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Level 1

What QBO set up is best for our nonprofit?

 Our non-profit is headquartered in the US, and we have a US Operations QBO with our CPA that we are about to bring in-house in January.  Our US company funds 3 different projects in various countries, each with their own desktop QB that I currently log into remotely to track expenses (expense reports are emailed back to us monthly for input).  Monthly operational funds are sent from the US to each international project which is recorded as income in that "company" and then expensed once receipts come in.  On occasion, though, some expenses have to be made from our US office, which creates a problem when trying to determine how much each individual project has used budget-wise.  My question is, once we get our US QBO file in house, would the best step be to convert the other projects to additional QBO files so that we can do inter-company journal entries if needed, or do we consolidate into 1 large QBO company file? I'm not sure if that's even possible with all the different currencies being used??  I should note that our board of directors always wants consolidated reports with all projects included on our financial reports.

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Moderator

What QBO set up is best for our nonprofit?

Hello, christinaphw,

 

We would recommend to consolidate into one large QBO company file. Then use QBO Projects to track the international projects. Don't forget to turn on the Multicurrency feature so you can add a currency for each project. 

 

With one QBO company file, you can run project related reports to see which project is budget-wise.

 

With the current set up that you have, you can run the Balance Sheet and P&L reports for each company. Then, consolidate the reports manually in Excel.

 

Stay in touch with me if there's anything else I can help you with.

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Level 1

What QBO set up is best for our nonprofit?

If you don't want to use excel to consolidate your companies you can use a consolidation product like joiin which can be found on the marketplace. It has configurable reporting for non-profit company requirements.

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