Welcome everyone to QuickBooks for New 
Nonprofit Users. Thanks so much for joining us 
today. My name is Becky Wiegand and I will be 
your host for today’s webinar.
Before we get started I want to make sure 
everyone is comfortable using ReadyTalk.  
You can join us by chatting with us at any time 
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and tell us where you are joining from today.
We will keep all lines muted so that we get a 
nice clear recording that you can refer to 
and share with your friends and colleagues after, 
or watch again if there is anything you miss.
Today’s webinar is a 90 minute event, so if you 
aren’t able to stay with us the whole time, 
don’t worry you will get a recording later of the 
full event that you can share and rewatch 
at your convenience. If at any time you lose your 
Internet connection go ahead and rejoin 
using the confirmation email sent to you earlier 
today or when you registered. 
If you lose your phone connection you can redial 
though most of you are listening today 
hearing the audio or your desktop. If for some 
reason you are hearing and echo, 
you may be logged in more than once and need 
to close one instance of ReadyTalk. 
You can always reach out to us through the chat 
with any issues or contact ReadyTalk support 
at 800-843-9166. We do record these webinars 
and it will become available 
as a full archive page on our 
TechSoup.org/community/events-webinars page. 
That’s also where you can find our list of 
upcoming events and webinars. 
We will be posting this to our YouTube channel, 
and you can also find the slides 
on our Slide Share later on. So you will get an 
email from us following up 
with all of this great information that we share 
today within the next few days. 
And you can Tweet with us today at TechSoup 
or using the hashtag #tswebinars.
My name is Becky Wiegand again, and I am the 
Webinar Program Manager here at TechSoup. 
I’m really happy to be your host for today’s 
event, especially because it is 
with a dear good friend of mine, Gregg S. 
Bossen, CPA, who is the founder and CEO 
of QuickBooks Made Easy. And we are thrilled 
to have him on because he really is 
an Advanced Certified QuickBooks Pro Advisor 
with a full-service accounting firm 
located in Atlanta Georgia. But he is also as I 
mentioned, the founder and CEO 
of QuickBooks Made Easy which is a donor 
partner of TechSoup. And since 2000 
Gregg has been teaching live QuickBooks 
seminars around the country 
specifically designed for nonprofits. And he is a 
national expert on the program 
so we are really thrilled to have his expertise 
once again on the line with us.
On the backend you will see a variety of people. 
But the one I want to point out 
most importantly is Karine Woodman who is 
with 24hourbookkeeper.com. 
She is also a CPA and will be joining us to help 
answer many questions on the back end 
throughout the full duration of the webinar. So we 
are really happy to have her joining is. 
You’ll also see David Webb who is the 
Operations Manager of QuickBooks Made Easy. 
And he will be on hand to answer any questions 
about QuickBooks Made Easy programs 
and any questions about QuickBooks that he 
can handle. And then you will see a few of us 
from TechSoup, Allyson Bliss, Kevin Lo, and 
Susan Hope-Bard in addition to myself 
who can help with any of your questions about 
TechSoup and our programs.
Looking at the objectives for today, we’ll do a 
quick orientation of what QuickBooks Premier 
looks like, what it is. We will be focused on the 
desktop installed product today. 
So if you are using QuickBooks Online, we 
would love to share a link with the webinar 
we did on that product a few months ago with 
you. That’s the best place to look 
because the programs do look differently. But 
then we will go into Gregg sharing directly 
on his screen how to set up your company, 
entering your opening balances, 
setting up accounts, setting up programs, basic 
budgeting. And then we’ll talk about 
the available donations of QuickBooks that are 
out there through TechSoup 
and the training programs through QuickBooks 
Made Easy that are available. 
We will hopefully have a half an hour to get to 
your questions today at the end. 
So the first 60 minutes of this webinar will be 
covering one through 7 and then number 8 
answering questions. We’ll do a little bit of that 
throughout but we will have a big chunk 
toward the end. So we hope you can stay with 
us for the full 90 minutes.
Just quickly about TechSoup. We are a nonprofit 
that’s building a dynamic bridge 
to civil society organizations and social change 
agents around the world where we are helping 
provide technology to every country on this map 
that’s blue, which is nearly all of them. 
You’ll notice just a couple that are still gray. But 
we are everywhere around the world 
delivering donation programs like Intuit’s 
donation program here in the US to nonprofits, 
social do-gooders, and libraries worldwide.
You can choose your country 
if you are not joining us from the US by going 
through TechSoup.Global. If you are in the US, 
TechSoup.org is your destination for technology 
donations, resources, how tos, and community. 
You can look at our impact here. I won’t go 
through all of them. But we have, 
since our inception, donated more than $5.2 
billion in technology products and grants 
to the NGO sector through our many donor 
partners like Microsoft, Intuit, Symantec, 
and Adobe. I’m just going to mention quickly the 
Intuit Donation Program which I will get to later 
on in the program. But for those who can’t stick 
around, these are the products 
that are available. We have a couple that are out 
of stock right now. QuickBooks Online 
is actually out of stock at the moment. But if 
you need one user QuickBooks Premier 
donation, 3 user, or for Mac, those are available. 
We also have some QuickBooks Made Easy 
resources either available or that will be available 
very soon.
So with that I want to go ahead and have Gregg 
come on the line to introduce us, 
talk a little bit about his experience and tell us 
what he does. Welcome to the program Gregg. 
We are so glad to have you joining is.
Gregg: Cool. Thank you so much Becky. I really 
do appreciate all of your kind words. 
And hello to everybody. And I like to talk, but I 
also like to see what everybody else’s saying. 
This is not your normal webinar. I want you guys 
to chat a lot. 
A guy named Michael by the way, Michael has 
chatted that he has no clue about QuickBooks 
and wants to know if we still want him to 
participate. So David is going to be helping me 
on the line. David, do you think we should still 
have Michael participate? 
Do you think he is the only one that is clueless?
David? David? 
Well, this isn't a very good start. David’s not 
here.
David: I was muted. I was muted boss.
Gregg: You need to unmute yourself.
David: I’m pretty sure that it will be applicable to 
everybody.
Gregg: Yes. There’s a lot of people. Good, there 
are our other clueless people too; 
Kim, Phyllis, Dana. They are all clueless. 
Wendy, I saw you were clueless before. 
All right, – Oh, clueless in Chicago. 
So anyway, so about me. 
Don’t worry we are going to start from the very, 
very beginning. But even though 
you may be have been using QuickBooks for a 
while you are still going to learn 
and you are always going to have a good time.
So I am an advanced QuickBooks Pro Advisor. 
I specialize in teaching nonprofits how to use 
QuickBooks, to track pledges, donations, 
and stuff like that. And we really kind of have 3 
ways that we train people. 
And these are the 3 ways. The first way is that 
we have training products that we sell. 
And they are DVDs with follow along 
handbooks. They are DVDs 
with follow along handbooks. Then we also do 
tech support. And what that is 
is you can sign up for a tech support agreement 
and you can ask me questions for a solid year. 
We are going to give a very big discount just for 
those of you. But let’s see whether or not 
I am any good before you decide you want the 
tech support, right. And then also we do live 
seminars across the country. And in the next 
slide here. Let me just move to the next slide. 
I’m going to try to go little slow because I know 
some of you have a delay in terms  
of how your screen moves which is always 
based on your Internet connection, by the way, 
how fast your Internet is. But these are some of 
the upcoming cities that we have to go through 
this year. We’ve already booked a bunch of 
them in June. 
Boy this is going to be a busy month. David! But 
anyway, he books the seminars. 
And we are going to Alaska this year which I’m 
really excited about. So if you are interested 
in these seminars, you can click on this link up 
here or go to this website 
and we’ll probably pop it up at some point.
I told you that we are going to give you 
a discount on technical support. And it’s only 
going to be $99, but it is only going to be $99 
for you guys that are listening to this seminar. 
We’ll talk more about that later. 
But let’s see whether or not I am any good.
All right, so let’s do a little poll 
just so I get an idea of how new – Gilda, I’m not 
sure where North Carolina it will be held yet. 
David probably knows. – How new are you to 
QuickBooks? So I need you guys to answer 
and I want every single person to answer this. 
“This is the first time I’m seeing it. 
I saw it but closed it. I got scared. I know 
QuickBooks but not for nonprofits” 
which is doing QuickBooks for nonprofits is very 
different than for other businesses. 
And that's one of the reasons why this seminar 
is so valuable. We’ve got around 600 people 
on the call so far and growing. So go ahead, 
everybody answers so I know you are there. 
“I know QuickBooks probably better than” Gregg 
does is what that means. 
And “wait, this isn’t a tap dancing class,” which I 
have 15 people that answered that. 
That’s pretty good. I’ll let this go for a little 
longer. You guys answer real quick here. 
Just got a little more people to go and then we’ll 
go ahead and we’ll show the results here 
so you can see the level of experience here. And 
people are still answering. 
That’s very interesting. By the way, we are going 
to be teaching the desktop version 
of QuickBooks. There is the desktop version 
which is what you download 
and have on your computer’s hard drive. And 
then there is the Online Edition. 
The Online Edition is a very different animal. And 
as Becky said, I did a webinar on that. 
There is a link to that if you are interested in 
learning about that. 
But this is kind of all about the desktop. So I’m 
going to go ahead and skip to the results here, 
and we’ll see what we’ve got. So between the 
first 2 we’ve got almost half, well it looks like half 
of the people – every time I see polls like this, 
poll results, I think of the presidential election. 
I know I shouldn’t say anything about that. – But 
anyway, so half of you guys are brand-new to it, 
and then another 40% know QuickBooks but 
don’t know how nonprofits work. 
