In this article, we’ll explore why and how to use the QuickBooks platform in nonprofit accounting for more accuracy and ease. However, QuickBooks for nonprofits can make keeping accurate financial records easier. They had no way to properly track the restricted funds. Let’s compare these two platforms on the features that are non-negotiable for a nonprofit organization.

QuickBooks has a variety of reports you can instantly https://petloungemiami.com/money/ run to see the whole picture of your organization’s finances. Having a birds-eye view of your finances is great, but sometimes you also need to zoom in and see all the details. You can create user keys for anyone working on your accounting and personalize access levels for each. You might be relying on volunteers to help you track and manage your expenses. Anytime someone donates to your cause through Donorbox, that donation information automatically syncs to your QuickBooks account.

Configure Data Storage & Integrations

Now that you understand the basics of QuickBooks and why custom configuration is necessary for your nonprofit, let’s walk through the setup process. Because the same company makes both IES and QuickBooks Online, your data will transfer automatically if you switch from the latter to the former, so it’s a relatively easy transition. However, free trials are available, as quicken for nonprofits well as nonprofit discounts you can obtain by purchasing your subscription through TechSoup. This functionality makes it easy for remote team members and outsourced financial professionals to collaborate in a secure environment. Its main distinguishing characteristic is that it’s cloud-based, meaning your team can access the platform anywhere they have internet connectivity.

• More than likely, they’ll already know how to use QuickBooks, saving you time and money on training.
• Advanced users can even use QuickBooks to track revenue streams, cash flow, expenses, and more.
• The decision isn’t about which software is “better” in a vacuum; it’s about which one is built for the specific “recipe” of nonprofit finance.
• She is committed to working closely with business owners, providing expert financial guidance tailored to their unique needs and goals.
• You can connect fundraising platforms, donor CRM systems, payroll providers, bank accounts, payment processors, and time tracking tools.
• Unlimited support from nonprofit accounting specialists is included in the subscription.
• Automation saves significant time on financial management tasks.

This plan is ideal for small to medium-sized nonprofits that need efficient financial tracking and project management features. Many nonprofits use CRM (customer relationship management) software to manage donor data. QuickBooks for Nonprofits addresses these challenges with specialized features like fund accounting and donor management, enabling streamlined financial operations and greater accuracy. QuickBooks provides the necessary features to address these needs, offering nonprofits a user-friendly, comprehensive accounting solution that streamlines financial management processes.

• The right choice depends on your nonprofit’s size, budget, and internal capacity.
• We set up separate accounts for program expenses related to services or projects.
• These project management platforms help your team plan work, assign tasks, and track progress in one place.
• “The importing of contacts from other platforms seemed to be more time-consuming than expected, as well as the emailing of specific people in a group – it didn’t seem to add everyone correctly.
• We use classes or tags in QuickBooks to assign donations and grants to specific funds or projects for better tracking.
• The platform offers donation options, showcases heroines’ stories, and provides transparent reporting.

Givebutter Plus is the paid version of Givebutter’s core fundraising platform. These project management platforms help your team plan work, assign tasks, and track progress in one place. It’s especially useful for nonprofits that want a quick setup without sacrificing key auction features. The platform works well for nonprofits that want flexible event formats without heavy infrastructure.

Managing your nonprofit’s account can help you remain fiscally healthy and demonstrate financial transparency – which is so important for fundraising. You can also sort donor and donation data by campaigns on your Donorbox account, which helps manage funds and keep them separate. It’s so important to properly track donations and spend donated funds where they were meant to be spent. Having powerful software like QuickBooks to help you keep track of your income and expenses is vital for nonprofits!

What Is QuickBooks Online?

It automates transaction imports, reduces data entry errors, and generates reliable reports in seconds. You will need a separate system, like a simple Word mail merge or a dedicated donor management tool, for that task. No, Quicken is purely a financial tracking tool.

Best software for

Connecting our bank accounts and entering transactions regularly will keep our financial data up to date. This guide to the top accounting software will simplify your finances with top features, pricing, reviews, and more. Zeffy’s 100% free fundraising platform works with Zapier API connection platform. Yes, QuickBooks integrates with several fundraising software solutions, including Zeffy. Integrating QuickBooks with Zeffy’s 100% free donor management software helps you minimize expenses.

Here’s why nonprofits love QuickBooks Online:

This includes fund accounting, tracking restricted funds, and creating reports required by charities. QuickBooks Online Plus fits many nonprofits with fund tracking, project monitoring, and budgeting tools. It includes tools for online donations, events, and peer-to-peer fundraising, all without fees. Zeffy is more than just donor management – it’s a comprehensive, 100% free fundraising platform. Financial Edge NXT by Blackbaud is cloud-based fund accounting software designed for larger nonprofits.

