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truland
Level 2

Quickbooks for a VFW Post

I will become the Assistant Quartermaster for VFW Post in two weeks. We just purchased Quickbooks Pro to go digital with our finances.  I was wondering if there is anyone who has any experience in setting up Quickbooks for a VFW that I could get some pointers from so I don't have to reinvent the wheel.  I am starting to learn Quickbooks but the initial setup for the organization is daunting. We are a non-profit organization but we do have a canteen (bar) so we have 3 employees, salaries, and inventories, etc.

 

2 Comments 2
john-pero
Community Champion

Quickbooks for a VFW Post

Even as a non profit you have , I assume, annual returns or reports to file at least with your local governing board as well as your state liquor control and maybe even the national VFW organization.

 

Start by adding to or editing your chart of accounts for income and expense. Then, if you have a balance sheet of assets and liabilities enter all of those in a journal entry as of the date of conversion from paper and pencil in a notebook to the digital format. Any offsetting balance in this initial balance sheet will hit or be posted to Opening Balance Equity.

 

Set up your sales items as inventory. It is fine to adjust inventory to physical count quarterly, or sooner if required by your bylaws or statutes for reporting.

 

If you collect any sales taxes set that up as well.

 

If you purchased the payroll addition set up the employees, pay rates, employment taxes, etc or if you use an outside third party for payroll you will enter transactions from that.

 

Yes, it is a lot to devour at once. You may wish to engage the services of a QB Pro Advisor in your area. https://quickbooks.intuit.com/find-an-accountant/ or your local Chamber of Commerce may know of someone versed in Quickbooks that possibly teaches the product at a local library or college.

john-pero
Community Champion

Quickbooks for a VFW Post

There are several books out just for your situation, a quick Google search will bring up one that is usually recommended highly from Kathy Ivens. I am not familiar with it myself but know it is always suggested as a good source.

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