So this will be very interesting for you guys 
particularly when we get to the set up. 
3% think they know it better than I, and then 
there are 5%, 28 people that thought 
this was a tap dancing class. I think that’s 
awesome.
I’m going to pop up here, so this is one more 
little thing we need to cover 
just to make sure you understand what 
QuickBooks is and what it is not. 
It is a financial software package which means 
you can do your accounting with it. 
You can generate financial statements with it for 
the board, compared to a budget, stuff like that, 
track your bank accounts. You can track 
invoices and accounts receivable. 
You can track expenses. It will do payroll and it 
will process your credit card information as well. 
It will do credit card processing. Those are add-
ons though. And in case you are wondering, 
can you use it as a donor database? Yes, you 
can, and we will be talking a little more 
about that, not in this webinar but in next week’s 
webinar that I’m doing with TechSoup 
which is a little more advanced. So that’s kind of 
what it is.
And again, I’m just going to pop up this one 
more time so you can see what it is 
that we are going to be covering. So I am going 
to start with a little just orientation 
which I think we’ve kind of already done. 
What I’m going to do next is we are going 
to set up, we are going to look at setting up a 
company. But before we do that actually, 
I’m going to show you how to get around in the 
program. That’s what this QuickBooks Premiere 
orientation is, kind of how you get around in the 
program. When people see it they get scared. 
So after that we are going to look at how to set 
up a company from scratch. 
I know a lot of you may be have already 
attempted it. We are going to do it from scratch 
because a lot of you probably haven’t. And part 
of setting up your company 
is entering the opening balances and we will talk 
about what that means. So these first 3 steps 
here are going to take about 30 minutes. 
Then after we do that then we are going 
to get into what your account should look like, 
what your program should look like, 
and what and how you enter a budget. And this 
should take about 30 minutes also. 
This is where those of you that have been using 
QuickBooks but don’t really know 
about nonprofits using QuickBooks, you are 
getting to some real good information here.
And that’s basically I’m hoping it’ll take an hour. 
And then after that 
we’ll have another 30 minutes or perhaps 
another 20 minutes to do questions. 
I will stay on the line a few minutes late if you 
want me to and we will do questions 
as we go also. So that’s kind of how are going 
to run.
And let’s see, so having said that, I’m going to –
Becky: Sorry to interrupt you. But before we dive 
into your screen sharing, 
we’ve had a lot of people asking about if they 
use QuickBooks Online 
should they stick around? I know you mentioned 
that we will be focused on QuickBooks Premiere 
which is the desktop installed version. We did 
do a webinar on QuickBooks Online 
a few months ago that I know we chatted out 
once and will make sure to include that
in the archives too. Do you think it’s worthwhile 
for people to stick around and watch 
even if they are planning to use that, because I 
know that looks different? 	
Gregg: I do, I do think that they should stick 
around if they are going to be using 
the Online Edition, and as a matter of fact, I 
have it pulled up just for those people. 
So don’t worry I’m not going to forget about you. 
I will flop over to the Online Edition. 
Because basically, setting things up the rules 
are the same, it is just where you go 
to get to the screen is a little different. But the 
techniques, the concept that you are going 
to learn here are going to be the same. So don’t 
go anywhere, stay where you are.
Becky: Great. That’s great to hear. And keep in 
mind that we have 600 and some people 
on the line, so if you have very particular 
questions about your instance of QuickBooks 
we may not be able to get to all of those. We 
have a lot of people on the back end 
trying to answer questions but we may not get 
to everything in these 90 minutes 
but we will do our best. Go forth and share.
Gregg: All right. Now the other thing, I’m okay 
with being interrupted. 
Becky and David too, I want you guys to feel 
like you have a good experience, 
and I don’t want to be talking so fast and moving 
so fast that your screen is taking time 
to catch up and I’m talking about something 
that’s happened after your screen 
is dragging behind because of Internet. So I’m 
going to try to move my mouse kind of slow, 
trying to be cognizant of that. If anybody says 
you are too fast this is freaking me out! 
Please chat David, say that this is all for you 
and you are not having a good seminar 
experience. He will tell me and I will make sure 
to slowdown.
So the first thing that I want to do is I want to 
show you how to get around in the screens. 
And I’m going to show you how to do it in the 
desktop, and then I will pop up 
the Online Edition and I will show you how to do 
it in the Online Edition. 
The desktop edition looks very different than the 
Online Edition though. 
Let me go ahead and just pop up the Online 
Edition here real quick. 
Here is what the Online Edition looks like for 
those of you who have Online, 
and then the majority of us have the desktop. So 
they look extremely different.
So let me show you how to get around in here. 
The very first thing that I like to teach 
is I just want to show you what the screen you 
are looking at, what’s all on here 
because it is scary to people that are brand-
new. This very top bar here 
is called the Title Bar. And it’s telling us 2 
things. The first thing it is telling us 
is what company file we are in. The company 
that we are going to be using both today 
and for next week’s webinar is called Synergy 
Now. And Synergy Now is a nonprofit 
organization and the title of it is here. 
The reason why it is here is 
because I don’t know if you know this but once 
you get QuickBooks, 
if you have the desktop version you can run 
more than one company. 
You can have 5 companies. You can have 10 
companies. You can have 100 companies. 
As many as you have it’s no extra money. 
How many people run more than one 
organization out of QuickBooks? Chat David up 
and let him know. I just want to see. 
I know there are. So if you do run more than one 
organization, this is going to tell you 
which company file you are in so that you don’t 
end up writing a check 
out of the wrong company. Now the thing is and 
let me just explain this to you 
because this confuses people. When you click 
on the QuickBooks icon to open up QuickBooks 
on your computer, it is going to open up 
QuickBooks but it is also going to open up 
the last data file you were in in. And that is why 
most of you just open up QuickBooks 
and you have your company there. There are a 
few people on the line, I’m sure there are, 
that have more than one organization. What it 
does for them is it opens up QuickBooks 
and it opens up the last company file they were 
in. And if that is not the company file they want, 
they go all the way over to this File button here 
and they click File, and they either click Open 
or they click Open Previous. 
I am going to click Open or Restore 
because it makes it easier to understand. And 
then what happens is it’s opening up, 
it says, “Okay, do you want to open up a 
different company file?” 
I’ll click Next and it takes you into Microsoft 
Windows. And then when you are in Windows, 
look at all the different company files I’m in. I 
could click this one. Or I could click this one. 
But the one I want to open is this one and this is 
what it is like for people 
that have more than one company.
So the other thing that the very top bar 
is telling you is it’s telling you what version of 
QuickBooks that you are in. 
Every year QuickBooks comes out with a new 
version. I am using version 2016. 
For all of you people that are saying should I 
upgrade to the newest version, 
the program only gets better. It doesn’t get 
worse. But if money is an issue for you 
and you can't afford it at all, its pretty 
inexpensive on TechSoup, 
you can use an older version. And this seminar, 
this webinar’s going to work regardless 
of what version you have. So I am using 2016 
the nonprofit edition. 
And that is the desktop version that I am talking 
about. So that is called the Title Bar.
The other 3 things that you see on the screen 
are simply ways of getting around 
in the program. This is called the Home Page 
and it is a giant chart. 
It shows you how to get around. It basically 
gives you little pictures. 
These pictures are called icons in the computer 
world. See, I keep it really basic. 
And it is the major things you want to do. That’s 
the Home Page.
The 2nd way of getting around is this bar on the 
left. And this is called the Tool Bar, 
or the Navigation Bar. And it gives you short cuts 
to major things that you want to do.
And then the last thing is this thin little bar up 
here. What is this thin little bar called? 
Somebody tell me. Chat David up. Like I said 
you guys got to listen. I’m going to test you. 
What is this little thing called? Does anybody 
know David?
David: Not yet. 
Gregg: Really?
David: Brian said, “Menu.”
Gregg: Thank you, Brian. Yes, this is called the 
Menu Bar. Now the Menu Bar 
is also going to give you the things that 
QuickBooks does but it is going to give you 
every single little thing. Whereas the other 2, 
this Tool Bar and this Home Page here, 
just give you the major stuff. 
So let me just show you if I click Write Checks, 
it opens up a picture of a check. And look at 
this. This is check number 1001. 
Don’t forget that check number, check number 
1001. If I go to this tool bar and I can scroll down 
to get to where different things are, here is 
Check. And if I click it, it opens up 
the same check number, check 1001, just 
different ways of getting to the same place 
in the program. The 3rd way of getting around is 
the menu. And the Menu Bar 
has every single thing that QuickBooks does. 
So I’d recommend 
once you are used to QuickBooks for a while, 
then start using the menu bar. 
Everything is organized by area. But if you want 
to write a check you go to the banking menu 
here. You click it, and then write checks and it 
will open up the same number, check 1001. 
Pretty cool huh? So that’s the 3 ways of getting 
around in the desktop version. 
I’m going to tell you one more little thing. I’m 
going to give you an extra. 
This is going to be exciting for those people that 
have been using QuickBooks for a while. 
Do you see this big fat bar over here that I said 
was called the Navigation Bar or the Tool Bar? 
This bar in the older versions of QuickBooks 
used to be on the top of your computer screen, 
not on the side. And so they moved it to the side 
about 3 years ago, but if you want, 
click on View. You can move it to the top, Top 
Icon Bar and then it moves it to the top. 
The reason why people like this is because this 
is what it used to look like years ago. 
It’s all very pretty and exciting. So if you are 
liking this, you can have it on the top. 
If you don’t like it, you can have it on the side. 
Either way.
