look at these two reports.
There’s one more thing that I want to talk
about when it comes to navigating around
in the Online Edition. It has to do – This is
really kind of important, so listen very carefully,
as if you haven’t already been. Hopefully,
you have. It has to do with being able to see
more than one thing at the same
time. You see, in the Online Edition,
any time you are in a window, you’re actually
on a web page. In other words, right now
I’m on this web page right up here.
If you look at the top of the screen,
https://qbo.intuit.com/app/reports – If I go
to a different window, say I click on Home –
Do you see how the web page changes?
These are different web pages.
If you want to see – Let’s say I want
to see two reports at the same time.
I’m going to click on Reports. If I
click on – I’ll click on Balance Sheet.
It pulls up a balance sheet. If I want to
see a P&L, if I just went over to Reports,
and I clicked P&L, the balance sheet would
go away. Okay? Now, I can get back to it
by using the back arrow, and it takes
me to my previous screens that I was in,
my previous web pages. But if I want
to see them both at the same time,
each one of these is a web page.
Becky, I’m going to ask them:
How do you think you would see two
reports at the same time, if I wanted to?
How would I do that? What would I do?
Because if I click on the other one,
the first one goes away. So, what
do I do? Somebody chat up the answer,
and then Becky will tell me.
Becky: I’m waiting for the chat
to open. It says, “Open two pages.”
Gregg: There you go. That’s good. Open two
pages. In other words, you open up a second
instance of the Online Edition.
Now, I forgot to say this before,
but the browser that you want to use, when you
are in the Online Edition, is Google Chrome.
It’s much easier than the other two,
and it’s the one that Intuit recommends.
Well, the other two – Windows
or Internet Explorer and Firefox.
Gregg: Thank you. Anyway,
Google Chrome is the way to go.
How am I going to open up another instance?
Well, I could go over here to a new tab,
and type it, but – And this really isn’t
even a QuickBooks thing, but in Google Chrome,
I can simply – I’ll just X this back out. If I
right click on the tab, and I click Duplicate,
not only will it open up a new tab,
but it goes to the same web address.
See, now I’ve got this Balance Sheet
here, this tab, but if I go over here,
it basically is a different
page, but it’s at the same place.
So, what I’ll do is I’ll go back over here,
and then I’ll change this one to the P&L,
and I’m going to make a change to the
P&L because there’s no data in here.
I’m going to make this July 1, 2019
to – And then I’ll go June 30, 2020.
Then I’m going to click Run
Report, and it changes it.
So now I’ve got the P&L over here
and the Balance Sheet over here.
This is what’s really neat about
Chrome, all of the browsers do this,
but I like the way Chrome does it. I can
just click on this, and if I drag it down,
do you see how it becomes its own page now? Isn’t
that kind of neat? I’ll just kind of move this
over here. It’s all big. Let me click
on these arrows to make it small.
Then I’ll click on this one, and then I’m going
to click on the little boxes here to make it
to where I can move it. I’ll
move it over to the other side.
See, now, how cool is this? Now, we’ve got
two windows open at the same time. Alright?
Actually I opened up these two windows for
a reason, because the next thing we’re going
to talk about is the Chart of Accounts.
I’m going to stop now and see if anybody
has any questions about what we’ve covered
so far. Becky, I know a lot of you do,
but go ahead and read out some of the
questions, and let me talk for a couple
of seconds to people.
Becky: Sure. Well, based on the tab opening
that you just did, we had some people asking
whether that worked the same in the installed
QuickBooks as well, and if they could open
additional tabs of QuickBooks.
Gregg: In the Desktop
version, are they saying?
Becky: Yah. Yah.
Gregg: In the Desktop version, you don’t
really have to worry about that at all.
I should have opened up the Desktop, but if
you go under the View menu, you’ll see something
that says, “Multiple Windows in a Desktop,”
and if you push it, you’ll be able to open up
multiple windows at the same time. It’s
not like you have to reopen QuickBooks.
You just open up a second
window. Next Question.
Becky: Great. Related to that, do you know
what the shortcut is to do that on a Mac,
since you right click on a PC to
open up the options for a new tab,
do you know what the
shortcut would be for a Mac?
Gregg: I think it would be – David, do
you know what the shortcut is for the Mac?
If somebody knows, you can chat, and
then we’ll tell everybody. I don’t know.
It is a command thing, I would imagine.
David: It’s Control
click or Command click.
Gregg: Control click or Command
click. Is that what you said?
Becky: Yes. Usually Command is going to
be your equivalent to Control in a Mac.
We have Sandy clarifying that she’s
not asking about the Desktop version.
She’s asking about the app for the Online
Version. So, if you’re using a mobile app of it,
I guess, on a tablet or something? Is
there a way to open up additional tabs,
that you’re aware of?
Gregg: Oh, that’s interesting. I
don’t know the answer to that question.
David: I think that she might be referencing
the app that you could install like on a Mac
to get to the Online version? Because I know
that that’s available. I’m not sure if PCs have it
available. It basically acts as a web browser. So,
it would really depend on the functionality of it.
I’ve only used it a few times.
Gregg: Why don’t we write down,
like get her contact information,
so we can get her a better
answer that’s just for her.
Alright. I’m going to move on, if it’s
okay, because I want to have a lot of time
for questions at the end. We got some
good people on the call other than me
can answer questions, so I
think that might be kind of cool.
So, what I’m looking at right now is a Balance
Sheet and a P&L. I’m looking at these two
for a reason. Because
– And I said this before, and I’m going to say it again.
Especially for those of you that are relatively
new to QuickBooks or new to nonprofits,
the whole purpose of accounting is to
create these two reports, this Balance Sheet
and this P&L. The P&L you would
like to have it compared to a Budget,
and we’re going to talk about that, and you
give this to the Board. The Balance Sheet
and then the P&L Compared to Budget, that’s
what you give to your Board of Directors
at the end of the month. Now, there
are other reports you can create,
but this is the main point of accounting
is to create these two reports.
These individual lines that are on – Oh I just
zoomed in for a second. I didn’t mean to do that.
Hold on. I did it again. Here we go. I
know your screen is probably freaking out,
so I’ll give it a second here. Alright.
These individual lines: Checking, Savings,
Memberships; and then over here on the P&L:
Corporate, Foundation, Government Grants;
these are the lines that are in your
Chart of Accounts list. So the backbone
of your entire accounting system. And
when you first start using QuickBooks,
you want to set up your Chart of Accounts
properly, because the accounts in this list,
they are the accounts that create these two
financial statements. And, as a matter of fact,
I think what I’ll do is open up the
Chart of Accounts list so that you can see
what I’m talking about. I’m going to create
a new – I’m going to open up another tab here.
On this one, I’m going to go to the Chart of
Accounts list. So, the Chart of Accounts list,
it’s a list. So where do you think it would
be? Do you think it would be in the Plus sign,
or do you think it would be in the gear?
Where is it? Somebody tell me. I know I’m doing
basic stuff here guys, but a lot of you
hadn’t used it before, and I’m testing you.
Becky: Sure. I’ve got
people saying, “The gear.”
Gregg: The gear because
it’s a setup thing.
Becky: Lots of smart folks know it.
Gregg: Then I’m going to go over here to
Chart of Accounts. I’m going to click it,
and it’s going to open up
the Chart of Accounts. Okay?
