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Partial invoice example for non-profit organizations

[Music] hi guys this is katie bunchovin the president and founder of certum solutions an executive quickbook solution provider practice we're based out of charlotte north carolina and it's my goal to provide videos like this on questions we get a lot so that you have more information as you decide what kind of quickbooks you need what help you need in your business and so on so today we're going to answer a pretty common question we get here what are the differences between quickbooks online the regular edition and quickbooks online the non-profit edition and a lot of them are subtle uh the biggest difference you're going to see is actually in the naming and i'm sure this will change but um you know the math is all the same and so forth you're going to see lots of different names on your reports before we get any further please make sure you like and subscribe so you want to like this video so it tells me which ones you like to hear more about and which ones you don't really need to know and then subscribe to this video or subscribe to my channel rather so that you find out when we're getting out more content because we are working hard to push out content um for a lot of the questions we get every day and i love connecting with everyone over youtube it's been it's turned into one of my favorite platforms so uh please make sure you like and subscribe so we can get more content out just like this that being said all the business out of the way let's go ahead and get down to brass tags shall we so i'm going to go ahead and share my screen at this time here we are in quickbooks this is actually my quickbooks online uh demo for and it is advanced but it's for non-profits and um you'll be able to see kind of the naming is different than your regular report naming here's your standard report screen you have your statement a financial position which is very similar to what you would know as a balance sheet with a regular organization or your regular business type you'll just notice a lot of the names are different so you have your statement a financial position here and then the rest of it is very similar and it you know if you think about it the statement of financial position is the nonprofit equivalent of a balance sheet both of them say the same thing just in different ways am i right on your statement of financial position depending on how your accounting is run you may see your restricted funds accounts and things like that here if you are a non-profit this one doesn't have a whole lot of data in it at this time and then we'll also go over to a statement of activity which is commonly known in for-profit businesses as a profit and loss and i'm going to go ahead and change this to all dates okay and you can see your revenue is still called revenue and it's got your giving funds and so on depending on what kind of nonprofit you are uh we're about to do some videos with hoa so you know with them it might be their dues and so forth and then you have your expenditures which are called expenditures here and then it's going to have operating revenue and and so on but this is going to be called your statement of activity okay and then with quickbooks online if you do you know you can change headers and things like that uh you can go in here to customize your reports and you can filter here by your dates your accounting method whether you're cash or accrual uh your number format your columns you can change your columns and if and and here's a word to the wise if you do change your columns pretty frequently i suggest saving those as customized reports okay and we'll go through how to do that in a different video um but you know it's really funny because if you know when you were in school and they were teaching you know your accounting and you did like vertical analysis and stuff uh you can actually do simple vertical analysis you know here in your customizations in case you want to see that um then you can also filter these reports you can add headers and footers here if you want to say this is for a board meeting so it was for internal use only or for board use only you can put in that kind of thing and there you go that's that's the reporting piece so i'm going to go back over to my report list and again i'm going to kind of hark into the different names on these reports so a lot of it does kind of you know mirror the for profit accounting um or the for-profit platform for quickbooks online but then you're naming a lot of this is different because of the way you do your accounting okay so right here they've selected to have it as pledges but i believe we can change that in our settings uh here's your donor balances which really would be a client balance detail you know unbilled charges or time and so on and some of these you make turn on or off in your preferences again um and so forth okay so here we're going to scroll down here get your expenses you have your employees and a lot and then the rest of this there's a lot of this is very similar okay like your accounting reports and stuff so you can actually go over here to your account and settings uh when you're setting up quickbooks online and you want to go to the non-profit edition is it incredibly important that you do this during the original setup i believe it used to be and i think it still is where if you set it up as a regular company and then try to change it after it's open i don't think it will let you i think