Now just for those of you that use the Online 
Edition and I won’t spend too much time on this 
but I don’t want you to feel left out. In the Online 
Edition the vast majority of the screen 
is what I like to call irrelevant. These are like big 
pictures, and no you can’t change them. 
And if you don’t do invoicing this ends up not 
relevant for you. 
So really the 2 main places that people go to do 
get around in the Online Edition, 
one of them is this + here. If you want to add, 
and I’m doing air quotes, 
a transaction you go to the +, tiny little place on 
the screen but yet that’s where everything is. 
This is where you enter a check. This is where 
you enter a bill. 
Here’s where you make a deposit. For those of 
you that are so inclined, 
here is where you do a journal entry. So this is 
where you do all your transactions.
I’m going to go ahead and click it back.
The other main place that people go 
is this teeny tiny little gear here. When you click 
this gear this is where you go to set things up. 
In a little bit we are going to show how to set up 
the chart of accounts list. 
This is where you get to it in the Online Edition.
So everybody with the Online, 
you will be going here and you will be going here 
and that is basically the 2 main places 
that you’ll be going. So let me go back to the 
desktop and I’m done with kind of showing you 
how to get around. So I’m going to stop. I’m 
going to take a couple of questions. 
This is nice easy breezy and then we will be 
getting into how to set up a file. 
So David, talk to me. What have we got?
David: Deborah says, “I am the new treasurer for 
a church and I am trying to set up a QB 
for business meetings. We have 5 accounts that 
have designated money. 
Should I set each of them up as a separate 
bank or use class for each one? 
I know nothing about classes.”
Gregg: Yeah, so she’s ahead of the game. She 
is asking a fairly advanced question. 
So those of you that don’t understand her, just 
don’t worry about it. 
But in answer to your question, if you want to 
track funds this is something I cover 
in one of my training products. You are going to 
use classes. 
Do not set up separate bank accounts. It 
becomes a nightmare. Next question.
David: Can you use an older version to open up 
a newer company file?
Gregg: No, okay so when you get a new version 
of QuickBooks when you try 
and open up the old data file – and I should say 
this for those of you that don’t understand that. 
If you understand Microsoft Word, Microsoft 
Word is a program. And then your data file 
is like a document. That is why I am saying that 
in the desktop you can have more 
than one document just like in Word.
So if you upgrade to a new version 
and you open up an older data file, it will convert 
it so it can be read in the new version. 
It’s like getting a new version of Word and 
opening up an old letter. 
There is no re-setting up. It just moves 
everything over. But it doesn’t go backwards. 
It’s not like you can have an older version and 
then somebody send you a data file 
in a new version and you can look at it in the old 
version. Why do you suppose 
they won’t let you do that? Can anybody guess 
why they won’t let you open up a data file 
that is in 2016 in an older version of 
QuickBooks? Does anybody know? 
You can be honest, go ahead. Why would they 
not let that happen?
David: Money.
Gregg: Money. Because it forces you to 
upgrade, right? We like to be honest here. 
But thanks to TechSoup it’s really cheap. I’m 
doing one more question 
and then I’m moving on.
David: Okay. There’s a lot, sorry.
Gregg: That’s okay.
David: I don’t understand classes at all. Will you 
be covering this?
Gregg: Yes, I will be covering classes today. 
Don’t worry about that.
All right, and keep in mind, we’ve got a nice 
chunk of time at the end and I will even stay late 
to answer questions if you need to. So don’t 
worry if your question didn’t get answered live. 
They are also chatting in the background. Karine 
is helping us out with that as well 
as I think a couple of other people.
So let’s talk about how to set up a company file. 
So that’s the next topic. So what I am speaking 
to is I’m speaking to those of you that have not, 
maybe you bought QuickBooks, maybe you 
haven’t, but you haven’t started using it 
in your organization yet. So I’m not talking to 
those of you where it is already set up. 
I am talking to you that need to set it up. But 
listen anyway because you might realize 
your books are so screwed up you’ve got to set 
something up over again. 
So let me show you how to set it up.
When you get QuickBooks desktop 
and you load it onto your machine, it is going to 
give you some sample files. 
And I would suggest that you play around in 
those sample files. 
When you are ready to set up your company, 
there is a button that you push on to set up 
your organization in QuickBooks. And this is the 
button right here, Create a New Company File. 
So notice, I’m in a sample file. So you get into a 
sample file and 
then you click Create New Company File. So 
I’m going to go ahead and click it. 
And do you want to start a new file for your 
company? And I click Yes. 
How does everybody think I am doing with the 
movement of the mouse? 
Am I going to slow, too fast, or just right? Y’all 
tell David.
All right, so you look up at the screen here. 
They are going to make this real easy. 
Now I’m going to tell you the easiest way is to 
just click the Start Set up. 
Now you can if you choose to, convert a 
Quicken file into a QuickBooks file, 
and there’s also features that will allow you to 
convert certain other files 
that are in other accounting packages. The main 
one I’m thinking of is Sage or Peachtree. 
You’ll also notice an Advanced Set up down 
here. This is if you aren’t converting, 
you just want to go with the advanced set up. I 
don’t want you to do that. 
I want you to pick this little button here. This is 
an easy set up. 
So I’m going to click Start Set up. David, how 
am I doing on the mouse? What did they say?
David: You are doing good.
Gregg: All right, everybody happy. I’m really 
surprised.
So now I’m going to set up my file. So I put new 
– wait, no, I think I called it “My Nonprofit.” 
Pretty exciting. Let’s see. There we go.
Now here comes my first little tip for you. Over 
here where it says Industry, 
you are going to be tempted to type whatever it 
is that you do. I’m a dance company. 
So you put “dance company.” And when you 
click the tab button to go to the next field 
it’s going to say, “Eh. That’s an invalid industry. 
Please enter another.” 
So instead of tearing your hair out, just click 
Help Me Choose. 
There is a finite number of industries out there. 
You pick the one that most closely relates 
to you. And I am going to tell you right now 
every single person listening on this call 
is going to either pick Nonprofit, or if you happen 
to be a church, 
then you are going to click Church or Religious 
Organization. I’m going to pick Nonprofit. 
Now, the reason why the industry is relevant is it 
is going to give you a set of income 
and expense accounts based on the industry 
that you are in. These accounts 
will not be perfect for you. As a matter of fact, I 
don’t even agree with what QuickBooks says 
should be your nonprofit accounts. So you can 
change them. You can delete them. 
You can add to them. But at least you won’t 
start with zero. And listen carefully, 
if you already set up your company and you 
picked another industry, not to worry. 
You can change the accounts anyway. It’s not 
relevant, so you don’t have to re-do it. 
But if you are just starting, pick Nonprofit. I’m 
going to click OK.
Then it wants to know the business type. I click 
the drop-down list. You will be very tempted 
to pick Nonprofit. Don’t do that. The only benefit 
of picking that is if you are going to do 
your own 990 tax return and you are going to do 
it with the software that is for accountants 
that you have purchased from Intuit. Then it 
allows you to map the accounts in QuickBooks 
to the lines on the 990 tax return provided that 
you do it on a software that you have purchased 
from Intuit like Lacerte for example. So no, you 
don’t want to pick that. 
Pick Other or None because the nonprofit thing 
is irrelevant. So if you did pick nonprofit, 
or if you picked nonprofit then it’s not a big deal. 
I’m just trying to help those of you 
that are just starting. You put your Federal 
identification number here. 
Then you just put basic information. I’m not even 
going to fill that out. 
Then I click Create Company. And it’s that easy. 
So that is the first step 
in creating the company file. So it is creating a 
file just like it is creating a Word document. 
If you were in Word you’ve got this new 
document. And by the way, 
there is no such thing as oh, I better save. Every 
time you do something in QuickBooks 
and click Record, it saves. You save as you go. 
So we are all set.
Then you will get this little thing that pops up 
that says “hey, do you want to set up 
to get paid faster?” That is the merchant service 
that we were talking about that is an add-on. 
Here’s another add on, Payroll. You can do 
payroll through QuickBooks. 
And you can also print your checks right out of 
QuickBooks. You don’t have to order the checks 
from QuickBooks but if you want to you can 
click it here. So all of these are basically 
an advertisement. So then I’m going to click 
Start Working and blow that off.
So if you look up at the top of the screen, do 
you see where it says My Nonprofit? 
That is because I am in a different company 
now. It is a company called My Nonprofit. 
So that is basically how you set it up. 
The next step in the process 
is what your accounts should be. So I’m going 
to stop for a second, let everybody chill. 
Ask me a couple questions and then we will 
move on. What have we got David? 
Does anybody have a question about what we’ve 
covered so far?
David: So if they pick the wrong business type 
at the start of their file can they –
Gregg: It’s irrelevant. If you picked the wrong 
business type when you started your file 
it is irrelevant. Again, the only reason for the 
business type, the industry I mean, 
is for the chart of accounts list. Now if they 
picked Nonprofit as their type 
and they want to change that, you go over to 
Company.
Actually I’m going to show you why you don’t 
want to pick nonprofit. 
I’m going to go down to My Company. And this 
gives you the information 
that you set up initially. See how I have income 
tax form, Other or None? 
I’m going to click this arrow here. Actually this is 
a pencil tip. I’m going to click it. 
And here is where you can change, let’s see, 
Legal Information, no, Company, where is it? 
Here it is, Income Tax Form Used. It’s under 
Reports. Look what happens if I pick 990. 
That is what it would choose if you had selected 
nonprofit in that previous screen.
Let me go to my chart of accounts list. This is 
only going to be relevant for you 
that already know a little bit about QuickBooks, 
but a lot of you do. 
When you go to set up an account you’ll get 
this line that says “Tax Line Mapping.” 
