Welcome to our free Nonprofit Accounting Course, taught by Alex Acree, our in-house nonprofit accounting guru.
What Is Nonprofit Accounting?
Nonprofit accounting, also referred to as fund accounting, is the practice of applying income and expenses to a particular fund in an organization. Subsequently, it allows the organization to accurately apply and track donations to the proper project or account that they were intended to fund. The result is a more transparent set of financials for the nonprofit, and more happy donors who can clearly see where their money is being applied to.
For a more detailed definition of nonprofit accounting, please refer to this article.
Nonprofits Using QuickBooks
If your nonprofit is using QuickBooks to manage their accounting needs, they are missing some critical features and reports. For example, income is dropped into one general fund. Therefore you must use a combination of sub accounts, classes, external spreadsheets, or even separate bank accounts to get fund-specific data.
QuickBooks used to have a nonprofit version available on desktop. They’ve recently discontinued support of the product and are now pushing nonprofits to their QuickBooks For Nonprofits webpage. However, the problem is that it’s not an actual product. That is to say, you’ll be required to duct tape their for-profit tools and reports together to get the fund accounting data your nonprofit needs.
For more examples of how QuickBooks falls short, check out our complete review of QuickBooks For Nonprofits.
About Our Nonprofit Accounting Course
This course will provide the key points that all nonprofits need to know to improve their financial health. In addition to that, Alex will cover:
- Fund accounting and why nonprofits need it
- How to use a chart of accounts
- Tracking income and expenses unique to nonprofits
- How to track donations to keep your supporters happy
- Building reports that reflect your mission
If you currently aren’t using a fund accounting software, or your current software isn’t made specifically for nonprofits, you can use Aplos nonprofit accounting software during the course to follow along.
Upon signing up, you can expect an email every day for the next five days. Happy learning!
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