Collaborate on Proforma Template Word for Non-profit Organizations with Ease Using airSlate SignNow

Proforma template word for non-profit organizations

all right hey thanks for uh joining me on this video today we're gonna be showing you how to upload our chart of accounts template directly into your QuickBooks instance uh very confident that this is going to elevate your game in terms of your financial reporting uh being able to understand your financials make better financial decisions communicate the story of your you know the financial story of your organization to you know both your internal team your external teams your external stakeholders so um you know really in being able to tell your story it it starts with organized financials nobody wants to read a book from Back to Front you want to read it from front to back and um this is what puts puts those pages all in order for you and so very uh confident this is going to help you so without further Ado let's Dive Right In and let's make your QuickBooks that much better so what I am doing is I am logged here uh log in here on a sample company of QuickBooks Online this should be exactly what your QuickBooks instance is looking like when you log in so if you are you know brand new to QuickBooks in log into your account you should be sitting right here I'm sitting on the dashboard okay and so to import your chart of accounts template that you downloaded you are going to click this gear icon in the top right hand you're going to go to this third column here where it says tools and what you're going to do is you're going to select import data okay and I just wanted to Quick take a step back because it's brought a thought to my mind is you know even if you're not new to QuickBooks um if you do already have like a chart of accounts set up you know this process is still going to work for you uh just keep in mind though that you know if you've already created a number of accounts or a number of chart of accounts there's going to be a you know an additional process and I'll get to that later in the video of you know how do you merge your accounts how do you go from your old accounting uh your old chart of account structure to your new structure okay so please take a look at the template in that instance please look to see what are the accounts in our template and what are the accounts that you already have do they closely align um you know if so you know maybe you only need to import the accounts that you know you don't already have as you already have the others or you know maybe you do just want to start trash maybe you didn't really know what you were doing you know you admit maybe hey I didn't know what I was doing um I have crazy accounts and Tyler's users are so much better uh sure that's not the case but I mean you know maybe ours is a little bit better and you just wanna bring in our chart of accounts and you want to change from your old account structure into the new structure and in that case let's go ahead import all of our accounts and I'm going to get later into the video in terms of um you know how how do you kind of merge all of that old activity into the new account structure that I'm giving you so without further Ado again we we're in the uh the gear icon here and in the import section import data section okay you can see here that you're going to have the option import a number of different types of data right now we're going to start with a chart of accounts okay what you want to do is go in here and select your chart of accounts template and so this is from the CSV or Excel file you can also do from Google Sheets okay and here is where we align the you know the underlying fields that QuickBooks already has and that QuickBooks needs in order to import your data they need the detail type and you can see that you know your field or the r fields that we're giving you from our template aligned directly with those should be seeing all the four green check marks see here that those are all good to go so I'm going to click next on that this is going to bring up the import screen so step number three where this outlines all of the account numbers the account names and the account types a type in detail type okay so your account number and account name there are no default behind the scenes fields for these items in QuickBooks so if you are seeing any errors in this screen you know actually you know you you know what you shouldn't be okay at least not yet when we get into the import we'll talk about that so what you want to just see here is if there's any sort of red or any sort of Errors you can see here that there are not and what we're going to do is and I will just say you know if you do have any errors around the account number or the account name you know it's very possible the reason for that is just that that those fields might already be in QuickBooks again with our template they shouldn't be but you know maybe you already had a chart of account set up and maybe you already had a 1000 account in that sense you know um you might just need to to change this account number and just add a two or something like that or you know attitude to this just to make it a little bit different from what you already had in QuickBooks okay these if you are seeing errors here on the types accounts just know that QuickBooks does have default fields for these okay we've aligned the spreadsheet we gave you to these default Fields already and so we shouldn't but QuickBooks does always change okay QuickBooks is constantly changing and so if you are seeing the the red around these types of these fields it's because they're just