These are the lines that are on the 990. But 
again, this is only relevant 
if you are going to be doing your own 990. And 
you are, I think you are probably crazy. 
And if you are using a product that Intuit offers 
that this ports to. So most people 
don’t know what to put here and it just ends up 
being a field that it is just kind of annoying.
So I’m going to go ahead and cancel out of this 
and go ahead and go over to My Company 
again. I’m going to click on the little pencil tip. 
And I’m going to go to Report Information. 
This is what I am suggesting that you do if 
you’ve got it set up this way. 
And I’m going to go and click Other, None. Now 
when I do that, then I click OK. 
Now when I go to the chart of accounts list, I’ll 
go up to List, Chart of Accounts. 
You’ll get used to where things are as you get to 
know the program. 
I’m going to edit one of the accounts. And you’ll 
see it’s now gone, that little thing. 
So that’s it for that. All right, we’ll take one more 
question and then I’m going to talk to you, 
I’ll do a little lesson in accounting here. What’s 
your, go ahead with the next question?
David: Can you repeat how you change the 
icons from the side menu?
Gregg: Oh yeah, yeah, yeah. So the icons are 
on the side here. If I want to move it to the top, 
I click on View, and Top. And now it’s on the top. 
And then I’ll click on View, 
and then I’ll put it on the side. And give me the 
first names when you do the questions 
so I know who I’m talking to.
All right, so let’s do a little lesson in accounting. 
So those of you, are there any CPAs here, by 
the way? Go ahead and chat CPA 
if you are a CPA. I’m just kind of curious. Who 
is a CPA here? 
David: We have one. We have quite a few CPAs. 
Gregg: Really? So I’m going to give a little quick 
lesson in accounting. 
It’s something that I need to do in order for you 
guys to understand how your chart of accounts 
should be set up. So those of you that are 
CPAs or bookkeepers, and you understand this, 
tell me how you think I did. Here’s accounting 
101 in 5 minutes. Are you ready?
So, I’m going to go ahead and click on Reports. 
The whole purpose of accounting 
is to create 2 reports. What are those 2 reports? 
Somebody chat me up and tell me. 
What are those 2 reports? Does anybody know? 
The whole purpose of accounting. 
David: ISBS.
Gregg: ISBS, oh yeah, income statement and 
balance sheet. There is a fancy person. 
Yes, QuickBooks called income statement the 
profit and loss. It’s the same thing 
as the income statement. I’m going to pop it up. 
And oh actually, I need to change 
to a different data file. Let me do this real quick. 
And what was the other one?
David: We have APAR balance sheet.
Gregg: Balance Sheet. Not APAR. There is 
really only 2 main reports 
when it comes to all of accounting, and those 
reports are the profit and loss 
and the balance sheet. So I’m going to go over 
to Reports and I’m going to click Company 
and Financial, and I’m going to click Profit and 
Loss. Here is where the profit and loss is. 
That is the thing you usually give to the board 
compared to a budget. 
And then the other one is the balance sheet. I’m 
going to go back over to Company 
and Financial, and I’m going to click the 
Balance Sheet right there. 
So the whole purpose of accounting – let me 
just go ahead and make this a little bit easier 
for you to see. The whole purpose of accounting 
is to create these 2 reports. 
All accounting is, is the process of creating 
these 2 reports. So let me define these to you.
The balance sheet is like a snapshot of your 
organization at a point in time. It’s like a picture. 
And this picture was taken on June 30, 2020. 
Today’s date is June 30, 2020. 
I’m just telling you that is what it is. So on that 
date the balance sheets 
gives you an accurate picture, a frozen snapshot 
of what your organization looks like. 
It has a top half and a bottom half. The top half 
is all the assets, $104,000. 
And the bottom half if you’ll notice, also is 
$104,000. In other words, 
the bottom and the top half balance or equal, 
that is why it’s called the balance sheet, 
because they balance, or equal.
So the top half is made up of all the stuff 
that you have of value in your business on the 
date the picture was taken. 
So in this example we had $51,000 in the bank. 
That’s an asset. It’s something of value 
that we have. It’s stuck at the top of the balance 
sheet. Receivables, prepaids, 
here’s some furniture and equipment, all of 
these things are things that we have 
in our organization that total $104,869. That’s 
assets and it’s the top half of the balance sheet.
The bottom half of the balance sheet is made up 
of 2 parts. It’s made up of liabilities plus equity. 
Liabilities, that’s everything we owed on the 
same date the picture was taken. 
Liabilities, that’s everything we owed. Assets at 
the top is everything we have. 
Liabilities is everything we owe. We owe some 
bills. We have a credit card. 
We have some payroll taxes. We even have a 
loan that we owe down here for $38,000. 
The total of money we owe is $45,641. So 
liabilities is everything we owe, 
and then the assets we have is $104,000. 
Equity is simply the difference 
between the assets and the liabilities, very easy. 
If the top half of this has to equal 
the bottom half, you know that equity has to be 
the difference between liabilities and assets. 
Assets minus liabilities equal equity. There’s 
other words for equity by the way. 
Does anybody know other terms for equity? 
Does anyone know what nonprofits call equity? 
Chat him up if you know. The CPA should know.
David: Net assets.
Gregg: Net assets. What about if you’ve been 
around for many years? 
What did it used to be called in the nonprofit 
world? Begins with the letter F. 
Anybody guess it?
David: No, no one said it.
Gregg: Fund
David: Fund balance.
Gregg: There you go, fund balance. It used to be 
called fund balance. 
Whoever said that just dated themselves. Now 
it’s called net assets, assets net of liability.
I like to think of equity as kind of what’s left over. 
I have $104,000 of assets. 
If I were going to close my organization. I 
couldn’t keep it all, I’d have to pay off $45,000 
of bills. And then whatever is left over is what – 
and you don’t keep it. 
You give it to another nonprofit if your 
organization closes by the way. 
But anyway, or you steal it and leave the 
country. That’s another option. 
But that’s a completely different seminar. 
So the bottom line is that you want this number 
to be positive. And it is what is left over. So the 
balance sheet is like a snapshot 
at a point in time. Now I’m going to go over to 
the P&L. The P&L is like a movie 
over a period of time. That’s why if you’ll notice, 
it is from a date to a date, 
whereas if you go back over to the balance 
sheet you’ll see the balance sheet 
is at a point in time. P&L is like a movie over a 
period of time. So actually I can change it. 
I’m going to change it from this month to date, 
to this fiscal year. 
So basically, it has a top half and a bottom half 
also. The top half of the P&L 
is just all the money coming in, $235,000. And 
then the bottom half is all the money going out. 
Those are your expenses. At the bottom, 
hopefully you have a positive number. 
Hopefully, you’ve gotten in more than you’ve paid 
out. And you hope it’s a positive number. 
And I like to think of this as what’s left over also. 
You have your revenues all year, your donations, 
your grants, your tuitions, your memberships, 
sponsorship, whatever. 
And then you take away your payroll, and your 
rent, and your other expenses. 
And then hopefully, you are left with a positive 
number. 
Well, that’s the same thing that I said equity 
was, what’s left over. And if you’ll notice, 
I’m going to move my little mouse. Hold on, let 
me get this right here. 
Wow, I’ve got stuff everywhere. Here we go. 
This number is over here on this side too, 
net income, $28,000, $28,000. You see, the real 
secret is there actually
is only one financial statement in all of 
accounting and it is the balance sheet. 
And every single transaction that you enter hits 
this balance sheet, usually once at the top half, 
and once at the bottom half, so the top half and 
the bottom half will still equal. 
It’s just that if it is an income or an expense 
line, then it hits this net income. 
Income goes up if it’s an income, and expense 
makes this net income go down. 
And then it’s kind of broken out into the details 
over on this P&L. 
So this P&L’s like a blowup of the net income. 
So that you can see what happened 
over a period of time. And all accounting is, is 
the process of entering transactions 
so they end up on these 2 reports. The whole 
purpose of accounting is to enter transactions 
so they end up on these reports. Specifically 
what you do is you do this in QuickBooks, 
but you do this in any accounting package. You 
enter a transaction. I’m going to go ahead 
and look at this check. Every single transaction 
ends up on these reports and it ends up there 
by going first through one of the lists in 
QuickBooks. The list that it goes through 
is the chart of accounts list. And we will talk 
about what yours should be in a minute. 
But the chart of accounts list is the backbone of 
your entire accounting system. 
So the way it works is you enter transactions. 
Every transaction you enter 
hits at least 2 accounts in this list. For a check 
it would be whatever the bank account 
you picked here. I’ll pick the checking. I could 
have picked the savings 
but I’ll pick the checking, and then whatever the 
expense account you picked down here is. 
We’ll put office supplies. So see, every 
transaction hits at least 2 accounts. 
Here’s one here is the other. And when you go 
over to your chart of accounts list, 
you will see checking account, here’s the 
checking account right there. 
And if you go down to where office supplies is, if 
you go over here you’ll see it here too. 
You’ve got to scroll down to get to it down were 
all the expenses are, 
but here is office supplies in the O’s.
Now from there I’m going to go ahead 
and get rid of this transaction. The lines on this 
chart, they are the lines 
that make up the 2 financials, and that’s why it’s 
so important that you understand 
how to set up your financial statement, how you 
set up your chart of accounts, 
because it determines what these 2 reports look 
like. Checking, savings, membership receivable, 
where did it come from? Chart of accounts. 
Checking, savings, membership receivable. 
Now these accounts are broken up into different 
types and I will get to the types in a second. 
But I’m just going to tell you right now, every 
single account that is of the equity type 
and above, appears on the balance sheet. And 
every single account that’s below equity, 
appears on the P&L, individual contributions, 
corporate, foundation grants, 
individual contributions, corporate, foundation 
grants. So it is very important 
that you understand how to set your accounts 
up correctly. 