The setup wizard guides you through creating your chart of accounts and funds in minutes. These reports can be filtered by fund for even greater nonprofit-specific clarity. Aplos includes pre-built reporting templates for your most common nonprofit financial statements. The integration between Aplos and Keela through Velora means when a donation comes in online, it’s immediately reflected in both the accounting system and the donor’s record. If you’re experiencing the limitations of QuickBooks or want to avoid them as your organization scales, purpose-built nonprofit accounting software addresses these challenges. This is often described as “death by a thousand spreadsheets.” You’re paying for accounting software but still doing critical tracking in Excel because QuickBooks can’t handle it natively.

Running a nonprofit today means relying on software for everything from fundraising to events and internal operations. The platform even lets you use Class location to track each fund separately and sub-accounts to keep tabs to keep tabs on them from your Chart of Accounts. Like Xero and FreshBooks, QuickBooks has fund accounting software that helps non-business entities record the journey of their finances easily so they’re able to function efficiently and comply with legal standards. All QuickBooks’ Nonprofit plans offer all the bookkeeping and accounting features you need to get by, from invoicing and receipt capture to advanced financial tracking.

Additionally, you can configure your setup to focus not on sales tracking, but on donations or grant funds tracking. The right accounting software can help nonprofit organizations meet these standards even if they have a lean staff, so they can reach their financial objectives and minimize their costs. You can use QuickBooks Enterprise Nonprofit to track expenses and donations, budget by program and compare to actuals, and create donor and grant reports. We selected the top seven accounting software companies for nonprofits after reviewing 20 different well-known companies.

Fund accounting is a system of accounting used by nonprofits where any money donated for a specific use is tracked and used appropriately. It’s a fantastic tool for nonprofits because it makes fund accounting easy. QuickBooks is an accounting software created by Intuit that makes easy-to-use tools to track expenses, income, receipts, and more. 61% of nonprofits report they don’t have enough unrestricted funds to operate for three months.

After your Stripe account is connected, you’ll be prompted to select which accounting software you want to connect with. If you need help getting started with Donorbox, read this guide – and sign up for free to start fundraising in just 15 minutes! Here are the 4 QuickBooks products nonprofits use, along with their discounted pricing from TechSoup! This last benefit is a big one – QuickBooks offers significant discounts for nonprofits through TechSoup.

The QuickBooks Advanced version, which includes features tailored for nonprofit organizations such as donor management, costs $200 per month. QuickBooks is designed to help nonprofits efficiently manage their donor relationships and track contributions. QuickBooks also allows you to generate reports for specific data ranges to track and watch your performance over time.

Producing FASB-compliant reports with proper net asset classification and donor restriction tracking typically requires significant manual setup, custom report building, and often exporting data to Excel for final formatting and compliance adjustments. QuickBooks offers QuickBooks Desktop Premier Nonprofit Edition and QuickBooks Enterprise Nonprofit, which are versions of their desktop software configured with a nonprofit chart of accounts and specialized reports. QuickBooks is one of the most widely used accounting platforms globally, and many nonprofit finance teams and CPAs naturally consider it when evaluating accounting software. Our team has extensive experience working with nonprofits and accounting software. The features and customization of QuickBooks make it a great accounting software for many businesses and organizations. The main downside many nonprofits have with QuickBooks Online is the slightly limited reporting features.

Save my name, email, and website in this browser for the next time I comment. MoneyMinder does offer additional services like bank integration and MyStore, which allows you to create an online store and accept online payments. Diamond includes all the features of QuickBooks Desktop Enterprise Platinum edition with the exception of Enhanced Payroll. Customers are responsible for verifying the integrity of the hosted data at least every 90 days.

Unlike newer nonprofit accounting tools, which may be plagued by bugs or errors, QuickBooks is a tried and true solution. Features like class tracking and fund accounting can help you accurately record revenue and expenses. A nonprofit’s accounting software must help it accurately record these transactions. This includes documenting the source of funds like donations, grants, or other revenue streams. Generally, this includes having specific funds or categories where nonprofit revenue is allocated.

Nonprofits have unique financial needs—tracking restricted grants, recording in-kind donations, and reporting to funders all require structure and transparency. QuickBooks suits charities because it supports fund accounting and budgeting tools to track where money comes from and how it’s spent. We prepare accurate financial reports, track budgets, and ensure our records meet Canadian nonprofit regulations. We use QuickBooks’ class tracking or sub-account features to separate restricted funds from general income and monitor spending on each grant.