So, you see here, how – Let’s see. Here we go
– how we have Checking, Savings,
Memberships Receivable? That’s
because it’s in the Chart of Accounts:
Checking, Savings, Memberships Receivable.
Okay? These accounts are broken up
into different types. Let me make this
a little bit wider so you can see it.
These are the different types, and
we’ll talk about the types in a second.
But I’m going to tell you right now that
all of the types that are Equity and above,
they determine what your Balance sheet looks
like. Then all of the types that are below Equity
– and let me move this – that determines
– boy that really worked nicely, didn’t it?
Sorry, I’ve never done that live before.
That kind of worked neat. Alright.
All the things that are below
Equity, they appear on the P&L.
So, if I’m looking here, it says Corporate
Grants, Foundation Grants, and Government Grants.
It’s there because it’s up here: Corporate,
Foundation, and Government Grants. Okay?
Obviously the Chart of Accounts is a really
important list. It’s like the most important list
in all of QuickBooks. So, the first thing
you want to do is you want to make sure
that you set this thing up correctly.
So, I want to do two things.
One, I want to talk to you about how to
add an account, how to edit an account,
how to get rid of an account, because
you may decide that you want to do that
after this webinar. Then the other
thing is I want to describe to you
what your Chart of Accounts should look like
considering that you’re a nonprofit. Okay?
In order to create an account – We’re going to
do that first. You see the little button here
at the upper right that says New? This is
pretty basic. You click it, and you click New.
Now, the first thing it wants to know –
Remember I told you accounts are broken up
into different types? It wants to know
what type the account is going to be.
The type is really important because it
determines where it appears on the financials.
If I pick Bank accounts, Bank accounts, they
appear on the Balance Sheet. So, they’ll appear,
they’ll appear over here on the Balance Sheet.
Whereas if I pick – We’ll scroll down here
a little bit. If I pick Income, they
don’t appear on the Balance Sheet.
Income accounts appear on the P&L over here.
So, if you don’t know what the type should be
when you’re creating an account,
talk to the person who does your 990.
I promise you that person will know.
These account types are second nature
to us geeked-out accountants
and bookkeepers. Alright?
I’m going to create an account for computer
equipment. Okay? Somebody chat what that is,
what type that should be. What type
should computer equipment be? I’m waiting.
Becky: Yep. I’m waiting for
the responses to come in.
Gregg: Okay. Computer equipment.
A big piece of computer equipment.
Becky: Some people are saying, “Fixed
Asset.” Other people are saying, “Expense.”
Gregg: Right. So, I will tell you, and I
don’t want to go too far down the rabbit hole,
when it comes to equipment, you would think
if you’re buying something, it costs you money,
that’s an expense. So, a lot of people go, “Oh,
it’s an expense,” and they’ll create an account
called Computer Equipment, and make
it an expense. Here’s the thing.
The accounting gods have decided that
if you buy something that’s valuable,
it costs a good amount of money, and it’s
going to benefit you more than a year,
they don’t want you to expense it. They
want you to what’s called capitalize it.
Put it on the Balance Sheet as a Fixed
Asset, and then expense it over time
by recording this weird entry called
Depreciation. So, if it’s $100,000,
and it benefits you for 10
years, you expense $10,000 a year.
Because you’re really just exchanging
one asset, cash, for another asset,
computer equipment. Think about
it. If I asked if it was a building,
if you bought a building for $1,000,000,
if you expensed it, it would make you look
like you lost a lot of money in
that year. It would look weird.
So, same thing with computer equipment.
Now, I know you’re already asking,
what’s big enough? What is – If it’s more
than $500 should I put it as a fixed asset?
If it’s more than $1000? It depends
upon the size of your organization.
There’s no wrong answers here. You
get with your Board. You vote on it.
Just give you a rule of thumb, if your
budget’s a couple hundred thousand,
maybe you decide $500. If your budget is
$5,000,000, maybe you decide, you know,
anything over $3000, you’re going to
capitalize. It’s just up to you. You vote on it.
I’m going to go ahead and say this is big
enough. I’m going to make it a Fixed Asset.
Okay? That’s how you create
an account, Fixed Asset.
Now, those of you that are used to Desktop,
when you go to the Online, you’re going to see
this other thing called Detail Type, and it’s
going to freak you out. Because you’re like,
well what’s Detail Type? What it does, I will
tell you two things. When you click Detail Type –
Say this is equipment, I’ll put Machinery
and Equipment. I want you to keep your eyes
over here in the Name. This is the
name of the account right over here.
When I click Machinery and Equipment,
it assumes that’s what you want the name
of the account to be. One of the things this
Detail Type does is it kind of helps you name it,
but if I don’t want to call it Machinery and
Equipment, I don’t have to. I can just change it
to Computer Equipment.
“Computer Equipment.” Okay?
To be honest with you, there was
another point to have this Detail Type,
but they haven’t really used it, Intuit. So,
honestly, what you pick for this Detail Type
is kind of irrelevant, so don’t sweat –
Don’t sweat it. Don’t worry about it. Alright?
That’s the Detail Type. Here’s where you
name it. Okay? Then you click Save and Close.
And that’s how you add it. And now you’ll
see, here’s Computer Equipment right there
on the Chart of Accounts list.
Okay? Then you can start using it
when you’re entering transactions. I’ll
click the little Plus sign, because let’s say
I want to do a check. You’re not
really going to do transactions here,
but I just want to show you. See where it says
Account? I can type “Computer,” if I could spell
it right, “Computer Equipment,” and
then now I can start using it. Okay?
So that’s kind of how that works, the
whole thing with adding an account.
I’m going to go ahead and leave without saving.
Alright. So, how do you – Now, you may decide
that you don’t like an account, that maybe you
don’t use an account. You want to get rid of it.
Here’s an account that doesn’t look like I’ve
ever used it, so maybe I don’t like the way it –
the name of it. If I click on that, Computer and
Other Hardware, I can Edit it, and this allows me
to change the name of it. I want to do that.
Then I’ll click Save. When I edit the name
of the account, it changes it for future
transactions, but it also changes it
on past transactions as well. So, now, there
it is right there, Computer and Hardware.
If I’m never going to use it, or after
this webinar, I’m like, you know what?
I don’t want to use this anymore. I’ve been
doing this wrong, then you can click Delete,
and it’ll remove it. Now, when you remove it,
it’s not gone altogether; it’s hidden. Okay?
You can still see it, if it’s ever
been used on previous transactions.
You just can’t pick it going forward. Okay?
So, that’s kind of the way that it works.
So, I want to spend the rest of the time
talking about what your Chart of Accounts
should look like, but – Yah. So I think
I’m going to go ahead and do that now.
Actually, you know what? I’m not.
I’m going to say one more thing.
Did you notice that my accounts don’t
have numbers? Alright? In QuickBooks,
both the Desktop and the Online Edition,
if you want, you can have account numbers
associated with your Chart of Accounts
list. Instead of it being called
just the Checking account, we can also identify
it by a number, account 1200 or whatever.
Okay? Now, why would you do this? Well, some
people think it makes key punching easier
because you can type a number in in addition
to a name, but I don’t really think that
that’s that important. I
turned the feature off. Alright?
Let me show you where you go to turn
account numbers on and account numbers off.
This is a setup thing. We’re going
to go to this little gear right here,
and I’m going to go to Account and
Settings. Those of you that are used
to using the Desktop, you’re familiar with this
thing called Preferences, this little feature
you can turn on and off. This is the
Online Edition’s version of Preferences.