So I’m going to take, I’ll take one or 2 questions, 
and then we are going to launch 
into how to set up your accounts. So let’s go 
ahead and ask a couple questions, 
and then we’ll go for it. So who’s got questions?
David: Mica asked, “What if you have people in 
your organization that are using debit cards?”
Gregg: Oh, well, so basically, the question is 
kind of like, where do I enter debit cards? 
In the desktop you go to Banking, you click 
Write Checks. You go over here 
to where the check number is and you put debit. 
You are not printing anything. 
You are just kind of using this as a way to enter 
a debit card transaction. One more question.
David: What did you click on to get to the chart 
of accounts?
Gregg: Where did I get to the chart of accounts? 
I’m going to go to Lists, 
and I’m going to go to Chart of Accounts right 
there. 
Now I’m also going to go to the Online Edition 
real quick so you guys won’t feel left out. 
I’m going to go to Reports to show you where 
your P&L and balance sheet is. 
And I’m going to go – the reports are kind of 
broken up into different areas here. 
I’m going to go to All Reports, and I’m going to 
go to Business Overview. 
That’s kind of a subcategory. Here’s where your 
P&L is. And here is where 
your balance sheet is. If you want to know 
where to go for chart of accounts, 
you go to the little gear, and Chart of Accounts 
right there. I’ll just go ahead and open it up. 
Now let me go back to the desktop. And then 
what I’m going to do is I’m going to talk 
about how to set up your accounts. 
Now the first thing that you’ve got to understand 
is that if you are brand-new, your accounts won’t 
have any numbers in them. 
So what I’m going to do is I’m going to go back 
to that company that we set up 
because your file won’t have any numbers in it 
yet. So the first thing that you need to do – 
so understand I am only talking now to those of 
you who are starting new with QuickBooks. 
After you set up like I just showed you to do a 
few minutes ago, the next thing you got to do 
is go to your chart of accounts list. I’m going to 
click List and Chart of Accounts. 
What QuickBooks is going to do is it’s going to 
give you a chart of accounts list 
that it thinks you need based on the fact – why 
do I keep doing that? – 
Based on the fact that you are a nonprofit. 
Here’s my chart of accounts list right here. 
One thing I want to explain, when you set up a 
company in QuickBooks, 
it assumes you want to use account numbers. 
Account numbers are away of identifying 
an account with a number in addition to a name. 
So instead of it being office supplies, 
we still call it supplies, but we also have a 
number, 65040. 
You don’t have to use account numbers. They 
are not relevant, so it is not necessary 
to use account numbers. You can if you want, 
but if you don’t want to use account numbers 
you can certainly turn off the feature. And I will 
show you how to do that in a little bit.
So how do you add, or how do you work with 
these accounts? So the first thing you’ll notice 
is it’s going to give you some income and 
expense accounts. It will not give you 
very many balance sheet accounts, your assets 
and your liabilities. So those of you 
that are new to QuickBooks, first you do the 
little set up 
that I showed you a few minutes ago. Then what 
you are going to need to do 
is you’re going to need to put in your balance 
sheet accounts that you have. 
So what you have to do, is there’s 2 things 
you’ve got to do. You’ve got to decide 
when you’re going to start using QuickBooks, I 
mean what date you are going to start 
entering transactions. So here we are on 
February 25. I will tell you 
that the cleanest thing to do is to start using 
QuickBooks as of the beginning 
of your fiscal year, because then you have the 
whole year in the same place. 
Now it’s only February 25. If you’re year ends 
December 31 you’ve only got a couple months 
to enter. But if your year ends June 30, then 
you’ve got 7 months to enter. 
So you’ve got to decide whether or not that 
make sense for you. But in general 
the best time to start is at the beginning of your 
fiscal year. But you need to make a decision 
as to what that date needs to be. I can help you 
with it if you need me to. 
Once you decide that date, say I’m going to 
start 1, 1 of 2016, what you have to do 
is you have to get a balance sheet from your 
accountant or from somebody 
that has the opening balances. So what I’ve 
done is I’ve got one on the screen here. 
So you would actually need to go to somebody 
and say please tell me 
what the opening balances are. So let’s look at 
furniture. That balance is $9870.41. 
And we’ll just pretend that this says December 
31. So December 31 the balance was $9870.41 
for furniture. So you going to QuickBooks, and 
you’ll find the furniture account, 
and you will put in that opening balance. And 
you will do that for each one of the accounts 
on your balance sheet. Now I don’t see one just 
for furniture. I see one that says furniture 
and equipment. So what I’m going to do is I’m 
going to click on it. I’m going to go to the bottom 
l
eft-hand button. And I’m going to click Edit. And 
I’m going to change the name of it to furniture 
so that it matches the name that is in my 
balance sheet. I’ll pop it up 
and just see the number again. Yeah, furniture, 
$9870.41. 
So then what I’m going to do, I’m going to go 
back into QuickBooks, 
you see the thing that says enter opening 
balance? You will only have to do this 
for your balance sheet accounts, not your 
income or expense accounts, 
but you’re balance sheet. I’m going to go ahead 
and click it and I’m going to put in 
my opening balance. And of course, I’ve 
forgotten what it is. So let me look at it again, 
$9870.41, 9870.41. And then you pick the date. 
Now I already said I’m starting 
as of January 1, 2016. There may be 
transactions on that day. 
Whatever day you say you’re going to start 
using QuickBooks, what you are actually doing 
is you are going to want to put the opening 
balance in as of the last second 
as of the last minute of the previous day. So if 
we are starting on January 1, 
we want to put the 31st of December as our 
date, click Okay. 
There’s the balance. Save and Close. 
Now I’m going to run a balance sheet real quick 
just so you can see what this looks like. There 
you go. And it automatically, for those of you 
who are accountants, puts the other side into 
equity so that the balance sheet still balances. 
So you do that for every single account that you 
have until your balance sheet 
looks like this balance sheet. So you will do that 
for each one of your balance sheet accounts. 
And if you have to create a new one, say we 
have a 2nd one here for office equipment 
right there, and if I go in to QuickBooks I don’t 
see one for office equipment. 
So I’ll have to create one. Well, how do you 
create an account? 
You go to the bottom left-hand button, you click 
New, and then it wants to know 
what type the account should be. 
Now these types are vitally important for anyone 
that wants to get an accurate financial 
statement because whatever type you pick, 
it determines where it appears on the P&L or the 
balance sheet. So if I click Income Type, 
where do income accounts appear? Chat Dave 
up and tell him, on the P&L 
or the balance sheet? Somebody say 
something. P&L or balance sheet, 
where do income accounts appear?
David: P&L
Gregg: Right. Whereas, if I put fixed assets, 
where do fixed asset accounts appear, 
P&L or balance sheet?
David: Balance sheet
Gregg: Right. So I’m going to click continue and 
then if you have the number feature 
turned on you have to put a number. So I’m 
going to look and see, 
furniture looks like its account number 15,000. 
So I’ll make this 15,100. 
You don’t have to have account numbers. And 
then I will make this equipment.
The rest of these fields, the description and note 
field, these are optional. 
People get really freaked out when they are 
creating an account. 
They feel like if there is a field you must put 
something in it otherwise you are going 
to freak out. This is QuickBooks Made Easy, 
folks. All you’ve got to do is put the name 
and the type. If you have the number turn it on. 
Now if it’s a balance sheet account. 
You will want to put the opening balance there. If 
it is an income or an expense account, 
you don’t need to. So I’ll put an opening balance 
here. I’ll click it and I will make the date 
December 31. And then I will put the number in 
right there. And let me just see 
what the number is. The number is $37,119.59. 
I’ll click OK and click Save and Close. 
And now when I go back to my report, and I 
refresh it, now it’s getting a little closer. 
So this is what you will go through.
Now I want to take a couple of minutes 
to talk about what your chart of accounts should 
look like particularly as it relates 
to your income and expense accounts. And this 
is where people get really messed up 
if they are kind of new to nonprofit accounting, 
and certainly if they’re new to QuickBooks. 
But let me stop for a second and see if anybody 
has any questions. 
Let’s just take a couple of questions. I recognize 
that technically I’m supposed to be finished, 
so I’m probably going to talk for another 10 or 15 
minutes, and then I will just stay over 
to answer questions. But anyway, go ahead and 
let’s do a couple more questions now.
David: Okay, Patricia wanted to know if a 
nonprofit retained earnings is called net assets. 
Do I just change the name in the chart of 
accounts so the system 
will automatically close out this account at the 
end of the year?
Gregg: The system does automatically close 
out the account. And yes, you would change 
the name to net assets. Next question.
David: My nonprofit is very small. There are no 
fixed assets.
Gregg: The only account that you would be 
adding then is probably cash; 
Account > New, it would be a Bank Account. 
You would click Continue. You’d put a number 
and then you would put whatever your bank 
account is. I’ll put Wells Fargo checking. 
And then you would click enter opening balance 
and put the opening balance.
David: Kathy asked, “Is it possible to enter 
historical data 
after entering the opening balances?” 	
Gregg: Yes, you can. You can enter 
transactions before that start date 
if you would like to. But if you put in an opening 
balance as of that start date, 
and then you enter historical transactions, you 
are doubling up. Because say that balance 
in the bank account is $10,000, well, that’s 
because of the activity that happened before, 
so if then you enter deposits before that date it’s 
going to double up. 
So I wouldn’t suggest doing that.
David: We have several questions asking about 
how to turn on and off the account numbers.
Gregg: Sure, here you go to turn off the account 
numbers. Lists, and then I’m going to move on. 