QuickBooks probably behind the scenes changed bank to bank account or accounts receivable to accounts receivables and uh so just go ahead click on that down arrow and choose the one that most that is most applicable to the type we already gave you and you're just going to click import okay so it looks like for us 173 of 179 accounts successfully imported which is awesome um and what I'm just going to see here is here you're going to see the errors the red the red lines and really what that is is that's because these accounts are already in QuickBooks okay so maybe we shouldn't have given you these on the templates uh but you know just for our purposes uh we want to include everything on the template and also um being that those accounts already in there you'll want to go ahead and go to those accounts already in in QuickBooks and give those give those accounts these account numbers right and these account types and detail types as well okay uh those are defaults so I would recommend that route it's just going in and entering these manually you got maybe six of them here okay and you know in that sense the 173 are good okay another thing I just wanted to point out there is on the chart of accounts you do have to enable chart of account numbers okay if you do want to be seeing those so the way to do that is to go in your gear icon section go into account and settings go into the advanced and you can see here under chart of accounts it says enable account numbers this is turned off we want to go ahead and turn that on okay and actually if you sell that so show account numbers okay this I believe is if you want them to show on your reports and transactions yet so you do want you do want that I highly recommend that um a little bit more of a probably more of an accountant's theme than anything but I think uh you'll get used to it and it brings a lot of benefits Okay so we've successfully imported the chart of accounts this is awesome and you know we're seven minutes and 45 seconds in this video now you have a complete account structure for your non-profit and that is awesome okay and so what we're going to do now is we're going to go into the actual chart of accounts function and we're going to make sure that this thing actually works for you all right and so this is going to be a little bit more work is going to take you some time but uh you know in the long run you know this is something that is created and of course you want to always maintain and update your chart of accounts you want to customize it to your organization but you know this is one of those things that you know you spend a little bit of time up front to actually do it and once it's done it's done and it's constantly serving you benefits uh throughout the life cycle of your organization with very minimal maintenance okay so in order to do that what we're going to do here is click on the gear icon and on the left hand column now we're going to go to the chart of accounts okay and so what this is uh this is the function where we can change all of this and give everything the proper structure that it needs okay um so what this is going to have is this is going to have a listing of all of the accounts that you just uploaded as well as all of the accounts that QuickBooks gives you by default okay so if you've got a brand new QuickBooks Online these are all the default accounts that QuickBooks has already set up for you if you are not new to QuickBooks and you've had an accounting system set up already you're going to see all of the accounts that you previously had okay and so just kind of going back to those you know again if you uh already had your QuickBooks set up and you want to go to our version of the chart of accounts I'm going to get into how we how we start merging that activity so that it all starts reporting into our structure um and if you know there's there's any adjustments that need to be meet uh to need to be made as I can as I go through this here I'm sure it's going to make sense for you one thing I do want to point out as well is I'm just going to really quick see if this will show for us in a way that I would like it to okay there is no activity so okay so I'll ignore that for just a second and so what what we're going to do here is we're going to get into actually setting up the chart of accounts okay and this is going to be a pro tip for you and a a great lesson in the chart of account structure and QuickBooks Online okay so what we want to do is in QuickBooks Online we want to structure it structure our accounts in a format okay and that format is is we have what are called parent accounts and we have what are called sub accounts okay and parent accounts are accounts that we set up so that we have good structure in organization in our financial statements okay we don't actually post transaction to those accounts they're simply just there to in a way kind of create a header for the accounts below which are the sub accounts and those sub accounts are the accounts that we actually post transactions to um you know take it uh you know in an example of possibly like you know I'll go back to my book example all right is in a book you know we have we have chapters right and at the start of every chapter we've got a big headline to tell us what that chapter name is okay and we want we want to read that chapter so that we know like you know you know as we go throughout the next Pages what it is that what's the point of what we're reading or what's what's the what's the yeah the you know like what are we reading next in kind of a description of what we're reading next the same thing in regards your chart of