You go to Account and Settings, little features
you can turn on or off. There’s so many of them
that they break them into different
categories on the left-hand side of the screen.
We’re looking at the Company
category. If I click on Advanced,
you will see under Chart of accounts,
Enable account numbers, if you click it,
and check, Enable account
numbers, and Show account numbers,
then you’ll have account numbers. Alright?
So, I’m going to go ahead and click Save,
and then I’m going to go back to my Chart of
Accounts list, and I need to refresh the window,
and when I do that, you’ll see that
the account numbers are here. Alright?
Now, like I said, when you have the account
numbers, it benefits you because, I mean,
I don’t care about it. I don’t use it, but
you see this account number, Office Equipment?
It’s 1720. When I go to enter a check, I
can either type the name, Office Equipment,
and it pops up, or I can type the
number, 1720, and it pops up. Okay.
That’s what’s kind of cool about it.
Now, I don’t really like account numbers.
I don’t use them that much, so I made
them go away. There’s one other reason
that is just for those of you with the
Online Edition, why you might want to
use account numbers. Okay? So listen very,
very carefully. It has to do with the order
that things appear in. Okay?
So let me show you what I mean.
I’m going to go back over to the Balance
Sheet. Let me just do [indistinct]. Alright.
Those of you that are accountants may
notice this, or people that are bookkeepers.
Do you see how in the Fixed Asset section,
Accumulated Depreciation is the first one,
and then we have Furniture, and
then we have Office Equipment? Okay?
This is when there’s no account
numbers. When there’s no account numbers,
how is this organized? Somebody chat
me up. Can you see how it’s organized?
I’m just kind of saying this to make sure
you’re still with me. It’s kind of obvious.
Anybody chat back?
How is this organized?
Becky: Yep. We’re getting
Gregg: Yah. Which, isn’t that
annoying if you’re a bookkeeper?
Because it means the Accumulated
Depreciation account, that’s the amount
that’s been depreciated, always shows
first. We don’t like negatives first.
If you’re an anal-retentive person
like me, this is really upsetting.
Now, in the Desktop version, when you’re in the
Chart of Accounts list, it’s very easy to change
the order in the Desktop version, and whatever
order it’s in here, is the order that it appears
on reports. In the Desktop version,
you just quickly move things up and down
by clicking and dragging, and then it
changes the order here. In the Online Edition,
which is what we’re looking at, you
cannot do that. Your only choice is
either alphabetical order or numerical order.
That’s why some people like account numbers
here, because then it allows them to
change the order. Do you see what I did
was I made Furniture 1710, Office Equipment
1720, and I made Accumulated Depreciation
1730. As a result of that, when I refresh
this report, Accumulated Depreciation
will be on the bottom. Okay? So, now
that I’ve said that, let me show you.
I’m going to go ahead and refresh the report,
now that I’ve turned on the account numbers,
and it’s going to change the order, and
it’s going to make it be in order by number,
which means this will be at the bottom. Now,
if this annoys you that the account number
is appearing on the report, I’m going to
tell you to go ahead and just take a Xanax
because there’s nothing you can do about
that. Okay? So, you kind of have to choose.
Either I got the order that I want,
but have to have these account numbers,
or I don’t have account numbers showing,
but then it’s alphabetical. Alright.
So, that was it. I’m going to – I almost feel like
I want to stop here, take a couple of questions,
and then we’ll spend a few minutes on what
your Chart of Accounts should look like.
Let me just stop, because I’ve talked
for a while. Who has a question for me?
We’ll just take like
two quick questions.
Becky: Sure. We had, you know, when you
were talking about the fixed asset thing
a while back, verses expenses, some
folks were chatting in asking about, well,
if you’re a small business, if it’s an expense
less than a hundred grand, or some people
were saying less than $5000, and that the Board
would decide, that you could have it appear
as an expense rather than a fixed asset.
Is there a reason to do it as a fixed asset?
If it’s under a certain amount of money?
Gregg: Okay. So, what I said was that you
decide as a Board what you’re going capitalize
as a fixed asset verses expense, and then
that’s what you do. You point the assets
that are over certain amount of money to the
Fixed Asset account. Then you expense them
over time, so that your P&L doesn’t get
skewed for the month that you bought a building
or something huge. Okay? So, I think what the
person might be wondering is is there a reason
to ignore what I’m saying, and go
ahead and put small things to expense?
Well, I already told you if it’s less than
something that you – Like, you pick a number,
$500. If it’s less than that, go ahead
and expense it. But I’ll throw this in.
Some Boards, they don’t know anything
about numbers, and when they look at a P&L,
if they want – They want to see all the
expenses, all the checks written, on that P&L,
even if it’s for a fixed asset. They want to see
it on their P&L. If that’s the case, what I do –
I think – Hold on. Let me go back over
here. Yah. They want to see all of it.
So, what some people do is even though this
is wrong according to the accounting gods,
they create an expense account
called Fixed Asset Purchases,
and then they point everything to it, whether it’s
large or small, so that the Board won’t freak out.
They’ll see all the purchases on the P&L
Compared to Budget. Just know that at the end
of the year, when the accountant comes,
they’re going to back that off the P&L
and put it on the Balance
Sheet with an entry. Alright?
I think I’m not going to take another question,
because I want to – I’m cognizant of time here,
and I want to move on. I want
to spend some time talking about
what your Chart of Accounts should
look like if you are a nonprofit.
Now, I’m going to break this up into three,
sort of, areas: Balance Sheet accounts,
Income accounts, and Expense accounts. The
Balance Sheet accounts, if you’re a nonprofit,
are pretty much the same as they are for
regular businesses. You’ll notice here,
we have a Checking and a Savings account
here, even if you didn’t know anything
about accounting, you probably figured that
you had to have a separate account for each one
of your banks. Then we’ve got a Receivable
account. Only if you invoice customers,
like if you’re a membership
association, you invoice for memberships,
or maybe you’re lucky enough to rent
your space out, and you get rental income,
or perhaps you sell tuitions or
something, and you invoice for that,
then you’ll have to have a Receivable
account. Another one that most nonprofits have
is something for fixed assets. If it’s a really
small organization, you might just have one
called Furniture and Equipment. Or
bigger, we have one for Furniture,
another one for Equipment. If you’re
really big, maybe you owned a building,
you’d have a third one for
Building, a fourth one for Land,
a fifth one for Lease Hold Improvements.
Okay? Let’s move down to the bottom part
of the Balance Sheet. Accounts Payable.
Every single person listening to me
should have an Accounts Payable account.
Don’t worry. QuickBooks gives it to you
automatically. If you owe money to
somebody, like you have a loan with a bank,
you’ll need to have an account for that.
Alright? Now, the last thing I’ll talk about
is the Equity section. Equity, technically
for a nonprofit, is supposed to be split up
into these three categories, but
QuickBooks doesn’t track Equity that way.
Equity is really just one account in QuickBooks.
So, I’m going to tell you to just leave
the Equity account alone. Alright?
Don’t really do anything to change it,
because you can’t really track that kind of stuff.
I’m not even going to get into the details of that.
Just leave the Equity account alone. This
is the – generally what you would expect
for a nonprofit organization in
terms of the Balance Sheet accounts,
but that’s not really where I want to spend
my time, because that’s not where most people
make the mistake. Most people make
a mistake when it comes to the P&L.
Now, I’m going to actually go over to a
different company file that I have here.
Sorry, I may have freaked you
out. I just made this nice and big.
