Pay by E-checks vs. Physical Check

By CarolCarrie / February 19, 2018 /
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In most countries, checks  have “gone the way of the fax machine and rotary telephone.” (Bloomberg, “Why Can’t Americans Ditch Checks?” July 26, 2017). Our Chart of Accounts Grand Tour continues to explore Cash, the first account on your balance sheet, as we look at options to manage cash payments electronically. Intuit makes it very…

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Enter QuickBooks Bank Transactions the Easy Way

By CarolCarrie / February 12, 2018 /
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Who doesn’t want to save time on nonprofit bookkeeping? And who wouldn’t like to have more accurate financial reports ready more quickly each month? The trick lies in putting systems in place that enable you to work efficiently. The interesting thing about putting a system in place to do something efficiently is that you usually…

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Ten Pointers on Nonprofit Cash Management

By CarolCarrie / February 5, 2018 /
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We kicked off our Nonprofit Chart of Accounts Grand Tour last week with an overview of cash. While mission is the heart, cash is the lifeblood of a nonprofit organization. All nonprofits must manage cash to survive and thrive. To that end, we offer you the following list of ten pointers on managing cash. 1.…

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Nonprofit Cash

By CarolCarrie / January 29, 2018 /
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This week we pick up our Nonprofit Chart of Accounts Grand Tour talking about cash. Cash is the lifeblood of a nonprofit organization. It’s also the first account on the balance sheet since it’s the most liquid asset. Nonprofit cash has attributes that are very different from the cash of for-profit companies. In this post…

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Easy 1099 E-File with QuickBooks Online

By CarolCarrie / January 22, 2018 /
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Before we embark on the Grand Tour of the Chart of Accounts, a timely topic came to our attention. This month, of course, is January, the month when you must get those 1099-MISC forms out to all your non-employee contractors. It’s easy to forget, until you have to deal with it each year, just what…

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Nonprofit Chart of Accounts Grand Tour

By CarolCarrie / January 15, 2018 /
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Nonprofit bookkeeping is simply coding transactions to the chart of accounts. What could possibly go wrong? Based on the questions we receive and the nonprofit clients we help, apparently a lot! Accounts Are Mandatory Every transaction recorded in your nonprofit’s QuickBooks (or other accounting software) must be coded to two or more accounts in your…

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A Fresh Start for Your Nonprofit Accounting?

By CarolCarrie / January 8, 2018 /
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It’s a new year and a chance to give your nonprofit accounting a fresh start. Right? Not so fast. If your year for accounting purposes is the calendar year (as opposed to a fiscal year ending in a month other than December), your profit and loss report starts out in 2018 with fresh, clean accounts…

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Credit Card Deposits in QuickBooks

By CarolCarrie / December 18, 2017 /
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Do you accept credit cards donations or credit card payments for goods and services? If so you need to be able to record them in QuickBooks. Credit cards payments are normally not received by your bank until a few days after you’ve run the charge on the customer’s card. That means the credit card sales…

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Year End Gift Cutoff

By CarolCarrie / December 11, 2017 /
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December is a busy month for most nonprofits. Various sources place the percentage of annual gifts made in December at more or less 30%. But which gifts count for December? Regardless of your organization’s fiscal year, all organizations must deal with the year end gift cutoff of December 31 for tax purposes. The IRS requires…

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How to Fix an Overpayment to an Employee

By CarolCarrie / November 27, 2017 /
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Recently we’ve seen the following scenario happen in two nonprofit organizations: First, the organization accidentally overpays an employee. In one organization, it was confusion over how to use the payroll software which caused a paycheck to be submitted twice for processing. In another organization, a bonus paycheck was direct deposited to the wrong employee. Both…

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