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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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Make the Leap to a Better Payroll System

By CarolCarrie / November 20, 2017 /
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The start of a new year is fast approaching, bringing with it an opportunity to do things differently than you did them in 2017! If your payroll system has been one of those problems you’d like to leave behind, the new year is a prime time to start anew. While your fiscal year for accounting…

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The Problem with Duplicate Transactions in QuickBooks

By CarolCarrie / November 13, 2017 /
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Do you sometimes discover transactions entered into your nonprofit organization’s QuickBooks more than once? Twins are cute, but not in your books! Duplicate transactions cause your financial reports to be inaccurate and can be time consuming to fix. Clues that you have duplicate transactions can be found in your monthly bank reconciliation. Look closely at…

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ASU 2016-14: Cash and Nonprofit Liquidity

By CarolCarrie / November 6, 2017 /
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We’ve heard many times from nonprofit executive directors: “My board only understands cash.” Even executive directors themselves often admit to being more comfortable with cash basis than with accrual basis financial statements. And we can’t blame you – all you cash basis fans out there are rightly concerned about, well, cash! Introducing ASU 2016-14 And…

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Understanding Functional Expenses – Part 4 of 4

By CarolCarrie / October 23, 2017 /
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This post is the fourth and final (but probably not the last) in a series of posts on functional expenses. Actually five posts if you count the introductory post, Demystifying Nonprofit Overhead. Here’s a quick overview of the topics in each post: Demystifying Nonprofit Overhead: Deconstructed the term “overhead;” why you should care about it.…

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Understanding Functional Expenses – Part 3 of 4

By CarolCarrie / October 16, 2017 /
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This post is the third in a series of four posts on functional expenses. An introductory post, Demystifying Nonprofit Overhead, clarified the term “overhead” and made the case for why you should care about it. In Understanding Functional Expenses – Part 1 of 4, we covered the definition of cost vs. expense and went into…

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Understanding Functional Expenses – Part 2 of 4

By CarolCarrie / October 9, 2017 /
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In our last post, Understanding Functional Expenses – Part 1 of 4, we covered the definition of cost vs. expense. We then dove into the nitty gritty of what expenses are considered to be fundraising. The post just prior to this series, Demystifying Nonprofit Overhead, made the case for why you should care about overhead and…

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