accounts okay and so let me point out this this and as it actually applies to the chart of accounts right so in our chart of our accounts format you're going to see account numbers that end in zero zero okay any account number that's ending in zero zero is what's called that parent account okay it's the chapter name it's what's giving us the detail that we need high level detail or high level story that we need to say all right this is what we're reading below or this is what we're reading next okay so this is not a account that we would assign transactions to we are going to see here that you know one zero zero zero is a parent account and we have one zero which that indicates that this is a sub account of the parent account okay and this account is one zero one zero okay so this is going to be the one zero is kind of the the first account underneath the parent account right so what we need to do is we need to tell QuickBooks that this account really is a sub account this is a sub-account of the parent account and the way to do that is simply just come over here into the arrows and we would click edit okay and we can edit that we can see here it's set up as a bank account we want to save this account under and this is what we want to do is we want to save it under the 1000 account again this is a sub account of the 1000 account okay the tax form section is checking this is a bank account it's a checking account um you do have different accounts here if it was technically a savings account you could um I'm sorry here if it was a money market account you could choose that um I will just tell you though that you know assigning this detail type overall changing these detail types overall really not necessary in regard to bank accounts or in regard to most accounts at least changing it from what we already gave you okay so I would just if I were you keep them the same you just want to make sure it's saved under the proper account okay and so click save here and where are you going to know that setup correctly is you know you can essentially say all right this 1010 is now you see how it's indented that 1010 is a sub account of this account okay and so what I'm going to show you here next is how this affects the reports okay so this setting up your chart of accounts is really the you know the reason behind that is in regards to the reports to make our reports organized in our report summarize all of the transactions below right okay so I'm just going to go to balance sheet which is where all of our accounts are held and you can see right now that we on these reports we have these transactions and or we have these accounts in these numbers and we're not seeing the checking account that we just uploaded and that we just assigned a a sub account to and we're not seeing our sub account either and that's because there are no transactions applied to it okay so to those accounts okay so let's go and change that okay we're just gonna go in here and we're gonna change this and we're gonna say that this is actually paid from the 1010 account so you will see that in transactions you're going to start to be able to to assign transactions to these accounts okay I'm gonna go back to the balance sheet and now you can see here that here's our account right here's our parent account and here's our sub account because we have the transaction assigned to the sub account okay and so you can start to see how this provides a little bit better of a structure in the sense that all right we know that under this parent account these are all of our cash and cash equivalent accounts number 1010 is the cash and Bank operating okay and because these accounts right here are not based not yet assigned as a sub account of 10 10 or of one thousand I'm sorry um it kind of creates this subtotal if you will of these accounts and we don't want that we want all of our our cash and cash equivalents to be under that one structure we want one one total for all of those right so let's go back into our chart of accounts and this is going to be that lesson if you know you already have accounts set up in your QuickBooks you need to change them um you know this is going to be where you do that okay and so for instance if this is the checking account and this is the account that you already have connected to QuickBooks um what you do is just you know you simply kind of come in here and I'll say this if you don't want to replace the current account name that you have um then you know um we'll we'll kind of look at it a number of different ways here but basically if this is um you know say you created this new account and this is going to be a new bank account and this checking account is one you already have you just want to give it you know uh you just want to have you know this basically be assigned as the 1020 account you're gonna have two bank accounts and this is going to be the the second bank account look at it that way so what we want to do is again just come in here it's already set up as a bank account we want to save it under 1000. and we would give it that 1020 number okay and so you can see down here that QuickBooks this is a fairly new feature as a data's video that it shows us how is this going to look [Music] it's out of the book okay but say we already had this as our checking account and really we want we want this name and this number um but here's the account we already had and when so what I would recommend we do here is just kind of copy the chart of account name now you can go in here under edit we want to save this account sorry save this account under the 1000 account but we want to give it that name