you have to do it when you're doing the opening screens like welcome to it or welcome to quickbooks pick your company make sure you choose nonprofit to get those names the way you want them some things you can change from your settings some things you cannot so you can change your tax form here here's your non-profit you know what industry are you um for an hoa i'll pick on them because everybody hears about 501 c 3s right there you always hear 501c3 and if you're an hoa you're you're considered a social welfare organization so that's actually 501c4 and if you're interested in the different kinds of nonprofits or if you're thinking about opening a nonprofit make sure you know what type you fall into don't just grab 501c3 because you think that's the one you should grab um and all that information is on the irs website so moving down here you put in your content or your contact information and so forth and here it says donor facing address and other you know little nod to the non-profit usage you've got your company id and everything um and this one is actually an advanced version so with quickbooks online advanced you have up to your 25 users right but if you're using plus or essentials or any other editions then you're going to be a little bit more limited here okay um some non-profits use classes and locations to slice and dice their funds and things like that i think that's a great use of classes keep in mind that when you do use classes you can use them for one thing don't go i'm going to use it to do funds and i'm going to use it to do you know maybe events because if you have these things that may where you want to tag multiple classes you can't do that you can use tags for that okay tag groups so maybe use classes for the most important custom thing you need and then use tag groups so you can also use subclasses and stuff but it kind of goes down rabbit hole okay then here we go for the sales uh here's your preferences on sales and you can kind of go through you know here's my preferred pledge terms and so forth a lot of this mirrors the on the for-profit version again so you know if you want to see something that maybe i'm missing this video again make sure that you go over to the non to the for profit one afterwards and i'll make it easy i'll suggest it at the end of this one you have late fees here you have marsh partial invoices from single estimates and so forth and so forth and so forth um you can actually also collect if you're a simple non-profit you want to collect your pledges or donations over email you can actually turn on intuit payments turn on this online delivery and send your invoices out to your different donors and so on and just have them complete everything online and make it really easy so you're not having to you know wrangle all those checks and stuff um so then over here we've gone and moved on to expenditures uh you can track expenditures by donor i don't see a ton of this for the non-profits that's usually more of a for-profit thing but you know different non-profits work in different ways so this may be something that's important to you and then here's where we talked about quickbooks payments you know uh just as a tip if you reach out to us we will help you get your quickbooks payments set up we will actually also coach you through using it and make sure you get off to a good start so make sure that you uh reach out to us with the time uh this actually used to be t sheets and now it is quickbooks time and here you have some of your time settings i expect this page to get bigger then we go over to advanced here's your accounting method this is important on your accrual or cash it's very important that you have that set up correctly from the beginning so you're not messing up your tax forms what tax form are you your form 990 here's your account numbers your tips account which you know again kind of some things i don't see as being as relevant but they're there if you need them classes and locations do you want to pre-fill forms i always say yes because it makes things a little bit easier just make your memos very general if um and then you know add any unique identifiers to well that gets into a whole other danger i will talk all day um here we can you can turn on projects i don't believe you can turn projects back off once it's on it you speak and only turn it on and off but um i may be wrong on that and then here's your other preferences and i always well i changed it to sign me out if it's been three hours because i will walk away in the middle of working on something and i come back to it and i hate having to sign in again okay um but that being said if you're in a heavily trafficked place your office is not secure you may want to leave that on the lower end right definitely turn on your duplicate bills duplicate journal journal numbers and things like that they have it often this one but i always like to turn that on because nobody wants to enter something twice by accident so we'll kind of go through the rest of the flow a little bit if i miss anything i will come back and edit it or add this onto this video but um just like quickbooks desktop you have your little money map on the front um it kind of makes things easy so if you go well i don't know what to do first i always follow the arrows it's like the yellow brick road follow your arrows it will guide you to where you need to go okay um then you have your payroll tracking time you know here's your products and services which you know it to you it may be well i don't sell you