Introduction to Nonprofit Accounting: The Basics

In this webinar, members learned the ABCs of keeping books for a nonprofit organization. Some of the key takeaways were:
- What is accounting and how does it work?
- How do you read a financial statement?
- What are the three things that nonprofits are required to track?
-And more

1. INTRODUCTION TO
NONPROFIT ACCOUNTING:
THE BASICS
Get Social Use Hashtag #QBME
Twitter: @QBMadeEasy
@GreggBossen
WELCOME!!! WE WILL START AT 2:02PM ET (11:02AM PT)
YOU SHOULD BE HEARING MUSIC!!!
QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits

2. QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits
Meet Our Team
Gregg S Bossen, CPA
President
Bill Sims
Marketing
Paige Hudson Garcia
Tech Support
Barbara Starley, CPA
Tech Support
Questian Telka
Tech Support

3. QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits
About Our Instructor
Certified Advanced QuickBooks
ProAdvisor®
Specializes in Industry Specific Training
Author of QuickBooks® Made Easy for
Nonprofits
National Trainer – seminars around the
country
Get Social Use Hashtag #QBME
Twitter: @QBMadeEasy
@GreggBossen
Please Leave a Google Review!!
(we appreciate it):
https://g.page/r/Ca4UBrkOS1rREAg/review

4. What We Do
❑ Streamable Training Products
❑ Nonprofit QB Tech Support
❑ Live Seminars/Webinars across the country
Train & Support Nonprofits using QuickBooks
QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits
www.QuickBooksMadeEasy.com | 1-888-726-2333

5. QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits
New Nonprofit Services
❑Quick Look
https://quickbooksmadeeasy.com/product/quick -look/
❑Check Up
https://quickbooksmadeeasy.com/product/check -up/
❑File Setup
https://quickbooksmadeeasy.com/product/file-setup/
❑QuickBooks Migration
https://quickbooksmadeeasy.com/product/quickbooks -migration-services/
❑Mapping to QuickBooks
https://quickbooksmadeeasy.com/crm -mapping-to-quickbooks/
❑Donor Database Import
https://quickbooksmadeeasy.com/product/donor -database-import/

6. QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits
More Webinars to be Announced!!
Upcoming 3 Day Webinar Series
QuickBooks Made Easy for Nonprofits
A Comprehensive Training for Nonprofits Using QuickBooks
$259 with $40 off coupon code: TS40OFF(reg. $299)
Expires 5/4/24 @ 11:59PM PT
FOR QUICKBOOKS DESKTOP USERS
Tuesday, June 4 - Thursday, June 6
2:00 – 4:30pm ET
https://quickbooksmadeeasy.com/event/fundamentals-
series-desktop-version/
FOR QUICKBOOKS ONLINE USERS
Tuesday, June 11 – Thursday, June 13
2:00 – 4:30pm ET
https://quickbooksmadeeasy.com/event/fundamentals-
3-day-series-june-2024-online-version/

7. QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits
More Webinars to be Announced!!
On-Demand Webinar Recording
Tracking Your Investment Accounts
in QuickBooks
$89 with $10 off coupon code: TS10OFF(reg. $99)
Expires 5/4/24 @ 11:59PM PT
FOR QUICKBOOKS DESKTOP USERS
https://quickbooksmadeeasy.com/on-demand-
webinars/tracking-your-investment-accounts-in-
quickbooks-desktop/
FOR QUICKBOOKS ONLINE USERS
https://quickbooksmadeeasy.com/event/webinar-
fundamentals-3-day-webinar-series-for-
quickbooks-online/

8. QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits
➢QuickBooks Made Easy
for Nonprofits: The Bundle
Streaming Training
Only $298 (regularly $399.95)
Code: TS298
•Includes The Essentials & Beyond the Essentials Training!
•Expires 5/4/24 @ 11:59PM PT
➢Tech Support: 1 Year for
Only $299 (regularly $499)
Code: TSTECH299
•Get Your Questions Answered by a US-based team
of QB ProAdvisor certified CPAs and accountants
•Expires 5/4/24 @ 11:59PM PT
Webinar Promotions

9. Today’s Agenda
✓Defining Accounting and how it works
✓How to read Financial Statements
✓What to give the board each month
✓3 most important things to track when
entering transactions
✓Using QuickBooks to Track these things
QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits

10. TO MAKE SCREEN BIGGER IN ZOOM
QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits
•MOVE YOUR MOUSE
AROUND
•LOOK FOR “VIEW”
ICON ON TOP RIGHT
•SELECT “FULL
SCREEN”

11. ACCOUNTING 101
-WHAT IS ACCOUNTING
- READING FINANCIALS
QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits

12. WHAT IS ACCOUNTING:
ENTERING
TRANSACTIONS
CHART OF ACCOUNTS
FINANCIALS
QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits

13. QuickBooks Made Easy for Houses of Worship Webinar
Two Primary Reports
Balance Sheet Profit & Loss
@2021 Barbara L Starley, CPA
Statement of Financial Position Statement of Activity

14. Balance Sheet
aka
Statement of Financial Position
@2021 Barbara L Starley, CPA
Bank
Accts
Fixed
Assets
CC
Bal.
Equity
P/R
Liab.
Invest
Accts
Assets
Liabilities
Equity
QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits

15. Balance Sheet
aka
Statement of Financial Position
@2021 Barbara L Starley, CPA
Assets = what you “own”
Liabilities = what you “owe”
Equity = difference between the two

Assets Liabilities Equity
$400,000 $300,000 $100,000
QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits

16. Profit & Loss
aka
Statement of Activity
@2021 Barbara L Starley, CPA
•Income/Revenue
•Expenses/Expenditures

QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits

17. WHAT SHOULD I GIVE MY
BOARD EACH MONTH
QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits

18. Balance Sheet (aka Statement of
Financial Position)
➢Create after you
have ensured the
numbers are correct
(Reconciled)
➢Create through end
of previous month
➢Add a comparison to
same date in prior
year
QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits

19. Profit & Loss(aka Statement of Activity)
➢Create after you
have ensured the
numbers are correct
(Reconciled)
➢Create through end
of previous month
➢Add a comparison to
Budget
QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits

20. THE 3 THINGS TO TRACK WHEN
ENTERING TRANSACTIONS
QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits

21. 3 Things to track for each transaction
•Natural Category (object) = ACCOUNT
- Salaries and Wages
- Rent
- Postage
•Program (function) = CLASS
- Program A
- Program B
- Admin
- Fundraising
•Grant that paid it = CUSTOMER
- United Foundation Grant 24-25
- City Council Contract 2024
- ABC Corporation
QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits

22. USING QUICKBOOKS TO TRACK
THESE THINGS
QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits

23. 3 Things to track for each transaction
•Natural Category (object) = ACCOUNT
•Program (function) = CLASS
•Grant that paid it = CUSTOMER
QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits
Natural Category
(object) = ACCOUNT
Grant that paid
it = CUSTOMER
Program
(function)= CLASS

24. DEMO IN ACCOUNTING
SOFTWARE
QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits

25. WHERE TO GO FOR MORE INFO
QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits

26. QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits
More Webinars to be Announced!!
Upcoming 3 Day Webinar Series
QuickBooks Made Easy for Nonprofits
A Comprehensive Training for Nonprofits Using QuickBooks
$259 with $40 off coupon code: TS40OFF(reg. $299)
Expires 5/4/24 @ 11:59PM PT
FOR QUICKBOOKS DESKTOP USERS
Tuesday, June 4 - Thursday, June 6
2:00 – 4:30pm ET
https://quickbooksmadeeasy.com/event/fundamentals-
series-desktop-version/
FOR QUICKBOOKS ONLINE USERS
Tuesday, June 11 – Thursday, June 13
2:00 – 4:30pm ET
https://quickbooksmadeeasy.com/event/fundamentals-
3-day-series-june-2024-online-version/

27. QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits
More Webinars to be Announced!!
On-Demand Webinar Recording
Tracking Your Investment Accounts
in QuickBooks
$89 with $10 off coupon code: TS10OFF(reg. $99)
Expires 5/4/24 @ 11:59PM PT
FOR QUICKBOOKS DESKTOP USERS
https://quickbooksmadeeasy.com/on-demand-
webinars/tracking-your-investment-accounts-in-
quickbooks-desktop/
FOR QUICKBOOKS ONLINE USERS
https://quickbooksmadeeasy.com/event/webinar-
fundamentals-3-day-webinar-series-for-
quickbooks-online/

28. QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits
➢QuickBooks Made Easy
for Nonprofits: The Bundle
Streaming Training
Only $298 (regularly $399.95)
Code: TS298
•Includes The Essentials & Beyond the Essentials Training!
•Expires 5/4/24 @ 11:59PM PT
➢Tech Support: 1 Year for
Only $299 (regularly $499)
Code: TSTECH299
•Get Your Questions Answered by a US-based team
of QB ProAdvisor certified CPAs and accountants
•Expires 5/4/24 @ 11:59PM PT
Webinar Promotions

29. THANK YOU!!!!
Presenter: Gregg S. Bossen, CPA
Get Social Use Hashtag #QBME
Twitter: @QBMadeEasy
@GreggBossen
Please Leave a Google Review!!
(we appreciate it):
https://g.page/r/Ca4UBrkOS1rREAg/review
QuickBooks Made Easy for Nonprofits – Accounting for Nonprofits