and you can kind of see here it's creating an air and we'll get to that in just a minute and I would just say let's try changing the account number so perfect merge accounts okay so this is what we want to do when we have a lot of accounts already set up but we want the new structure right um so what we can do is say that we want to merge this checking account we already have with the new account name that we have and so it says you already have an account with that name would you like to merge the two and what you want to do so yep we want to merge those accounts okay all right click save it's probably going to give you an error here but when you come out of here and maybe refresh all right and did not do it let's try that one more time we might do here all right I'm really thinking that this is probably just because it is the sample company but I do want to make sure of that and actually what we could do it might just be because the bank account is connected and it doesn't want to merge it so what we might do is change this one to checking I'll just say okay and let's just see if this uh see if this works okay so yep that's how you merge is you probably for the bank accounts you're probably gonna have to merge them that way and then what all you got to do then is just kind of come in here and um you know change this to your action Bank and of course you'll want to save it under the parent account okay so now you've got the bank account you've already connected [Music] and it is saved under under the parent account so you'll just want to follow that same process for your savings account and what you're going to want to do is change sorry is start to go down the down kind of the balance sheet accounts or down all the accounts and make sure that everything is assigned as sub accounts okay one of the things we did here was we did not import over a parent account for accounts receivable so what we want to do here is actually we're going to change this to 1100. as this is the account we brought in for accounts receivable accounts receivable is a little tricky in the sense that QuickBooks Online comes with the default accounts receivable account that all transactions are assigned to and you can't really change that it's kind of a something that's stuck QuickBooks desktop is a little bit different QuickBooks Online though it's kind of stuck so what you want to do is we want this accounts receivable account that they already give us to be the sub account right and so what we'll say is that the new account that we brought in should be count Eleven Hundred okay accounts receivable it's already in there should be 11 10 first account under that accounts receivable what we do is find that parent accounts receivable and change it okay so now that that now that default account that they've set up it does have our account number that we want and is under the parent account and then in doubtful accounts receivable and we just want to come in and and put that one under accounts receivable as well boom okay and what you're basically going to do is work your way down the balance sheet doing that so I'm sorry work your way down the accounts doing that so again we've got a 1200 account that is our parents account and so we're going to go to the 1210 and put it under the 1200. check out our quick preview here that looks right okay our 1215 that looks right except for that these would be under 1200 and that's good okay and so you can see how all of these are aligning okay real quick do this one so that we can uh our reports looks good all right so I'm starting to see that come alive right live all right and so now you can see hey we've got all of our cash and cash equivalents underneath our parent account look it's looking pretty all right we've got cash and Bank operating and we've got savings and they're all they all have account numbers they all have account names and we have one total for all of those for all total bank accounts all right so that's perfect accounts receivable same thing we've got all of our accounts receivable assigned to a sub account that is underneath the parent account of that's what we're telling so some of these you know QuickBooks does have these default accounts receivables uh these these titles um simply just got to ignore them um you know you want your financial reporting to be good and uh sometimes you just got to kind of basically these are these are two title accounts and uh that's all right you know to have those that's all right we want uh we want our accounting structure to be proper um and we just have to deal with that because that's how QuickBooks Online does it okay and so when I was saying go down the balance sheet that's that's what we're doing is we're basically taking all of our uh all of our asset accounts all of our liability and Equity accounts and putting those into the proper parent sub relationship right okay um another thing I'm going to show you on this video is just in regard to accounts that QuickBooks already has set up right so QuickBook does come with some default accounts you know such as inventory inventory is a big one that uh you know they're not going to limit what I'm going to say here is QuickBooks is not going to let you delete those accounts okay so you've got to work those accounts into the structure that we already gave you right so we gave you some inventory accounts right so 1400 other assets and then we have inventories for sale inventories for use Okay so what with this inventory asset this is an account that already has some products and services assigned to it don't want to get to that in this video just yet but essentially