QuickBooks Online – Accounts and Classes Setup, Transactions

QuickBooks Online – Accounts and Classes Setup, Transactions and Reports PNQ Project

QuickBooks Online – Accounts and Classes Setup, Transactions and Reports PNQ Project Thank you! Thank you for logging into your QuickBooks Online license. Thank you for changing the “Bill To”. Our goal: Let’s get your QBO accounts setup correctly. Things to accomplish today Learn about QuickBooks licensing limits Learn about QuickBooks and Qvinci Learn about QuickBooks Classes Classes in account setup Bank accounts This video and presentation will be posted on All other accounts diolc.org/temporalities under the heading Classes in Transactions PNQ Accounting Project Classes in Reports They will be titled QBO – Accounts and Classes, March 19,2021

QuickBooks Online – Accounts and Classes Setup, Transactions and Reports PNQ Project QuickBooks licensing limits 14/mo 150/mo

QuickBooks Online – Accounts and Classes Setup, Transactions and Reports PNQ Project QuickBooks and Qvinci Qvinci is a reporting tool Assemble data across all QBO parishes Monitor and manage standard account and class usage Aggregate QBO parish data to combine with ParishSOFT parish data Important Notice! The pricing quoted for Qvinci, 5/month, was wrong. Actual pricing will be 16.95/month plus 1/Class used.

QuickBooks Online – Accounts and Classes Setup, Transactions and Reports QuickBooks licensing limits PNQ Project Chart of accounts: Maximum of 250 accounts. QuickBooks adds Default Accounts that can’t be deleted The following default accounts are created automatically. You can’t delete them or use them for any other purpose. Undeposited Funds: This holds funds from payments to your company until you deposit them to your bank account. You can’t delete this account as it’s required to properly record payments before they are deposited. Note: If for any reason you’ve created your own Undeposited Funds with an incorrect detail type, QuickBooks Online will not autogenerate the undeposited funds. Opening Balance Equity: This is the default account for adjustments. You can only edit the name of this account, if necessary. Retained Earnings: This account is for reporting retained earnings on the Balance Sheet report. You can change the name of the Retained Earnings account if, for example, you are a non-profit that prefers to use another name for retained earnings. But in all other cases, the name shouldn’t be changed. Inventory/Stock Assets and Cost of Goods Sold/Cost of Sales: If you try to edit or delete these accounts, any edits to Products/Services will recreate them. Reconcile/Reconciliation Discrepancies: This is used to report when your transactions in QuickBooks Online don't match the transactions reported on your bank statement. Unapplied Cash Payment Income: This is used to report cash basis income from customer payments that were received but not applied to a sales form. Sales of Product Income: This is used to track sales for inventory items and can't be deleted. This account only

QuickBooks Online – Accounts and Classes Setup, Transactions and Reports PNQ Project QuickBooks licensing limits Chart of accounts: Maximum of 250 accounts. QuickBooks adds Default Accounts that can’t be deleted Number and Rename as DIOLC accounts QBO default account name Undeposited Funds Opening Balance Equity Retained Earnings Inventory/Stock Assets and Cost of Goods Sold/Cost of Sales Reconcile/Reconciliation Discrepancies Unapplied Cash Payment Income: Sales of Product Income: (Sales tax agency name) Payable Number and Rename to 3010 Opening Balance Equity 3040 Fund Balance - Parish

QuickBooks Online – Accounts and Classes Setup, Transactions and Reports QuickBooks licensing limits PNQ Project Chart of accounts: Maximum of 250 accounts. Most parishes use less than 100 default accounts from QBO approx. 16 accounts. DIOLC pre-loaded accounts 138 154, approx 100 remaining available Pre-loaded accounts Not loaded accounts Basic General Ledger accounts Less commonly used Subaccounts Commonly used Subaccounts Administrative or Parish accounts Departmental or Program accounts School accounts Hot Lunch Day Care Cemetery accounts Most Endowment accounts Catholic Education accounts Youth Ministry accounts Administrative and Parish Headers Departmental and Program Header accounts We pre-loaded 13 QBO Classes to handle these

QuickBooks Online – Accounts and Classes Setup, Transactions and Reports How Class allocations will affect Annual Report PNQ Project

QuickBooks Online – Accounts and Classes Setup, Transactions and Reports Each Cemetery Class enables a separate Cemetery report PNQ Project

QuickBooks Online – Accounts and Classes Setup, Transactions and Reports Each Endowment Class enables a separate Endowment report PNQ Project

QuickBooks Online – Accounts and Classes Setup, Transactions and Reports PNQ Project How to use Accounts and Classes together: Expense is allocated to 2 separate Departments, Catholic Ed and Admin using Class. Notice that we did not need to add a separate account for 56203 Utilities Expense, Catholic Ed Class 030 records expense portion to Column C, Evangelization Class 000 records expense portion to Column A, Admin

QuickBooks Online – Accounts and Classes Setup, Transactions and Reports PNQ Project How to use Bank Accounts and Classes together: Applies to each School, Cemetery and Endowment Need a distinct account for each reconciliation Does not apply to Catholic Ed, Sacred Worship, or Youth Ministry The key is to be consistent Asset – 201 Cemetery1 Liability - 201 Cemetery1 Income – 202 Cemetery2 Income - 201 Cemetery1 Expense - 201 Cemetery1

Filter by Class is available for Balance Sheet , or Profit and Loss Report Statements

QuickBooks Online – Accounts and Classes Setup, Transactions and Reports PNQ Project Things we set out to accomplish today Learn about QuickBooks licensing limits Learn about QuickBooks and Qvinci Learn about QuickBooks Classes Classes in account setup Bank accounts All other accounts Classes in Transactions Classes in Reports Nick Lichter (608) 791-2681 [email protected] Thank you! This video and presentation will be posted on diolc.org/temporalities under the heading PNQ Accounting Project They will be titled QBO – Accounts and Classes, March 19,2021