Discussion:Exempt Org. bookkeeping?
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Discussion Forum Index --> Tax Questions --> Exempt Org. bookkeeping?
| 30 December 2007 | |
| Have taken over an exempt org., any suggestions on software. I have been thinking of Quickbooks industry special for tax exempt organizations or should I just use regular Quickbooks | |
| 30 December 2007 | |
| The answer to your question really depends on the financial needs of the specific organization - how much gross receipts from how many different sources; how many transactions per month; is it a 501(c)(3) or another 501(c) organization; what are the reporting needs-i.e.- is 990/990-EZ required, will the new 990-N suffice; is there payroll involved, what state filings are required?
For a relatively small entity < $ 25,000 gross receipts per year, nominal amount of monthly banking activity, I would use regular QB, and customize the general ledger charts of accounts. | |
| 30 December 2007 | |
| Also look at industry specific. Uncle is right if you have no requirements for donation statements, fund raising, etc. But make sure that the financial statements are conducive to providing all the reports that are needed.
Budgeted F/S by class are time consuming to set up in Qbks but you may not need them. What type of exempt organization are you serving? | |
| 31 December 2007 | |
| I also have a client that uses regular QB for 501c3......works fine when you customize it. Their gross receipts are about $2MM... they also have one for nonprofits, but I haven't seen it..... | |
| 31 December 2007 | |
| The experience my Non-profits have had is that they are not satisfied with the limitations of the industry specific for QB for Non-Profits. The average Non-Profit (my clients are usually around $1 million to $3 million) and with the class representing the different funds, it works out nicely. | |
| 31 December 2007 | |
| I guess it would just depend on how many funds and how big is the organization. My clients are usually fairly small and we try to keep the price down. Pretty big jump in price between Pro and Premiere. Never heard of Fund -EZ. When do you opt to use this program? | |
| December 31, 2007 | |
| Shaunna, I do not understand your first post. Are you saying your clients are not satisfied with the nonprofit edition but are satisfied with the regular edition? If that is the case, it sounds like they did not set QBs Nonprofit up properly and are missing out. For my clients who want to track income and expenses by "fund," I have them set up a job rather than using a class. That allows them to post administrative costs to the "fund" and still have them properly recorded for the functional expenses (for 990 reporting).
As far as the prices go, Intuit currently has a sale on Premier - $350. The regular price is $450. QBs Pro is $200. In the world of accounting software, that does not seem like such a big jump to me. | |
| 1 January 2008 | |
| Thanks for all the info I have found QB for Exempt at Staples on sale for 299 and also in Jan get 20% back. Sounds too good so will purchase it instead of QB pro which is also on sale at Staples for 179 and get 20% bank in spendable dollars. | |
| 1 January 2008 | |
| There are also a variety of non-profit software avialable, from the low-end to the high end market. With the abality to utilize larger account structures within the chart of accounts, it is not always necessary to have non-profit specific software. The important thing is planning, determining agencies reporting needs and the needs of the internal users. Can the data be accessed by outside programs such as Access, or Crystal so that custom user reports can be generated.
A great low to mid-end accounting package for non-profits is Fund-EZ. I have used that when I was a controller of a local community action agency. It allows for allocations, utilizes indirect cost princicples and allows cross year reporting when grants years do not coincide with the agency fiscal year. Relatively inexpensive under $3,000. If you have any medicaid billing needs, this software is highly recommended. you could go high end and look at SAGE MIP of Blackbaud <from $10 to $40,000+> http://www.sagesoftware.com/products/index.cfm/tab/2/customer/2/page/2/category/null/solution/16 http://www.sagesoftware.com/products/ As others have said it would depend on the needs and the budget of the agency. I would recommend that the organization contact a couple of salespeople who will do a FREE needs analysis and will help in the decision making process for them. Even if the organization doesn't buy the higher end software, it helps by providing information as to the real needs. The one problem I have seen is that clients are quick to purchase a program without regard to the needs of the organization. I always counsel clients that implementing a new system is a great time to review the internal processes and to make changes. Alway involve the organizations CPA, reporting agencies and staff. It should not be done in haste. As the say, measure twice, cut once. Good luck and if you have more specific questions, feel free. Fred | |
| January 1, 2008 | |
| I see that Fund-EZ has a full-working demo. I'll have to check that out. | |
| 2 January 2008 | |
| It's actually a pretty good program Natalie. I used it for 5 years at a place I worked at and one of my audit clients uses it. The great thing is that I can download the full demo and use it during the audit period when i need to. I am not as familiar with it as i used to be, but it is a very good program. No payroll, but it allows for imports from payroll companies and excel files.
Also, used to be when calling tech support, you would sometimes get upper management and/or the programmers themselves. Based out of White Plains, NY | |