know anything i'm a non-profit i take donations you'll still need to set those donations up as an item okay uh and then down here you have your accounting and reports and then if you need expert help you can talk to your accountant if you're with certain you know i'll link you to us um and so forth okay so here's your tasks this is a newer feature in quickbooks online i don't even think it was out when i did the original demo but i will go back and check um test test and so you can actually sign this i believe to a user okay and then i'm going to assign this to ms tamala here's your due date and i'm doing a test test okay you can upload your documents select documents you can even make it recurring like um make sure that you're doing your bank rack every month right set that up as a recurring task because how many of us go when's the last time i did my bankruptcy might have been a month or two um and so if you have this task set up it will pop up and let you know in fact i will change it back to me save okay and then i'll pop up in my task name assigned to my due date and then once i'm done market is complete right and it can be anything it doesn't even have to be it can be hey make sure you get coffee for the coffee maker i mean anything so we'll go over to banking with banking i don't have any accounts set up but this is where you would set up your bank feeds is what we call them you'll connect it to your bank and then those bank fees will come in and then you'll be able to categorize them if you have different apps you also have your feed here if you have rules so like if it comes from staples always pick on staples if it comes from staples it's office supplies you can say if this comes from staples it is office supplies put it to office supplies and that's what it'll do okay tags tags is like i call it classes light um it's again not been around as long as classes has but if you are trying to run reports and has something in common and you're like i cannot figure out how to achieve this report tags are a cool way to create the reports where it kind of gets a little iffy to me is because i'm old school accountant so i go well with like a classes report or something if something's not in a bucket it's going to tell me but with tags i don't believe it tells you i think it just leaves it off the report so it depends on what kind of report it is if you're trying to do something super super important and you're like i need to make sure we allocate all of our funds for this don't use tax use classes but if you're like hey we're doing an event and i kind of want to know how much it cost me and i don't want and you know tax might be a way to do that okay um or other ways i know in desktop you can actually search by memo which is a funny little trick that i like to use sometimes where i'll put like a code in the memo which means nothing to anyone but my report um so you can use like a code in your memo a lot of people don't know you can search by or you can do reports by memo i'm not 100 sure if you can do it online though so you also have your receipts where you can bring in receipts you can actually one of my favorite features you can forward it from your email so you set up your own unique email address when you get those receipts from your email and you can forward them to your quickbooks and then you can process them there how cool is that right then you have your source documentation right there in your software now here is the kicker okay i learned this hardware some receipts that come to your email will not feed through correctly um i don't i'm trying to think the ones that give me trouble it's either when the receipt is attached to the email or vice versa where it's in the email i cannot remember but there's one where it will come in and it like doesn't read part of the receipt and i have to go back in and do it manually so that's just something to keep in mind once you process your receipt it's right here and you're reviewed okay you have your sales button just like you do with the with the for profit edition they still call everything an invoice yours just get paid anywhere because i set up payments for this because funny enough they don't have a sandbox for payments um but then notice you have pledges and donors okay so you've got create invoice which is kind of like what they consider a pledge you know and but it still says invoice but it's a pledge okay i think we can rename pledges to be something else but i'm not 100 sure um so then you also have donors here in the next tab and then you have your products and services which is what we talked about this says hours labor sales again not very applicable to a non-profit depending on what you do you know maybe if you're working you know doing stuff with habitat maybe that would be different for a lot of us we would just call this donations and we would just set up a service okay and so forth and just build that out i'm sorry i might be rushing because i'm trying to move through this uh so you don't have to watch a two-hour demo like my notorious manufacturing demo but um it's it's not sometimes i talk too much so cash flow this is a newer tab okay you've got your planner right here and you can start using planning which is funny because um fathom which is an add-on for quickbooks online actually does a lot of the kpi reporting i believe it does some cash flow stuff i'm not 100 sure but um some of that stuff you can also find in quickbooks online here's your expenses here and then now they call it expenditures so