But what I want to tell you is the
following, so listen really carefully.
This is what I want you to have when you
leave. Okay? When you leave any of my trainings,
I want you to understand that my goal for
you is to first of all make your life easier,
make you have to work less time. Okay?
But I want you to be able to create
a P&L Compared to Budget for the
Board that is one page. The reason why
is because if your P&L is 15 pages, nobody’s
going to read it. And if the Board doesn’t read it,
they don’t understand it, and
they’re not happy during that meeting.
People are happy when they understand
stuff. So, I want to give them something
that’s one page, so they
can read. Well, the accounts,
the income and the expense accounts,
they determine the size of your P&L.
Now, I know there’s a ton of you
that have inherited a data file,
and it has 50 million accounts in it. If
that’s you, go ahead and say, “That’s me.”
Go ahead and chat it. I bet you there’s
a ton of you that have accounts that –
a Chart of Accounts that’s huge, and it
means that nobody can read your financials.
So, what I want to do is I want to tell you
that my theme is when it comes to your income
and expense accounts, they are sacred.
Okay? They are for the lord above only,
which means accountants, and the Board of
Directors. Those are the two main people
we’re worried about. What I want to do
is I want to save the Chart of Accounts
for just the most important things that the
Board needs to see, and that I need to see
to do your taxes. And the rest of the stuff
that you need to track, like restricted grants
and things like that, I want to use something
else for. Having said that, I’m going to show you
what your income and expense accounts should
be. The best way of showing you the right way
of doing it is to show you the wrong way.
What I’m going to do is I’m going to go to
a different organization here called Wrong
Way, pretty obvious, and I’m going to show you
what the P&L looks like at Wrong Way. I made
this up because I see people do it all the time.
I’m going to click on Reports,
and I’m going to go over to –
I’ve created my own little memorized report. It’s
a P&L. I’m just going to go ahead and create it.
Now, here is the wrong way of setting up
your P&L, your income and expense accounts.
You see this first thing here, Restricted
Grants? See that? Restricted Grants.
Now, how many of you have restricted
grants? Actually, I’m not even going to ask.
I’m sure a ton of you have grants that
are restricted. They’re – You get a grant
but you have to spend the money for a certain
purpose or over a certain period of time.
It’s restricted. What I do want to ask you,
and Becky, you can tell me what they said.
What’s the most important thing you’ve
got to find out about a restricted grant?
At the end of the grant period, what do you
have to tell the funders? Somebody chat me up
with an answer.
Becky: Waiting for responses to come in.
I know the answer, so I could jump the gun.
I’ll wait for the real answers.
Gregg: Okay. What do
you need to tell funders.
Becky: How you spent your money.
Gregg: Right. How you spent your money. Do
you see that if you have an income account
that says Restricted Grants, that
doesn’t help you answer that question.
So this is not helpful. The other thing I don’t like
about it is it doesn’t really – It makes data entry
complicated. Because if I get a grant
from a foundation, that’s restricted,
I don’t know whether to put it down here
in Foundation Grants, or put it up here
in Restricted Grants. What usually
happens is sometimes I put it down here,
and sometimes I put it up here. Okay? So,
that’s a problem. So, don’t do that. Okay?
The other thing is, do you see where
it says Green Truth and United Fund?
This is the person who has decided to create
a separate income account for each grantor.
Don’t do that. There’s another list
where you can track your specific funders
and your restricted grants; it’s called the
Customer list. Okay? So we don’t need to worry
about setting it up in the
P&L here for income accounts.
What I want to say to you – Let me go ahead
and I’m going to scroll up on this a little bit.
I’ll just go to here. Alright. Then I’m going
to zoom in. You ready guys? I’m zooming in.
It’s going to freak you out. Alright. I’ll put this
in the center, and then let me wait for your screens
to calm down. Anyway, these first four accounts
that you see: Individual Contributions, Corporate,
Foundation, and Government Grants. That’s
what I want every one of you to have. Okay?
Why? Because that’s how I have to have it
on the 990. That’s how I have to have it
when I do a financial statement audit for
you, and that’s a good way for a Board member
to understand where your money is coming
from. Look, we don’t get very much money
from government grants. We get most
of it from foundation and individuals.
Maybe there’s an opportunity
being missed, or maybe there isn’t.
Maybe there just isn’t government grants
for my kind of organization, but at least
it’ll spur discussion during the Board
meeting, unless you don’t want discussion.
I don’t know. Maybe you just want
to get out of there. But, anyway.
The point is that I want these four,
because that’s what we all need. Okay?
When I’m doing your 990. Okay? So, you might
have a fifth one called Religious Organizations
or something, if you get money from churches
as well, because they don’t really fit
in the same
– in these four categories. Now, these first four are what you call
earned income. I mean unearned, I’m sorry.
These first four are called unearned income
in the nonprofit world. It means you didn’t
earn it, they just kind of gave it to you.
Now I know you work for it, particularly
a restricted grant, but the point is
they’re kind of giving you their money. It’s not
like you’re doing something for them directly,
the people that are giving you the
money. But, then there’s earned income.
That’s money, and not all nonprofits have
this, but if you’re a membership association,
you get membership dues. That’s earned
income. So we have an income account for that.
If you’re a school, you might have one that
says Tuition. Now, I have kind of a generic one
that says Program Fees, but that
– I wouldn’t want you to have that.
I want you to put whatever your fees
are: Workshop Income or Registration Fee
or whatever it is. Okay? Lump accounts.
Okay? We just have main income accounts.
We don’t have a separate income account
for each grantor. We don’t have a separate
income account for restricted grants.
Okay? Now, I’m going to move to expenses.
Expenses, people mess up even more than they
do income accounts, and I understand why.
Here’s the situation. When
it comes to expense accounts –
and you know I kind of don’t even want
you to see this while I’m talking to you.
I’m going to hide the expenses. There
we go. When – So just listen to me.
When it comes to expenses, regular
businesses that aren’t nonprofits,
they only really have to worry about
tracking one thing when it comes to expenses,
and that is the natural category: supplies,
travel, salaries, rent, the natural way
of thinking about expenses. Nonprofits
have to worry about that as well,
and indeed, whenever you enter an expense,
you’ve got to point it, you’ve got to tell me,
if I’m your accountant, whether it’s supplies,
travel, salaries, payroll taxes, postage,
– Natural category. But there’s a second thing nonprofits have to track about an expense.
Not only do you gotta track the natural category,
but you gotta put it in one of three buckets;
and what are those three buckets? You
guys can chat her up, and she can tell me.
Funders want to know that most money is
going for bucket one rather than bucket two.
What are the three buckets that you have to
put your expenses in for reporting purposes,
if you’re a nonprofit? Anybody
know? Becky, are you there?
Becky: Yes, I am. Sorry about that. I had to
adjust the headset. We’ve got people saying,
“Admin, Program, Fundraising.”
Gregg: There it is. Admin,
Program, or Fundraising.
See, if I’m a funder, and I want to donate
money to your organization, I want to know
that most of the money that you spend goes to
help the children or whatever your mission is.
I don’t want to think that most of the money
you spend goes for Admin or Fundraising.
I want to know that it mostly goes to chil –
As a matter of fact, and don’t quote me on this,
even though we’re being recorded right now, but
I believe if you want to go for United Way money,
75% of your expenses has to be program
related. I have to figure out a way
to track what expenses are in terms
of Program, Admin, or Fundraising.