Oh, not lists, I’m sorry. Edit > Preferences, 
there are so many preferences 
that they are in different categories. I’m looking 
at the General Preferences now. 
Now I am looking at the Checking Preferences. 
Now I’m looking at the Accounting Preferences. 
I’m going to go over to Company > Use Account 
Numbers, you uncheck it. 
And then you click OK and it is gone.
You Online people, 
here’s your chart of accounts list. I got to it by 
clicking on the gear and clicking 
on Chart of Accounts. This is where you go to 
click New to create a new account. 
And to turn off account numbers in the Online 
Edition, you go to the gear, 
you go to Account and Settings, you go to 
Advanced, so I’ll click on that, 
and Enable Account Numbers, you click on this, 
and you uncheck, and uncheck, and Save. 
So now I’m going to spend – I’m cognizant of 
the time guys, but don’t worry 
we are going to get all your questions as much 
as I can answered any way. 
We’re going to stay late. So what should your 
income and expense accounts look like? 
As I said to you before, when you start a new 
company, you are going to get 
some income and expense accounts, and I 
don’t like them. So what I recommend doing 
is deleting most of these, certainly the income 
accounts. I don’t like the way they are created. 
To delete an account you simply click on it, you 
go to the bottom left hand button, 
and you click Delete. And when you do that, it 
deletes the account and it’s not there anymore. 
And so let me show you, I’ll show you this is 
kind of funny. The best way to teach you 
what your income and accounts should be is to 
show you the wrong way to do it. 
So what I’m going to do is I’m going to go to a 
file that is really screwed up. 
I’m going to show you the wrong way of setting 
up your accounts. So here is my theory, 
here is my concept. What I want to do for you 
guys is I want to give the Board of Directors, 
and I want you to be able to give the Board of 
Directors a P&L Compared to Budget 
that’s easy to read. That means I need it to be 
one page. If it is 5 or 6 pages, 
they are not going to read it. And maybe you 
don’t want them to read it, I don’t know. 
But listen, if you give them a P&L that has a 
bunch of different accounts 
so it’s like 15 or 16 pages, and they don’t read 
it, later on when there is a problem with money, 
they will be looking to you saying you can tell 
them. And you’ll be saying, “yeah sure, 
it’s on page 32 of the P&L.” Listen, we need a 
one-page P&L. Most of these Board members, 
they are there for other reasons. They are not 
necessarily great at the numbers. 
So we want to give them something that is easy 
to read. 
I don’t know why this is happening. Let me try it 
one more time. 
See, this is just like a real live situation. Let’s 
see if this opens it up. 
There we go. So here – the point is you don’t 
want to have very many income accounts 
and you don’t want to have very many expense 
accounts. So I’m going to go to Reports 
and I’m just going to pull up a P&L, and I’m 
going to make it all dates. 
So here’s what not to do. Do not, how many 
people have restricted grants? 
Go ahead and chat David if you have restricted 
grants. Say restricted grants, or just restricted, 
or yes. There’s probably a ton of you that have 
restricted grants. 
David: Yep, quite a few.
Gregg: What’s the most important thing you 
have to find out about a restricted grant? 
At the end of the grant what do you have to 
report to the funder? 
What do you have to report to the funder? What 
do you have to tell the funder?
David: I’m still getting yeses coming in. All right, 
spend.
Gregg: How the money was spent. This does 
not tell you, if you have an income account 
called restricted grants, it does not tell you how 
the money was spent. So don’t do this. 
This is not helpful. The other thing is it makes it 
confusing when you’re trying to enter data. 
Say you get a foundation that gives you a 
restricted grants. You don’t know 
whether to put it here or up here. So don’t do 
that. 
The other thing I don’t want you to do is don’t 
have a separate income account 
for each one of your grants. That is ridiculous. 
There is another list 
that you track restricted grants from and you 
track your grantors from, 
and is called the Customer List. Don’t use the 
chart of accounts for it. 
Every single person listening to me right now 
should have these 4 income accounts, 
one for individual contributions, one for corporate 
grants, one for foundation grants, 
and one for government grants. The reason why 
is because that’s how I have to report it 
on your 990 information return at the end of the 
year. We do about 25 audits a year 
and that’s how I have to report it there. And 
that’s a great way for the Board to say, 
“How are we doing?” You can look and you can 
see most of the money 
is coming from individuals and corporations, not 
very much from foundations. 
Maybe there’s something that we are missing 
here. Maybe we are missing an opportunity, 
so those 4. Now in addition to those you are 
going to need to have some 
other income accounts for money that you earn. 
I just have this one thing called program fees, 
but maybe you have one for membership dues, 
one for tuitions if you’re a school, 
one for sponsorships maybe for fundraising 
events that you have, but major categories, 
so just a few major income accounts. Now as 
much as people mess this up, 
they really mess up the expense accounts. So 
let’s talk about the expenses.
Now when it comes to expense accounts, most 
businesses, forget about the nonprofit world, 
most businesses they have basically one thing 
that they’ve got to track about an expense 
and that is what the type was, what’s the natural 
category of it. Was it for rent? Was it for travel? 
Was it for supplies? Was it for salary? These 
are the natural categories, 
the way people think about expenses and that’s 
how they fill out their business tax returns. 
It’s major categories, just a natural way of 
thinking about your expenses.
Now in the world of nonprofits we have to track 
that too. Whenever we enter a check or a bill 
you should be telling it whether it’s salaries, 
health insurance, rent, postage. 
But there’s another thing you’ve got to track. 
Every single nonprofit that fills out a 990, 
so maybe not the churches but everybody else, 
they fill out an information return, 
they have to know whether the expenses are in 
one of 3 buckets. 
What are those 3 buckets? And funders want to 
know that most of your money 
is going into one bucket instead of the other 2. 
What are the 3 buckets that nonprofits 
need to know about, buckets of expenses, kind 
of a way of categorizing expenses 
into 3 buckets? What are those 3 buckets?
David: Programs, fundraising, and administration
Gregg: Exactly. Program, admin, fundraising, 
people want to know that most of your money 
is going for program costs, not admin or 
fundraising. I don’t want to donate 
to an organization thinking that 90% of their 
expenses are for raising more money. 
I want to know that it is helping feed the kids or 
whatever it is. 
So what people do which is wrong, is they will 
set up an expense account for their programs. 
And if you are a theater then these programs 
would be your shows 
and they set up expense accounts for the 
shows. Wrong! Don’t do that. 
Here we have a Guidance Center program, a 
conference, don’t do that. 
What you should be doing unless you are a 
church, what you should be doing 
is you shouldn’t have a fundraising expense 
either. Your accounts 
should be the natural category, your expense 
accounts, health insurance, salaries, rent, 
postage, printing. These things are generic. A 
good rule of thumb 
is when I look at your expense accounts, they 
should look like everybody else’s 
expense accounts because we all fill out the 
same tax form, a 990. 
They shouldn’t be specific to what you do. They 
should be generic.
Well where do we track program, admin or 
fundraising? I’ll tell you where we track it, 
we use classes for that. So I am going to go and 
show you, I’m going to open up a new data file 
here and I’m going to show you where you track 
program, admin and fundraising. 
While this is opening up and just going to tell 
you right now you use the class feature for it. 
If you are a church, I already mentioned 
because somebody asked, 
you will be using classes to track your funds. 
But the rest of you, 
we have to put our classes in. To get to the 
class feature you have got to 
turn the feature on first. So we are going to go to 
Edit. We’re going to go to Preferences. 
And then we are going to go to Accounting. We 
go to Company > Use Class Tracking. 
You check the box. You click OK. And here is 
where your classes are. They get turned on. 
You go to Lists. You go to Class List. And every 
single person listening to me 
unless you are a church, you will have at least 3 
classes, one for program, 
then you’ll have one for admin and one for 
fundraising. Now if you’re a small organization 
you may only have one program. If I don’t know, 
if I help pets get adopted, 
then that’s my program. I’ll only have one. And 
then I have 2 more classes, one for admin 
and one for fundraising. Here we have 3 
programs so we have a total of 5. 
To set up a class you go to the bottom left-hand 
button and you click New. 
And that is where you set up a class. You can 
have subclasses if you want. 
You can go in 5 levels if you want. Some people 
have that. We don’t necessarily need it, 
but there you go. Now you bought yourself a 
little work because every time 
you enter transaction – go ahead to Write 
Check – not only do you have to say 
what expense account it was, postage, but 
you’ve also got to say what program 
it related to, the Guidance Center. And I know 
that some of your expenses need to be split, 
maybe you bought postage. Some of it was for 
the Guidance Center and some of it 
was just overhead, admin. But the benefit of 
that, and you do that 
not only on your expenses, but you do it on your 
income as well. If I get money in 
I can also point it to a class. If it was money 
that went for the Guidance Center, 
I put it to that class. If it was unrestricted and it 
doesn’t go to any program, 
put it to the fundraising class. But the point is, 
every transaction gets pointed to a class 
as well as an account. And then look at what 
you can get.
This is my big finish here; Profit and Loss by 
Class. I’m going to open this up, 
and I’m going to blow you away. Now this is 
what I need to do your tax return. 
This is what I need to do an audit. And this is 
not something you show the board necessarily 
because it has too many columns and it freaks 
them out. But what it does, 
it gives you a great idea of how profitable you 
are. 
