How To Do Fund Accounting Using QuickBooks® And Aplos
Length: 50 minutes
Nonprofit and church accounting is made specifically to fit the unique needs of organizations that need to track designated money in multiple funds, and pull reports based on those funds to track income and expenses. It is also known as fund accounting. With QuickBooks® or other small business accounting software, there is no way to track income and expenses for designated funds—at least not easily. Some of the obvious differences are between small business accounting software and accounting software that is made specifically for your nonprofit or church.
We’ve put together this webinar as an overview of:
- What fund accounting is and how it works
- How to use fund accounting to demonstrate stewardship and accountability
- How to tracks funds in QuickBooks® vs. Aplos
Be sure to check it out so you can start off the year with the tools you need to have a healthier financial foundation.
Learn more about Aplos Accounting – online fund accounting.
Q&A
Here are a list of the questions asked at the end of the webinar and the responses:
| Q: Can a transaction have more than one tag?Yes, a transaction can have any number of tags attached to it. |
| Q: Can the system help us invoice and track dues?Yes, Aplos can track AP/AR and pledges. |
| Q: Do you have a way to capture and record pledge payments made in advance of the year?It takes a little bit of adjusting, but it is possible. You would need to receive the pledge, which counts as income in the current year. Post an adjusting entry to reverse the income and increase an “Unearned Revenue” type liability. Then, in the next year, post a third entry to reverse the liability and increase income. |
| Q: How do you retrieve an end-of-year report for contributions by individual?Yes, contribution statements can easily be generated in bulk or individually from the contact’s profile page. |
| Q: How well does Aplos integrate with electronic giving platforms?We partner with Stripe and WePay but also have integrations with a few third-party platforms. |
| Q: What is the difference between a “990 tag” and a “tag”?A “990 tag” is for organizing transactions into the full Form 990 income and expense categories, whereas a “tag” is used for anything you want to track, such as departments, ministries, locations, teams, projects, fundraisers, etc. |
| Q: Will Aplos allow me to reconcile bank statements to the GL?Yes, bank reconciliation is a standard feature in Aplos. |