Now, here’s what people do that’s
WRONG. Okay? This is WRONG way.
What they do is they will incorrectly set
up an account for each one of their programs.
This organization is called Synergy
Now, and the point of the organization
is to get this country on environmentally
friendly forms of energy, and they have three ways
of doing it: they have a Guidance Center,
an Annual Conference that they have,
and then an Aware Campaign. Somebody ran in
to the bookkeeper’s office, to your office,
and said, “Hey, I need to know
how much the Guidance Center costs,
because I’m going to ask
– the grantors want to know.” So, you go, “Uh,” and you create
an account for it. That’s wrong.
It makes things complicated.
First of all, many times when people do this, the
biggest expense of all related to your nonprofit
is salaries. For some reason everybody knows
that salaries have to be in their own account.
Well, salaries are supposed to be allocated
between Program, Admin, and Fundraising.
If you don’t do that, it makes it look like you
didn’t spend very much on your program. Okay?
Then you’re paying an accountant to reallocate
this stuff, okay, at the end of the year
between the programs, or you’re trying to
do it yourself, and it’s a big nightmare.
So, that’s one problem. The other problem is,
again, it makes it difficult for data entry.
If I spend money on postage, and it’s for
the conference, I don’t know whether to put it
up here, or put it down here. Okay? If I’m
your accountant, if you stick it up here,
that’s not good. I need to know, of the money
that’s in here, what’s postage? What’s printing?
I need to know the natural category. I need
to know two things on every expense you enter,
not one: gotta know the natural category,
and gotta know whether it’s Program, Admin,
or Fundraising. So, what we do here – And,
well, I can’t really do it that way. Alright.
What I would say to you is
– And I know just zoomed in. Don’t do this.
Do not have an expense account for each one
of your programs. You see this expense account
that says Fundraising Expenses? I know all
of you have it. I know you do. Don’t have it.
We shouldn’t have that. Okay? What we want
in expenses is the natural category only:
Salaries, Bank Charges, Dues and
Subscriptions, Equipment Rental, Interest,
generic expense accounts. Okay? The natural
category. Nothing about whether it’s Program,
Fundraising, or Admin. We
use a separate list for that.
What’s that other list that
we use for that? Who knows?
Becky: I’m waiting for folks to chat in,
but we should couch this with the caveat
that if you’re with a church, the other day
this came up, can you mention the difference,
[indistinct] the answer. Your other list is
Classes, coming in. A million smart people
in the audience know that, but for
churches, let’s just clarify for them
what they would need to do.
Gregg: I will. I will. If you are a church,
churches exist by committee. So, for churches,
and I don’t have time to go over to a data file
for it, but what you want is you want to have
an account for each committee,
and subaccounts for the expenses
within the committee. Okay? That’s what
you do if you’re a house of worship.
But for the rest of you that are regular
nonprofits, we just have the natural category here,
and then our programs we’re
going to use the Class list for.
So, what I’m going to do is I’m going
to go over to a different data file,
and where I have set up the Classes. Classes
allow you to track your programs. Okay?
You can think of your programs as your different
departments or divisions of your nonprofit.
Now, to get to your Class list, the first
thing is you have to have the Plus version
of the Online Edition. Okay? I’m going to go to this
little gear, and your Class list is in this gear,
because it’s a list. I’m going to click
on it. Now, does anybody see something
that says Classes here? No. But, do you see
something that says All Lists? If you click on it,
you’ll get to all of your lists,
and one of them says Classes.
Now, if you go to your data file after you
get off the phone here, or get off the webinar,
and you push on this, and it takes you to a
screen where it wants you to upgrade your file,
that means you don’t have Plus. But
I have Plus, so I’ll click on Classes,
and here’s the Class list. To create a
Class, you just click New. You name the Class,
“New Class,” whatever it is, and you
click Save, and then you have a new class.
Now, every person on the phone
will have at least three classes:
you’ll have one for Fundraising; you have one
for Admin; and if you only run one program,
then you’ll have the third one for
your Program. We have three Programs,
so we have a total of five Classes. Alright?
Now, you’ve bought yourself a little work,
because when you go to enter a
transaction, we’ll go to a check,
not only do you gotta say what
expense account it is, “postage,”
but you also tell it over here what
class it goes to, “Synergy Conference.”
And yes, I can take one check or one bill,
and I can point it to multiple classes.
But the benefit is
– and not only do you do this on checks and bills, but you also do it
on your income. If the income relates to one
of your programs, you put it to that program.
Then what you can do, and this
is my big fetish here, Reports,
and I’m going to go under the Business
Overview. I believe it’s under Business Overview.
You see the one that says P&L by Class?
I’m going to go ahead and click it.
And I actually have to change the date here; so
it covers a date that I have some information on.
We’ll do it through – Okay. And
I’m going to click Run Report.
Now, this is my big fetish. This isn’t
a report you would give to the Board;
that would be a P&L Compared to Budget, and
we’ll do that next. But I just wanted you to see –
Look at how cool this is. First of all,
your accountant is going to be really happy,
because I’ve got a column here for each
Program and then Admin and then Fundraising.
If I look at the bottom of it, I can
see that I’ve spent $119,000 here.
You know what, let me get rid of this
subaccount; so it will be a little bit easier
to read. I’m going to push this little collapse
button, and it gets rid of all the subaccounts.
There. Then I’ll scroll down
to the bottom. There we go.
We can see that for the Guidance Center,
we lost $14000. It doesn’t pay for itself.
The Synergy Conference, we’ve made $6700.
It’s beneficial for you, because you can look
and see whether programs are making or
losing money, but it’s also beneficial for me,
your accountant, because I’ve got the
Total Expenses that the Guidance Center was,
$119,000. The Synergy Conference was
$4800. The Aware Campaign was $10,000,
and then Admin and Fundraising. If you
look at – I think I have it pulled up here.
Let me see where it is. Is it here?
I knew I had it here. Here’s a 990.
This is going to be much easier to complete. If
you’ve ever filled out this thing, it’s a nightmare,
by the way. It’s like the hardest return
there is. If you go to where the expenses are –
I’ll go to where the expenses
are on this thing. Here they are.
Do you see how we have a column for Program,
a column for Management, and a column
for Fundraising? Then the rows are going to
be, look, Payroll Taxes, Salaries and Wages,
Accounting, Office Expenses, IT, Occupancy.
These are your natural categories.
These are your classes. Okay? If I
do an audit for you, one of the pages
on the financial audit is this. And here
we are again with the same columns and rows,
and that’s exactly what you see when
you go to this report right here.
So, it’s a beautiful, beautiful thing. I
recognize that I’m running a little long here.
Let me stop and take some questions
here. We can run over. I’m okay with that,
but let’s take a couple of
questions. What do we got?
Becky: We have folks asking about when
you would use subaccounts or subclasses,
and I know those are two different
things, but can you talk a little bit
about when those would be useful?
Gregg: Sure. I can. I can. I’m going to
go ahead and show the subaccounts here.
I’m going to click Expand, and then I’m going
to scroll down to where there’s some subaccounts.
So, here is an example. Whoa. Here is an
example of subaccounts. Utilities is the parent,
and then Gas, Water, and Electric is the
sub. Why have I chosen to do that here?
Because somebody on the Board wants to know
that level of detail. If you don’t want to know
that level of detail, then just make it
utilities. It’s a way of breaking things out
to get greater levels of detail, but
yet you can still roll up to a total;
so that you don’t give the report to the
Board, and it has 50 million pages. Okay?