On the Guidance Center program here, we made 
$105,000. I’ll scroll down 
to where the expenses are. Total expenses, 
$119,000. We’ve lost $14,000 
on the Guidance Center. That is why I want you 
to put all the unrestricted dollars 
in the fundraising class because only the 
revenues and the expenses 
that relate to the Guidance Center will be in that 
particular column so that you can see 
whether the program is paying for itself. If you 
are a theater or you do performances, 
these would be your shows. So let me stop. I’ll 
take a couple more questions 
and then we’ll have one more little topic. It will 
only take a second, 
and then we’ll go crazy with questions.
Oh, let me show you about the Online. 
If you are in the Online Edition, you don’t have to 
turn the class feature on. It is already on. 
You don’t have to turn it on. To get to where your 
class list is in the Online Edition, 
this is a little hard to find. That’s why I wanted to 
show you. You see the little gear here. 
We are going to click it and it’s going to take us 
to where the setup is. Here it is. 
And you see this says All Lists. You’ve got to 
click that, and when you click All Lists, 
Class List is right there. This is where you get to 
your classes. Hit me up, talk to me.
David: Okay, let’s see here. Misty said, “When I 
click write check, I cannot view 
or see my class selection on the screen.”
Gregg: Okay. Yeah, so when Misty clicks Write 
Check she can’t see class, 
it’s because your screen resolution needs to be 
adjusted. So what you need to do 
is go into where your screen resolution is and 
adjust it on your computer. 
What is the next question?
David: What is the P&L called in the nonprofit 
NPO world?
Gregg: You all tell me. What is the profit and 
loss called in the nonprofit world? 
If you look at your audit, what would it be 
called? Somebody tell me.
David: Income statement, Nora said.
Gregg: Not in the nonprofit world.
David: Statement of activities, Susan.
Gregg: Ding, ding, ding, ding, ding, Susan’s got 
it. Susan wins $10,000. 
TechSoup is going to pay you $10,000.
Becky: That’s a lie. [Laughter]
David: It was both me and you Becky.
Becky: I just had to jump in there.
Gregg: Oh boy, she woke up on that one! All 
right next question?
David: Let’s see, so when we enter a program in 
the classes, you actually enter the name 
of the different programs instead of the actual 
word program?
Gregg: Yeah, you enter the name of the program 
not just the word program. 
I’ll take one more than we are going to do the 
little budget thing real quick.
David: Penny asked, “If there a positive balance 
in any particular class from the previous year 
can it be entered to keep a running total?”
Gregg: Yes. So Penny wants to know if that 
class thing will roll forward. 
Some people, and this is people that use 
classes to track funds. And in a way it does. 
I can create a report for you that shows you 
what the running balance is. 
But it is a report that is kind of beyond the 
scope of this class. We actually cover it 
in the Beyond the Essentials training product 
which I will point out in a moment.
So let me go ahead and show you how to do 
budgets, and then again, I’ll stay on the line 
extra. I’m sorry, we ran a little long. But I like for 
you guys you have a lot of information. 
Hopefully this has been really cool for you. I’m 
going to show you how to do budgets next.
Is so funny. I noticed every board wants a P&L 
Compared to Budget, 
but most people are creating it outside of 
QuickBooks. They are doing it in an Excel 
spreadsheet which takes time. So this is 
usually, tell me if this is you. 
“I can’t meet with you this week. I’ve got a Board 
meeting on Thursday 
so I have to create the reports.” And then you 
create all of these like reports 
that one Board member asked for and then that 
Board member doesn’t even show up 
to the meeting and nobody else cares. It’s really 
kind of annoying. 
But anyway, I really want to make at least a 
Budget to Actual report. I want it one page 
and I want it easy to read. So you can enter the 
budget in QuickBooks. You can do this 
in the Online Edition as well as the desktop 
version. You don’t have to turn it on. 
It’s already there. You go to Company. You go to 
Planning and Budgeting. 
And you go to Set up Budgets. And I’ll go ahead 
and click it. And this is where you enter 
your budgets. So it’s pretty simple. 
If you want to enter your budget by month, 
you certainly can do that. We make $4000 here, 
and then in August we usually think 
we’re going to get 4, and September were to get 
5. I mean that’s a lot of button pushing. 
So let me do something to make it a little bit 
easier for you. Do you see rent? 
If I click $2400 for rent, I can use this as a Copy 
across. I’ll push it and it copies it all across 
so I don’t have to type over and over again. 
The other thing that is really cool 
is if you budget by month, take something like 
electricity. Like here in Atlanta where I am from 
it’s really high in July but then it starts to go 
down. So you see the Adjust Row Amount? 
Check this out. I click it. I click currently 
selected month. And I’m going to decrease 
because the electricity is going to start going 
down as it gets colder by 5%. 
And then it automatically enters it. Pretty cool.
So that’s how you create the budget. 
Once you’ve created the budget – oh, I didn’t 
mention – for those of you that do want 
to budget by year, in other words budgeting by 
month is insane for you, 
put the entire budget in the very first month. 
Let me go to a different data file 
and I’ll show you what it looks like if you want to 
put the budget in the very first month. 
And we’ll just go back to – this is what I want. I 
hope it doesn’t freeze on me 
like it did the last time, and it looks like it’s 
going to. Go ahead and give me a question or 2 
while I’m waiting for this to open up David.
Becky: So Gregg, actually I’m going to jump in 
quickly and just ask a couple of questions 
that a lot of people have been asking about. We 
had folks asking, 
where do you put in-kind donations, and/or 
endowments? So how to those get managed?
Gregg: In-kind donations you need to enter by 
Journal Entry. You create an income account 
called in-kind donations. And then you would 
use a journal entry to enter it. 
There is not a button that says in-kind 
donations. So you would have to enter 
a journal entry where you credit the income 
account and you debit 
whatever the expense account is that you would 
have normally entered if you had paid for it. 
So let me just show you. I’ll go to Company and 
I’m going to go to Make General Journal Entry. 
And I know you guys don’t like doing this. But 
you would credit in-kind contributions. 
So I’ll go ahead and just create it since so many 
people were asking. And this is actually covered 
in my Beyond the Essentials training product as 
well. There we go. I spelled it wrong 
but that’s okay. It is an Income account. 
And to make an income account go up 
you credit it. And then every transaction has 2 
sides. Remember I said that in order 
for the balance sheet to balance. And then the 
other side would go to 
whatever the expense account is that you would 
have picked had somebody written you a check. 
If somebody is giving you rent at a discounted 
rate or free, you put that. 
So that’s how that works. Endowments, that is 
an interesting question. I’m going to tell you 
to use a class to track endowment income. You 
don’t usually have expenses from endowments 
because endowments by definition shouldn’t be 
spended. Did I actually say that? 
Shouldn’t be spent. So let me just show you 
how to enter a budget 
if you are going to budget by year. Set up 
budgets, you put the entire year’s budget 
in the very first month. That’s where you put it. 
You put the whole year’s budget 
in the first month. And then let me show you 
how you can get a neat report. 
Reports, Budget and Forecasts, Budget v. 
Actual, you pick the year 
that you want to see a budget to actual for. You 
can do a separate budget for each year. 
I’ll pick this one. I click Next. I click Next. And I 
click Finish. Now the first time 
you look at this report it’s going to make you 
sick because for every single month 
it has 4 columns, July’s actual, July’s budget, 
which is actually the whole year’s budget 
in this case, then a dollar amount, then a dollar 
variance then a percent variance, 
4 columns just for July, then another 4 columns 
for August, then another 4 columns 
for September, ridiculous, a lot of columns. 
Do you see this Show Columns up here, 
right there? I’ll make it be total only. And now 
we’ve got the actual, the budget, 
and the variance. So what I want to do now, in 
the interest of time is I’m going to give you 
a couple of pieces of information that I know you 
are going to need. And then we are going to 
do questions and we’ve got about 10 minutes 
left. I’m probably going to go another 5 or 10 
minutes over to do questions. So the first thing I 
need to ask you is would you like to be added 
to our newsletter? We have a newsletter that 
basically, it’s an email newsletter 
that comes out once a month. I promise you, 
you won’t be bombarded. It’s once a month 
and it gives you a little tip. It’s basically a link to 
a YouTube video and I teach you a little trick 
in QuickBooks. It’s real easy, real simple and I 
promise you it is not going to blow you up 
with a bunch of emails. I promise you there. So 
go ahead and answer there. 
We’ll give it another second. 
And the other thing is I want to tell you 
I want to be able to continue to help you. Now 
we offer technical support where you can call 
and you can ask me questions. I can also dial 
into your software, I can remote in and help you. 
For an entire year, and this is crazy. We did this 
one other time last year. 
We’ve only done it with TechSoup and I will 
never do this again. Even in next week’s webinar 
we are not going to do this. I am going to give 
you the ability to get it for $99. 
For $99, if you right down this code, TS100, do 
not share it with anybody. 
TS 100, and you will be able, you will be able, 
it’s this code right here. 
I think I can highlight it here. You will be able to 
get tech support for $100. 
Now the way to do it is you simply go to our 
website, QuickBooksMadeEasy.com/nonprofit. 
You click that you want to buy the tech support 
and you will get it for $99 
when you put the code in. You can call me for 
an entire year. And I do answer the phone 
at night and I do answer the phone on 
weekends. So with that, 
I think I want to turn it back over to, let me turn it 
back over to you Becky and then finish us up 
and then I will stay on the line and do questions 
as soon as you are done.
Becky: Terrific. Thank you so much Gregg. And 
for those of you who didn’t get to respond 
to the poll to opt in, we will include a link to opt 
into that newsletter directly. 
So in that follow-up email just look for that. 
We are moving quickly through a lot today 
so we don’t want to leave you hanging if you 
want to sign up for that newsletter 
we’ll make sure you can do it. Quickly before we 
get back to a few more questions with Gregg, 
I want to just mention the donations available 
through the TechSoup program. 