QuickBooks is not going to let you change this account so what you just have to do is work it in to be part of your structure so we left the 1410 blank and that's the exact reason why is you don't have a 1410 because you need to come down here into the inventory asset you need to make that account does again they're not going to let you delete it one of the ways you can delete accounts is to make them inactive say yes I want to make it inactive but we're going to get in there because it says fail to inactivate some accounts you're unable to inactivate it okay so that's one way to do it here is to go into that 1410 we're going to save it under account for 400 assets okay looks like um the tax form section isn't right okay because this is an inventory don't let me do that all right okay so you just need to change that uh that detail type to be a other current asset you have to be inventory um and that helped us bring it in and so again this is going to be saving this under 1400. and you can just again see how that's come together um I will show you this the the prepaid expense account when we uploaded that was one thing that would not come over properly right remember we had the error that prepaid expenses um would not upload that is because we had that prepaid expense account already okay and so we do give you the you saw here like the prepaid general liability prepaid workers but there is no um there is no parent account for that right and so what we have to do there in that instance is make it that parent account right it's kind of a parent account of some further sub accounts and I'll show you that here in just a second um that you know prepaid expenses are going to be part of other current assets but we wanted to be part of 1400 other assets group okay and so this is just a way of making the accounts that QuickBooks has already given us into the structure that we want okay so now we can see we've got the 1450 and you can see here that there are some additional you know almost it's going to be a sub account of a sub account right is that we do have some prepaid expenses um and we want to have some further detail into what those prepaid expenses are so the 1451 goes under the 1450 and where that's going to go is we just want to find that 1450 account and put that under there so it is a sub account of the subaccount you know you could maybe move these accounts down if you will and make you know make your prepaid to 1500 series so you know this can be manipulated however way you want just kind of know I think that we do have yeah we do have some space you know like ends the 1700s and then goes to 2000 so yeah you definitely could you know you can make these 1700s 1900s 1600s 1800s and all that good stuff that makes sense okay just kind of looking here everything should work appropriately again you know you just kind of have to look and see what what accounts did you already have what accounts do you need to kind of mix in with the accounts that we gave you or vice versa in merge okay accounts payable is going to be another one it's just like accounts receivable that there is one default account you can't uh you know that you can't necessarily delete this and use the account that we gave you good thing here though is you know we kind of show you that in the sense that hey we gave you this 2000 parent account but you don't see the 2010 accounts payable anymore right that's because you need to change this all right so now you've got all that all right and again you know by the end of this by the end of doing all of that by the end of this video uh you know we don't want to make this video doing it all for you um you can figure it out I promise you but you know by the end of the day this should be what your chart of accounts is starting to look like is that every account that has a transaction and that has a number coming on the reports should uh be a sub account it should have an account number it should be under a parent account okay and what you can do is just go from your reports you know the balance sheet and your profit and loss or your statement of financial position and your statement of activity and you can look for the go to the reports look on those two Reports look for the accounts that maybe have transactions assigned to parent accounts maybe you accidentally assigned a transaction or an account that has transactions in it as a parent account rather than as a sub-account uh then you'll you're going to want to change that um but yeah that should be the structure that should be how you do it if you do have any questions you know that definitely be sure to reach out to us but that is essentially it um yeah so please do let us know if you can help uh promise get through this it'll take you just maybe a couple of you know a couple to a few hours to do but again once you do it everything's gonna be looking so pretty for you and not only for you but for others as well really going to make sense for you and you know as you follow along with us and get more tech savvy technically Savvy in the area of accounting you're really really going to see you know in terms of not only financial reporting but when you get into budgeting and forecasting cash flow analysis all these things the chart of account structure is really great help in in getting into that some of that higher level analysis and making sure that that analysis is organized in that all of your uh you know drivers and things I won't get into that but I'll be drivers and things are properly aligned so thank you very much for this video uh for watching this video and look forward to talking to you soon thank you bye