So, that’s accounts. Classes, it’s kind of
the same thing. If you want to use subclasses –
I don’t have any subclasses
here. I just have parent classes.
But let’s say you had workshops that you
did, and you did four workshops a year.
So, you have a program called Workshops,
and it’s like an education program.
That would be your parent, Workshops, as the
program, but then each individual workshop
might be a subclass; so you can get a little P&L
for an individual workshop, but yet it still rolls up
to the total. So, hopefully
that answers that question.
I want to spend a few minutes on
the budget, because that’s important.
Then I’ll be ready to take some more
questions. So, I’m going to go on to the budget.
Where do you suppose you would
set up a budget? Does anybody know?
It’s a setup thing; so where do you think
you would go? Anybody know? Go ahead.
Becky: I’m waiting for the responses to come
in. I see “gear” coming up as the first response.
Gregg: Yep. It’s the gear. I’m going to
click on the gear, and this is where you enter
your budget. Now, it’s amazing to me how
few people use this feature in QuickBooks,
because you all have to report
Compared to Budget to the Board.
I guess you’re spending your day in Excel
trying to get all this stuff figured out.
It takes days, and you’re getting ready for
this Board meeting, because one person asks
for these special, weird reports, and nobody
else cares about them, and then that person
doesn’t even show up at the Board
meeting. Anyway, does that sound familiar?
My goal here today is to allow you to
do these reports right out of QuickBooks.
So, to enter a budget, we
just go in there to Budgeting.
The first time you go into the screen,
you will see an interview. Okay?
So, I’m just going to go ahead and click
Next, and it’s asking you questions.
First of all, it wants to know how do you want
to create a budget? Do you want to create it
from the actual amounts from the prior fiscal
year? That’s kind of interesting, right?
If you were getting ready to do a
budget for 2017, you might want to start
with 2016’s actual numbers, because that
will guide you in terms of what ’17 should be,
or down here, you can copy an existing
budget. A lot of people do that.
They start with the prior year
budget, or you can start from scratch.
I’m going to say start from scratch. I’m going
to click Next, and then I’m going to click
Next again, and then it wants to know what
fiscal year you want to enter a budget for.
We’ll do July 2016 – June 2017. It wants a
name here. I’ll just call it “Annual Budget,”
and then I’m going to click Finish.
What that does is it create – Oops!
It’s already taken. Um, the name’s
already taken. Sorry about that. Alright.
So, now what it’s going to do is
it’s going to take us to this window.
Now, especially those of you that are used
to Desktop, I want you to pay attention,
but everybody, obviously, I want you to
pay attention, but – Here’s the thing.
The way that you enter a budget is a little
different in Online than Desktop. Okay?
Now, you see you have all of these
columns here, one column per month. Okay?
Then you have your Income and your
Expense accounts down the left-hand side.
Now, they want you to enter your budget
by month. Many of you don’t do that.
You don’t enter a budget by month.
You just enter a budget by year.
There’s advantages to entering the budget by
month, and we’ll talk about that in a second.
But first, for those of you that
want to enter your budget by month,
I’m going to show you
how to do that now. Okay?
This is where it gets complicated for
the Online versus Desktop. This is a grid.
People that have Desktop, they have this
grid in the Desktop, but they can type numbers
in this grid. This is not where you enter your
budget. It looks like you can enter something
here, but it isn’t. You see this
thing down here? This area down here?
This is where you enter your budget numbers,
not up here, down here. Watch what happens.
If I click under Individual Contributions, and I
click in this box, the cursor is not in the box.
The cursor is down here. You see it blinking?
I don’t know if you see it blinking or not,
but it’s down here. I’m going to put a budget
in: 1000 in July. Then I’ll click to the next one.
You see how it’s not up here? Because I
haven’t saved it. See, you enter it down here.
Just enter some numbers here: 5000 in Aug,
10,000 in Sep. Obviously, you get more money
as it gets closer to the year – end of the year.
Then when you’re done, you click Save & Next,
and when you click Save, you see
how it copied the number there?
See, you’re entering down here, up down
there. Now, to make life easy for you,
a little easier for you, if you budget
by month – Let’s take rent as an example.
It’s the same amount every single month. I
don’t want to have to keep retyping it. Okay?
There’s two ways that I can get it on here
really easily. One is I can go down here
and put the first month’s rent. Then I can
click Copy Across, and it copies it all at once.
I click Save. I didn’t have to type it
12 times. There’s another way of doing it.
Let’s go to Office Supplies. Let’s say office
supplies is going to be $1500 for the year.
Well, instead of trying to figure out what 1/12 of $1500 is
– You see this Enter by?
If I make it be by year – I’ll click on Office
Supplies, and I’ll enter $1500 for the year.
When I click Save, it does the math for me
and breaks it all out. Isn’t that kind of cool?
So, entering by month means that you
basically are going to put numbers
in every single one of these blocks. I think
I have one where I’ve budgeted by month.
I’m just going to go over there; so you can see
it. See, here’s where I’ve budgeted by month.
Okay? The advantage is you can pick
and choose, like your money, you know,
when you get more money, and when you don’t.
Like individual contributions, as I said,
we get most of them as it gets
towards Christmas, and the summer is
usually not a very good time. Okay? The
advantage is when you look at a Budget
to Actual report, you can actually compare
what you did get for we’ll say July, August,
and September, to what you thought you were
going to get for July, August, and September
only. In other words, you can compare apples
to apples, because you have a budget number
by month. Let me show you how to get
a Budget report compared to Actual.
We’ll click Reports, and we’ll go to
– I think I’m going to go All Reports.
I think it might be under Business Overview. This
is just where I was, if you’re paying attention.
Let me scroll down and see
if we have it. Yah. Okay.
You see the Budget vs. Actuals report right
here? I’m going to go ahead and click it.
Now, since we can have more than one budget
in here, it wants to know which budget
I want to compare actuals to. So, here’s all
my budgets I have. I’ll do the Budget by Month.
I’ll click it, and then I’m
going to click Run Report.
Now, the first time you look at
this thing, it’s kind of a nightmare.
You’ll see that for the month of –
Sorry about that. I zoomed in again.
For the month of July, you’ll have
an Actual column, a Budget column,
and then you’ll have the amount
and the percentage, the variances.
That’s four columns just for July,
then another four columns for August,
and another four columns for
September. It’s kind of a nightmare.
So what you do – I’m going to go over here
to this Customize button on the top left.
I’m going to click it, and you’ll see here
under Show Grid, it says Accounts vs. Months.
I’m going to click the drop-down here.
I’m going to make it Account vs. Total.
I’m going to click Run Report. Now I’ve
got something that I can give to the Board.
Let me collapse to get rid of the subaccounts,
and now I’ve got a nice, neat, little one-pager
that I can give to the Board. Okay?
It has my Actuals and my Budget.
Now, this is for the entire year. Now watch
what happens if I change the date range.
So the entire year of my budget for individual
contributions is $70,900. The actual is $73,000;
so we’re a little over budget. That’s
great. I’m going to click on the Customize,
and let’s see what happens in the middle of
the year. I’m going to change the date range
to September 30, 2019. Now what we’ve got
here, I’ll click OK, is you’ve got a report
that’s going July, August, and
September. I’m going to click Run Report.
What we have here – When it pops up here
– It’s probably popping up for you now.