here you go you've got your vendors which are vendors and vendors they don't really change and then you have expense claims right so if you have an employee this is cool because it's new and you can tell it's new if you have employees and they're incurring expenses that you need to reimburse for or other people volunteers maybe then use the expenses tab okay and this is actually beta looks like so i knew it was new so we've talked about workflows before i've gone through some really simple ones i'm not going to dive too far into this because as you can tell from some of our earlier demos quickbooks online is growing by leaps and bounds it's everything i can do to keep up with it so um you won't see as many of these features in the regular in my older demos so i need to kind of keep it brief so that we can kind of move through they add to these workflow templates all the time okay but here's your templates you can also create a custom workflow and so forth and then here's the ones that you've saved okay projects which we talked about you can turn it you can leave this office it doesn't show up you can also turn it on uh projects are really cool the cool thing the one of the things you remember about projects whether it's non-profit or for-profit or whatever is that in desktop you use items to link things to your job costing reports and quickbooks online you use accounts and we do sometimes have people that look at the project reporting and i go that's not quite what i want i really prefer the desktop look and that's totally okay different clients have different personalities we're all about finding the perfect fit for you so um you may look at this and say i prefer my job cost reports on the desktop or hey i use a third-party software because i'm in construction or this that and the other and i want to use their reports totally okay um so then we go project reports here and then here's your attachments and so forth and you can connect all this to your project is like a hub okay let's move on to payroll which i don't think is turned on so i can't really give you the full on demo payroll but um it's very easy to use you have like a dashboard it reminds you when to run payroll and you usually have like a 24-hour lead time so you can even do it the day before depending on if that's turned on or not um and i know a lot of payroll companies have like a two to three more lead time um so i think that's really cool it's one of my favorite features it's extremely user friendly it reminds you to run payroll it's really cool to keep it in product and then they also have integrated workers comp which is going to take me to another window why did i do that um so and then it talks about workers comp which again isn't turn on but you'll notice your contractor payments are within your payroll screen and you can actually add contractors here and you can invite them to put in to complete their own profile right so i'm going to put kdd because everybody calls me kdb because my last name is really hard to say and then i'm going to change the email to um our demo email actually ahp demo gmail.com if you ever want to send email down a hole and nobody look at it you send it to that email address um and then it will actually email my demo account which i use for this stuff and it will say hey kdb you're supposed to enter your information so that this nonprofit can pay you as a contractor okay it's really cool because you can have the w9 there and everything whereas in the old days and you can still do it this way you add them as a vendor and then you go in and you add all the contractor stuff and i think it flows back through here so let's move on from there um projects payroll time so time i'm still lit i'm not 100 on time because i used it when it was t-sheets a while back and i've not used it since it was quickbooks time but it is on my list of to do's which if it's if you're like me um or if i'm like yeah if you're like me um my list of dudes is forever long uh so we're we're working on this but here we have to take time tracking for a spin it'll run you through a demo if you want to use it i will say you know it was a really great tool i love the t-sheets product i love the quickbooks time product and it's probably our most requested extra feature um so then we move over to budgets which for a non-profit those board meetings and every you know so many years you get a new board i know these are critically important right and you can actually either import a budget or you can add budgets so those of you that are like how am i going to do my budget you can 100 do budgets and quickbooks online and if you are a non-profit this is going to be critical for you okay so here we go so what it does is it brings up all your chart of accounts we have chartered account numbering on on some of these looks like somebody's turned chart account numbering on my test budget and here's another tip if you're going to use fathom with quickbooks it can sink in up to one budget so if you're like i want a purple budget and i want a pink budget or you know kind of old school you have like your master budget your sales budget and this budget and that budget they all roll up you know um be careful with with which one you bring into fathom because it will only support one budget okay so here you go with your different accounts here i'm just going to hit next all right here oh and one thing i didn't touch on but you might have noticed it in the previous screen is you can do budgets by classes too which i think is super