Nonprofits using QuickBooks Online (QBO) face setting up a chart of accounts as one of their first tasks. While QBO provides a chart of accounts (CoA) target out of the box for non-profits, it needs to be customized for most non-profits. In this article, I walk through the steps on how a nonprofit should think…
Non Profits are usually funded through individual donations or grants. Grants are usually larger sized funds and require grant budgeting and careful accounting to show how the granted funds were planned for and used. With QuickBooks Online, non profits can track how they used the grants that they received.
Nonprofits are required by the IRS to provide a breakdown of their functional expenses in their yearly 990. Learn how to create this breakdown in QuickBooks Online.