How would you set up the income accounts in the chart of accounts if the donor budgets only have
@Angelyn_T wrote:
Hello there, @adowds.
I'd be glad to help you today so you'll be able to use QuickBooks to track the four levels of revenue and expense.
If you're using QuickBooks Online (QBO), and run a non-profit organization, you may need to edit your QBO account to better fit your needs. You can make necessary changes to ensure your account uses terms commonly used by non-profit organizations.
For additional guidance, you may check it here: Configure an account for a non-profit organization.
On the other hand, to use QuickBooks to track the four levels of revenue and expense, for the Category, you must set up accounts in the Chart of Accounts following the GAAP requirement or the correct category.
To track Sources, you must turn on class and location tracking feature in QuickBooks.
For the State, you can create the state as the name of the customer and create a project under that specific state.
Lastly, for the Service, you can turn on, create and use the products and services list.
You can always run reports in QBO and make the necessary customization to track and check your revenue and expense.
To learn more about non-profit accounting basics, you may check this article: How to Customize QuickBooks for Your Needs.
Please feel free to add a post/comment below if you have any other QuickBooks questions, I'll be always here to help you. Have a great day ahead!
expense accounts with no income accounts to receive the funds?