You’ll see we have July, August, and
September, the Actuals, and because we budgeted
by month, we have July,
August, and September’s Budget;
so that we can really see how well we
did. Now, if you don’t budget by month,
and you budget by year, then this column
is going to have the entire year in it,
and it becomes a lot more difficult to figure
out whether you’re doing bad or you’re doing well.
Let me just show you another report that I
created, where I budgeted for the entire year,
and I didn’t put in a number for each month.
I just put it in Annual Total. Let me show you
what that looks like, because I know most of
you just do this. Most of you budget by year.
I’m going to click Budget vs. Actual. I’ve
got another budget for the same time period,
where I’ve budgeted by year. There it is
right there. I’m going to click Run Report.
Ah. Let me make this Account
vs. Totals first. Okay.
This is what your report would look like, if
you budget by year, which is fine at the end
of the year. This is 12 months. But I’m
going to customize it, and just like I did
with that other one, I’m going to make
this September – Actually, I’ll make this –
This will be June 30, 2019 to September
30, 2020. I’m sorry, September 30, 2019;
so that only three months have
gone by. Let me run the report.
This is what you would look like if
you – Yah. That did not work right.
Hold on one second here. Okay. Well,
this data file doesn’t have the numbers
as I would want them to be. I’m really
sorry about this. Let me change this
and see if I can get this to where it’ll look right.
Let’s try that. That’s still not going to work.
Well, I didn’t really make the point very
well here. But this would be my Annual Budget,
and this would only be three months,
if I was budgeting – You know what?
I know what I can do. I can make this just
one month, and then we’ll take some questions
here. Let’s see. Okay. We’ll just do this
September 1. Now the budget disappears.
Alright. I give up. I messed
up that particular example.
The point I wanted to tell you is that if
you budget by year, this column will always
be your annual budget; whereas this Actual
would just be for a portion of the year.
So, it’s kind of hard to tell whether
you did good or bad in a particular year.
It’s 3:24 now, and the webinar is supposed to
end at 3:30. I have just babbled on forever.
Becky: That’s okay. We’ve been plowing
away on the back end. I just chatted out
we’ve answered more than 165 questions
but still have 50 plus in the que.
So, we’re working hard at those.
Before I have you stop sharing,
just a couple of questions. We’ve
had a lot of people asking about
how to manage restricted funds, particularly
if you have temporary restricted,
permanent restricted. Are you able to touch
on that quickly? I know you go into more detail
on the CD course.
Gregg: Sure. So, this is something, and it’s
– These are going to be bookkeeper-types.
When it comes to restricted funds on the
balance sheet, technically you’re supposed to
break the equity section up into three
little mini sections: temporarily restricted,
permanently restricted, and then unrestricted.
It’s supposed to show like that down here.
QuickBooks does not do that. You can’t
get it to do that. Okay? Now, what I can do
is I can explain to you, and we don’t do it
here. We’ll be doing it in the 3-day webinar thing
that I was telling you about. I will show
you how you can get QuickBooks to tell you
what your temporarily
restricted net asset number is.
For those of you that don’t know what I’m
talking about, what these people are asking
about is how can you get QuickBooks to track
a restricted grant? How can you get QuickBooks
to tell you how much of a grant that’s
restricted has been spent, and what’s left
that hasn’t been spent? That’s what’s
in temporarily restricted net assets.
I’m just going to tell you real quick; so
that you can see this will be kind of a teaser
for the webinar. If you’re on a Write
Check screen, here’s where you pick
the expense account that it goes
to when you enter an expense.
Over here is where you enter the program that it
relates to, and that leaves this Customer field
right here. This is where you tell
QuickBooks that it’s paid for out of a grant.
This comes from your customer
list, which is right here.
So, you enter your customer right here,
and then basically you can do a P&L
for a customer as opposed
to a P&L by class. Okay?
The only other thing I need to tell you
is your customers are right over here
on the left-hand side. This is where you enter
your donors, your members, or your students
into QuickBooks, right over here on the
left-hand side. So I’m going to click it,
and this is where you would put your grantors
here, but you would also put your donors.
If you want QuickBooks to track your donations
in QuickBooks, you would put your donors here.
This is where you go to enter a
new customer. What else do we have?
Is there anything like of major
importance we need to talk about?
Becky: You know, people were curious how to
connect a bank account to QuickBooks Online?
A lot of people asked about that.
Gregg: Okay. So we go to the Home,
and I’ve already got my bank account –
When you enter a bank account,
the bank account appears here,
and in order to connect a bank
account to it, you push this button
that says Connect account. When
you do that, it takes you to a place
where you type in your bank,
and you just follow the prompts.
That’s where you go to
connect the bank. Okay?
What I want to do is I want to kind of
finish up here. Do a couple of things.
One thing that I did not get a chance
to cover is where to enter your income.
There’s two methods for doing that. One method
is entering it directly in this window here
called Bank Deposit. The other
window is this Sales Receipt window.
If you want to use QuickBooks as a donor
database, you want to use the Sales Receipt
window. If you don’t, because you have
another outside-of-QuickBooks database,
then you use the Bank Deposit window. Okay?
That’s something that I felt like I needed to say,
and unfortunately the webinar is too small
to go into the details of how that would work.
But what I do want to do is – Have you
stopped sharing? Yah. You stopped sharing.
Becky: I did. I wanted to put this up on
the screen to allow people the opportunity
to say if they would like to receive
the QuickBooks Made Easy newsletter.
It’s a once-a-month newsletter. It has lots of
great tips that can apply to whichever versions
you’re using. Sometimes it’s on QuickBooks
Online. Sometimes it’s the Desktop version.
So, feel free to select Yes or No,
if you’d like to be on that or not.
I’m going to leave it open for just a moment,
and then we’ll show those coupon codes again
for the upcoming webinar series and for
the tech support. You’ll also get those
in the follow-up email, and those codes
will be good until, I believe we said,
Saturday at midnight Eastern time, so 9:00
p.m. Pacific, that those will be available.
Gregg: Let me, let me go ahead and – Let
me talk about that for a second if you can.
Go ahead and finish up here with
the – Do you want the newsletter?
It only comes out once a month.
It’s painless. Don’t worry.
Becky: Yep. I was just leaving it open so
people could still respond, but we can go ahead
and click on the coupon codes
and show those one more time.
Gregg: Yah. So, basically what
this is, just so you understand,
we are having three-hour webinars. It’s two
hours a day for three days. It’s normally $200.
We’re going to give it to you for $149.
It’s happening August 16th, 17th, and 18th.
To sign up you go to
and you type in the code to get the $50 off.
The other thing, and this is really a great deal,
if you want to talk to me or my
assistant, Jennifer, it’s the two of us
that you’ll be talking to, you can
get tech support for an entire year.
We can even dial into the software and
help you. We can help you set up your books.
We can help you with any questions
that you have. It’s normally $300,
and I don’t usually do this. This is kind
of ridiculous that I’m doing it, but for $149
we’re going to give it to you for an entire
year, and it is on the nights and on the weekends
as well. You just call the number, and
one of us will answer, and we can help you
with any of your questions. It’s good
– These two coupon codes are 48 hours.
They end Saturday at midnight Eastern
Standard Time. So, you’ve got 48 hours
to either sign up for the 3-day webinar or the
tech support. You can do both if you want to.
I think that’s all that I have to say. And
what I would like to do is stay on the line
after you’re done for a few
minutes just for any more questions.
