We often receive the question, “How do I record volunteer services?” From our last post, Why Record Volunteer Services?, you know some volunteer services must be recorded as defined in Generally Accepted Accounting Principles (GAAP). Other volunteer services, while valuable to the organization, do not meet GAAP criteria for recording. However, you still may wish…
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Often we find nonprofits do not record the value of volunteer services. After all, volunteer services, also referred to as in-kind services, don’t have a direct impact on cash. And there is so much other work to do; it seems like a waste of time. Why would you want to record volunteer services anyway? 1.…
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Six Levels of Expertise Over the years we have seen a wide variety of wonderful partnerships between volunteers and nonprofits – and a few not so wonderful. Volunteer bookkeepers seem to be a problematic area. Maybe that’s because we also see a lot of problems with paid bookkeepers. It could also be because some nonprofit…
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In our last post, The Art of Creating a Nonprofit Chart of Accounts – Part 1 of 2, we talked about why the chart of accounts is so important. This is true whether you use QuickBooks or any other accounting software. We also gave examples of good and bad uses for accounts. In this post…
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In our last post, Lists: Key to Getting the Most Out of QuickBooks for Nonprofits, we walked you through an overview of QuickBooks’ lists and how they can help you with better record keeping and reporting. While all the lists in QuickBooks have a role to play, the most important one is the chart of…
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If you’ve been using QuickBooks for a while, you may be frustrated over how to enter transactions so you get meaningful reports. The key to good reports starts with understanding and using QuickBooks’ lists. Today we want to give you a brief overview of QuickBooks’ most important lists. Effectively using QuickBooks’ lists is the key…
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It’s been a long time since Carrie and I posted to our blog. It’s good to be back! I had to eat a piece of humble pie last year when I realized I had allowed myself to get too busy for things that mattered most to me, including writing this blog. As Michael Hyatt observed,…
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Whether you do payroll in-house or use an outsourced payroll service, you may be experiencing unnecessary costs. And these costs pile up payroll after payroll, month after month. Here are a few of the worst offenders. #1 – Processing Fees Let’s start with the obvious. Chances are your payroll service is charging you per payroll.…
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If you are like most nonprofits, paying people for services is your largest expense. It’s not unusual for payroll and contractor payments to make up 80% or more of total expenses. It’s also an area with many tax compliance issues and bookkeeping challenges. Consider what combination of accounting software and payroll software and/or services would…
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No one starts a nonprofit because they want to do accounting. But sooner or later, you realize you need some sort of accounting solution if your nonprofit is to succeed. In case you are wondering what accounting can do for you, see our post “12 Ways Accounting Can Make You an Awesome Nonprofit Manager.” If…
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