cool because we talked about different reporting and with non-profits a lot of the times you have kind of strict reporting requirements so um that really comes in handy if you need like different kinds of class budgets so i'm going to save you i'm going to say lose and there you go you have multiple budgets so you can continue to do those multiple budgets so we're going to kick over to reporting which if you remember and you're still with me this is where we started right so uh you can we've already walked through some of the general reports and here's the thing if you are a non-profit and you are watching this video and you're like i cannot get a demo of non-profit and i need to check this one thing hit me up send me a message and say hey kati could i get access to your nonprofit demo quickbooks and i will sign you up for it for a week or so so you can play around and that way you can do whatever you want just make sure it's public facing because as you guys can see right now i use this for my demos and you don't want your information on my demos so but if you just want to kick around a sandbox and see if you can blow it up mikasa sukasa come on in so you do have management reports you have multi-company reporting okay um and then we're going to move over to taxes so for the taxes here this really refers to sales tax in 1099s uh and a lot of us right now it's spring and hopefully yours 10.99s are done already if you're not i bet you're in a panic uh but you can go ahead and do your 1099s there you can set up your sales tax which is now automatic in quickbooks online is really cool because it will sink in and kind of set up your sales tax based on your address and stuff and i'm going to x out of here because i don't want to do that right now uh you can do mileage right and then you have your chart of accounts this is also available through your gear which is funniest thing i was working with a yoga studio a while back and they would call it the flower and i thought that was so cool so i like to call it a flower but most people call it a gear it's a gear up in the top right uh and then this is where you kind of come through you know your account and settings and stuff that we were talking about in the beginning okay okay now here's another thing i want to tell you quickbooks online advanced if you're a goofball like me and sometimes you make mistakes and want to roll back or you do actually blow up your actual file you really want quickbooks online advanced it's only one with a live backup and that's right here and the second you get this baby set up you want to turn that on okay so um i always kick that because people hear quickbooks online advanced and they think that's for really fancy companies this is bigger companies i don't need any of those you know ex you know advanced tools and i'm here to tell you you don't have to be fancy you just need to be a goofball like me where i will go well dagnabbit i cannot believe i did that i really need to roll this back and you can't do that with other editions um but you can do that with quickbooks online in advance if you're if you haven't noticed by now i'm using my mac so if you have a pc most this is all the same it's just a different browser um so then here's my accountant here's the insurance which is new because there's selling insurance now we're going to kick on for that you will not get the accountant tools unless you are an accountant and you have account access uh but here's your account tools if you need them uh and then i kind of think you've gotten the grand tour but i you know what i do with these videos is right after i finish them i remember something that i didn't do i've tried doing scripted videos before but i really stink at them because i get that whole i'm looking into a teleprompter look and no one likes it so if i forgot something on today's demo let me know and i'll do another one and that's also the inspiration for some of my shorter videos because i'll be like oh shoot i didn't show them how to do this or i didn't show it very well let me go ahead and do another video um with that being said let me see if i can toggle over into my regular one just as a kind of a summation to what we just talked about are regular quickbooks online so if you're a non-profit this is what you know this is what you're trying to get away from right you don't want the regular organization nomenclature and naming and things like that uh just so you can see the difference here and i'm going to focus on the names because that's really 99 of the difference you'll notice here's back balance sheet profit and loss you've got your uh budgets are the same but then down here you've got customers instead of you know pledges or donors or what have you and and there you go so if you still have questions after this video let me know i'm sorry for going on and on but i you know i do i get to talking and i go on and on and on so tell me to shut up but you can't over video but i hope you enjoy the video let me know if i can help with anything else please if you have questions about quickbooks join one of our certum q a's we have one-on-ones and then we have also group q a's where we'll go through questions or if we need to dive in deep to your processes save you pain and heartache down the road and kind of do a focus consulting session we can do that we offer services we offer bookkeeping and onboarding and implementation in the works so let us know if we can help thank you so much for watching this video and i hope to talk to you soon bye