I’d like to answer a few more questions
live, if it’s okay with you, Becky.
Becky: That’s okay with me, but I
want to be respectful of people’s time.
So, I’ll do a little bit of wrap-up
quickly. Just for folks who are interested
in accessing QuickBooks Online Plus
Donations or the Desktop installed version,
again you can get those
You can find the Premier 1-user,
3-user, Mac and Online subscription.
If you’re already subscribed to the subscription,
you can get the renewal. If you’re subscribed
to it, though, without having
gone through our donation program,
we recommend that you do contact
an expert to help you do that,
because you cannot just upgrade to the
donated version. You can go to our website
and find that as well at www.techsoup.org.
Click on Get Products and Services,
browse by Donor or Provider, and you can
select Intuit. You can also see down here
QuickBooks Made Easy; that’s
Gregg’s DVD training series and book.
This is what those product pages
look like, and you know, Gregg has the
QuickBooks Made Easy, the Essentials
program available. So, if you don’t opt
to do the tech support or the webinar series,
we’ve got a great training resource available
to you through the QuickBooks Made
Easy donation program on our site.
I’ll just show a couple of additional resources
for those of you interested in the Desktop webinar,
we ran the other day. These links are
not clickable, but they are in the slides
that you’ll get in the follow-up email.
It’s this event right here. Then you can see
if you’re on an older version of QuickBooks
that’s installed, we have webinars on all of them
going back to 2012. You can find a lot of
resources, and we also have some other ones
on QuickBooks Online. So, definitely check out
the resources we have available on our site.
We have lots of questions in the que;
so I’m going to skip over that one,
but we would love it if you would chat
in one thing that you’ve learned today
that you’re going to take back and try to
apply or implement with your own instance
of using QuickBooks. We would like
you to take that post-event survey
to help us understand how we can
continue to improve our webinar programs,
and I’d like to invite you – I left these two
links in here just so that if you are looking
for one of these two events later, if you
open up the slides, you’ll be able to get to
either of these two webinars
in the series this week.
Next week we’ll be doing a webinar,
Cultivating a Library Technoculture.
So, for those of you joining us from
libraries, feel free to join us for that.
On August 9th we’ll have a webinar
on Web Accessibility for beginners.
It’ll be a basic course. Then
later in August we’ll be talking
about managing social media analytics. Then
coming soon, you’ll see that we don’t have
as many webinars on our calendar coming up,
because we will be launching a free tech course
every month at TechSoup starting
very soon. So, watch your newsletters,
if you’re subscribed to By the Cup,
that’s the best way to learn about it,
but we’ll have full-course curriculums
coming your way, or curricula, very soon.
I’d like to thank our webinar sponsor, ReadyTalk,
for the use of their platform and, again,
invite you to take that post-event survey.
I know Gregg said that he would stick around
for a few more questions. So, let’s
see. I asked that, and I asked that.
We had a bunch of people asking how to turn
off inactive accounts and turn them back on.
Gregg: Alright. Okay. Let me go back
into Sharing here, and we can go back
to where the Chart of Accounts list
is. I’m going to click on the gear,
and we’re going to go to the Chart of Accounts
list, and we’re going to go to the accounts.
So, we’re wanting to see
accounts that we have inactivated.
I’m wondering if there’s any
inactive accounts that are here.
Let me go ahead and just inactivate an account.
I’ll pick this one here, and I’ll delete it.
So, basically, inactive and delete mean the
same thing. You can’t really delete an account
in the Online Edition. It’s simply
called delete, but it means inactivate,
which means you can’t use it in the future,
but you can still see it in the past.
I believe if I click on the gear, you see
the little thing that says Include Inactive?
If I check that box, then it’ll show me
the accounts that have been inactivated.
Let’s see where my account is. Do you see this
account here that says – It’s right down here.
It now says deleted in parentheses, because
it’s not really deleted, it’s just hidden.
So, it’s still there. Then you see the
little thing over here that says Make active?
Becky: Okay. We’re going to make this our last
question, and we’ll have folks on the back end
continuing to answer them while we’re doing
this, but we had questions about journal entries
in QuickBooks Online and where
to put those in, when to use them?
I know you mentioned
them briefly earlier.
Gregg: Sure. So, journal entries are rarely
– You would rarely do a journal entry.
Usually there’s another place to do transactions.
Just to give you kind of the nuts and bolts,
mostly you’ll be either writing checks
or entering bills and paying bills.
Then if you enter donations, you
want to pick this Sales Receipt thing.
That’s mainly where you’ll be going. You
don’t really do journal entries that much,
but occasionally you’ll need to do one.
One example of when you do a journal entry
is to record InKind contributions, which is a
topic we’ll be covering during the webinar series.
That’s really the only way to enter an InKind
contribution, but here is where you go to do it,
Journal Entry. Another reason why you do
a journal entry is to record depreciation.
If you bought that computer equipment
for $10,000, and then you decided
you wanted to expense $1000 a year for the
next ten years, you would do a journal entry
for it. Click on Journal Entry here, and this
is where you would enter the journal entry,
both for InKind contributions
as well as for the depreciation.
So, the InKind contribution, you would create
an “InKind Contribution” income account.
Notice how I’m adding the account when I’m
right in the middle of entering a transaction.
I’m creating it, and this will be an
Income type of account. I’ll click Save.
Then, to make an income account go up, and
this is kind of like an accounting thing,
but you credit it for whatever the value
associated with what you were given is.
Then you always have to put another
side, every journal entry has two sides.
So, InKind Contributions would go
up, and then whatever the expense is
that you would usually point it to had you
written a check for, that’s where you would put it.
Okay? Let’s say somebody donated some
printing for us. We got a printing company
to donate the printing; so we put the other
side to printing. Then you would put a Class,
always very important. Every transaction has
to be pointed to a Class. Then you click Save.
Again, I wish we had time to get into
massive detail, but we’ll be doing that
when we do the webinar.
Alright. Anybody else?
Becky: Great. So with that I think
we’re going to go ahead and stop sharing,
since we want to be respectful of people’s
time. Thank you so much, Gregg, for your time.
We really appreciate you spending this 100
minutes at this point sharing your expertise
with our audience. And thank
you so much to Hector and Debra
whose fingers must be getting tired at this
point on the back end. They’ve been plowing
through questions left and right. Thank
you to Susan, and thank you to Allyson
also for helping on the back
end throughout the webinar.
And thank you to you, our participants,
who’ve really been an amazing, engaged,
interactive audience with us today. We
hope that this has been valuable to you,
and that you can get more value out
of watching the recording and reviewing
the additional resources, the blog
posts, the articles, the other webinars,
and also by accessing the training products
that QuickBooks Made Easy makes available to you
or the tech support or those live webinars. We
really appreciate it and hope that you can get
more learning and more improvement in
the way that you’re using QuickBooks
for your organization. Lastly, I’d like to
thank ReadyTalk for their use of the platform.
And just a reminder to please go ahead and
complete that post-event survey that will pop up
once we close out. We really do value
your feedback and try to incorporate it
into our other events. Gregg has put up on
the screen one more time those discount codes.
Those will be included in the
post-event email that you’ll get as well,
but feel free to jot those codes down
and go to www.QuickBooksMadeEasy.com
to use that between now and
midnight on Saturday, Eastern time.
Thank you so much, everyone.
Have a terrific day. Bye-bye.
Gregg: Thanks. Bye-bye.