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Buy nowI am using Quickbooks Online Plus for a new non-profit. I am setting up a new expense account and realized that the "Expense" account type is no longer available in the dropdown menu. However, in my chart of accounts that was preloaded for this company there are many account types that say Expense. My question is whether the Expenditure account type works the same as the Expense account type or is there another option I should choose for an expense. The particular account I am wanting to set up is Tithely fees, but I want to pick the correct option that is equivalent to the old Expense category. I'm attaching a screenshot to show the options I have in the dropdown. Thank you!
Thanks for reaching out to the Community, ckzraymond.
If your company's account is set up as a nonprofit organization, you'll see an Expenditures account instead of one titled Expenses. You can rest assured, the Expenditure account type works the same as the Expense account for different types of organizations.
I've also included a detailed resource about nonprofit accounting standards which may come in handy moving forward: Nonprofit accounting beginner’s guide & key financial statements
Please feel welcome to send a reply if there's any additional questions. Have an awesome Tuesday!
Thank you so much for your help and that beginner's guide, that's exactly what I need!
I'm so glad to see you received the answers you were looking for, ckzraymond. You can always count on the Community to have your back if you ever need a hand again in the future.
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