So if you go to TechSoup.org/intuit, you will be 
able to access 
donated QuickBooks Premier one user, 
QuickBooks Premiere 3 user licenses, 
and QuickBooks for Mac. QuickBooks Online 
yearly subscription is currently out of stock, 
but we hope that it will be back in stock soon. 
So if you’re looking for the Online version, 
keep checking back. Subscribe to our 
newsletters By the Cup, or the Product Alert 
newsletter so you can learn right away. It will be 
a top headline on our home page once it is back 
in stock, so keep your eyes peeled for that. 
The coupon code that Gregg shared, 
how long are those valid for? One was a 48 hour 
thing. How long can people [indistinct]?
Gregg: The coupon code is available for 48 
hours starting now. 
It will end, what is this Thursday? It will end 
Saturday night at midnight West Coast time. 
So you got a little bit more than 48 hours and 
you will never see it again.
Becky: A little more wiggle room. That’s great.
Gregg: So you’ve got 48 hours to do it.
Becky: That’s terrific. Thank you for doing that 
Gregg. And then you should also look 
for those newsletters from TechSoup coming 
soon that will announce 
when the QuickBooks Made Easy Essentials 
Training comes back in stock. 
So we have a new set of training that Gregg has 
created for us so that is going to be back 
in stock on our site as well. 
For QuickBooks donations, 
for the actual software programs, 501(c)(3)’s and 
public libraries 
are eligible with operating budgets of $10 million 
or less. If you are a legislative, political, 
or advocacy organization, you are not eligible for 
the donation. And that is a restriction 
that Intuit has chosen to adopt. So we are 
beholden to follow that. 
You can go to that TechSoup.org site. You can 
browse by donor or partner 
to get to the Intuit page right there. And then you 
will see the different products listed 
where you can view the differences, the details, 
the specifications. All these details 
are available on our site at TechSoup.org/intuit. 
We’ll include a list of resources 
that are available for you to learn more. Some of 
these are prior webinars that we’ve done. 
So if you are on 2013, 2012, 2014, we have 
trainings that we’ve done on those versions 
that you can refer back to. You can find many of 
these on our website currently as well. 
So if you go and search QuickBooks on the 
TechSoup site in the search bar, 
you’ll find many of these resources available and 
we will include this in the follow-up email.
Before we get back to a few questions – 
actually, you know what, 
why don’t we get to a few more questions right 
now instead of doing wrap up. 
So Gregg, we had a lot of people just trying to 
figure out how to decide on which version to use. 
Some people are trying to move from Quicken. A 
couple mentioned that they use Peachtree. 
I know that you did some comparisons between 
the online and the desktop in the webinar 
that we did back in October. So people should 
look to that if you want to compare 
Online v. the Premiere desktop installed version. 
But how do you recommend people decide?
Gregg: Sure. I don’t know how I stop doing this. 
It’s all over the place, my little arrows. 
There we go. Thank you.
So here’s the deal. The Online Edition is fine 
if you are a really small organization. If you don’t 
have any employees 
and you don’t have restricted grants and you are 
really tiny, I’m okay with the Online Edition. 
If you have employees, and particularly, if you 
want to split the employees 
between different programs, admin and 
fundraising, then you probably need 
to get the desktop. Same is true if you have a 
lot of restricted grants that you want to track. 
But if you are real tiny and you don’t have 
employees, 
and you don’t have restricted grants, then the 
Online Edition is probably fine. 
We have a training product that will teach you 
how to use both the Online Edition 
as well as the desktop. But if you want to get 
the desktop version, 
you want to get the Premiere Nonprofit Ed. 
2016. Not only is this the best choice, 
it is also the cheapest. Now if you have the Mac 
and you want to stick with the Mac version, 
they have QuickBooks for Mac and that is very 
much like the desktop version 
so you will be fine. Was there another major 
question?
Becky: I think that’s terrific and since we are 
kind of at the top of the hour, 
I’d like to go ahead and just one more time show 
those coupon codes 
so that people don’t miss the opportunity for 
that. And we’ll get a couple poll questions 
in here and then maybe we’ll have time for a 
couple more questions 
and we’ll allow our folks on the backend to keep 
working.
Gregg: Notice too, and this is good for 48 hours 
as well. The Beyond the Essentials product 
covers a lot of the more advanced stuff that I 
mentioned. And this is a code to get it for $179. 
It is TS50 and this is only good for 48 hours as 
well. But the main one that I know everybody 
is going to get is that because that is just 
insane.
All right, so do you want me to go ahead and 
share the screen and start doing questions 
again? Are you done? How do you want to do 
this?
Becky: You know, I’d love to go ahead and 
before you know, in respect of people’s time 
try and wrap up just a couple of poll questions 
and then let folks 
get a couple more questions answered. 
So for those of you who are on the line still, 
go ahead and click on one of these. Tonight, 
what are you going to go home 
and do or go back to your office and do? Are you 
going to try to implement everything 
you have learned? Or has this been too 
overwhelming and you’re going to go cry 
into a pillow? Or maybe you’re going to go home 
and put on some Barry White and try and relax, 
drink some wine, relax with family. Go ahead 
and select some of those options. 
And that’s really more just for fun. 
But we really do want to know what you learned 
today that you are going to try to implement. So 
go ahead and chat in one thing that you learned 
that you are taking with you today that was an 
ah-hah moment, that we know 
that you can go back and change how you are 
managing your QuickBooks, 
or helped you in setting up your QuickBooks, so 
we know what worked and what didn’t work. 
You’ll also have a chance after the webinar 
wraps up completely, you’ll get a pop up window 
with a survey where you can tell us what you 
thought, rank it, and give us any feedback, 
as well as any suggestions for upcoming 
webinars that you would like to see 
us offer as well. So I love the answers coming in 
right now that people are going to 
implement everything they learned or they are 
going to relax with their family. 
I think you should do some of both, so that’s 
great.
And like I said, you can also share this with 
your network. We will be sending out the archive 
with the full recording and the resources, so you 
will get that in the next couple of days. 
And you can share with any of your colleagues 
who may need this as well.
Gregg: And I believe those are all of your 
children, aren’t they?
Becky: Absolutely, all of my kids right there.
Gregg: She has 17 children, Becky does.
Becky: 42 now, didn’t you know I’ve been 
active?
But you can also see our upcoming events and 
webinars. 
So we didn’t include next week’s webinar on this 
list because we are trying to cap these 
so they don’t get to huge for us to manage. But I 
did include the link out and chatted it out 
in the chat window just a moment ago. If you do 
want to sign up for the webinar 
for existing QuickBooks members, or 
QuickBooks users, you can do that. 
You can also join us for Adobe Photoshop for 
Advanced Beginners. 
So you if you know what you are doing sort of, 
and you want to learn more, 
join us on the 10th of March. And then we will be 
talking about Digital Literacy Training 
for libraries. We will be doing a tour of TechSoup 
on the 29th. If you are new to TechSoup 
and want to learn a little bit more about how we 
work. And we will be spending some time 
doing a very similar kind of training on hand, 
step-by-step, Excel for beginners on the 31st. 
So we want you to join us for that.
So let’s go ahead and jump back in 
to some questions. But we really appreciate 
those comments coming in 
and we will spend a few more minutes here 
before we close out trying 
to get a few more questions answered. Let’s 
see, we had questions, a lot of people asking 
how to manage the unrestricted net assets, 
temporarily restricted net assets, 
permanently restricted. Like is there a way to 
distinguish between those? 
And how do you recommend doing that Gregg?
Gregg: Sure. Okay, so for those of you that 
don’t understand the question, 
don’t worry about it. But let me just tell you and 
this is probably coming from 
more accounting type people. 
In the chart of accounts list, actually, 
well actually you know what I’ll go to the 
balance sheet and show you. 
Retained or equity is supposed to be split into 3 
pots, unrestricted net assets, 
temporarily restricted net assets, and 
permanently restricted net assets. 
The thing is, and this is an accounting thing, 
almost everything goes 
into unrestricted net assets except for restricted 
grants that you haven’t spent the money yet. 
That amount goes into temporarily restricted net 
assets in equities section. 
And the only thing that goes into permanently 
restricted are endowment funds. 
Well, there is no way to get QuickBooks to do 
entries to move things around 
within the equity section. QuickBooks 
automatically closes everything 
to retained earnings. So what I would suggest 
doing is to create the 3 other accounts 
in the equity section, and again, don’t do it 
unless somebody is wanting it 
because it is really not necessary. I do this 
when I do your audit at the end of the year. 
So it’s not something most people understand. 
But if you wanted to know, 
so here is unrestricted, net assets, and then 
you’d have another one for permanently, 
and another one for temporarily restricted net 
assets. And then you have to do a Journal entry 
every year. It’s going to close everything to 
retained earnings. And then you need to 
do a Journal entry to move it out of retained 
earnings and move the right balances 
into the 3 buckets. I’ll just leave it at that. If you 
need more information about it 
you can get me with the tech support because I 
don’t want to confuse people. 
What else do we got? 
Becky: We had a number of people asking, 
“Where do you do when you track the donations 
you got from a fundraiser, or a carwash? And 
you mentioned that 
but I don’t know if you showed where.
Gregg: Yeah, all the donations, you enter them, 
basically your donors, 
and we’ll cover some of this next week. Your 
donors go in the customer list. 
And then I’ll just go to the home page, there is a 
form that you use to enter donations. 
And in the Nonprofit Edition it is called 
donations. Here it is. 
But all it is is a sales receipt. And we will teach 
you how to do this next week. 
And I know if you didn’t sign up for it you can 
get it afterwards. 
But here is where you put the name of the 
donor. Then you put they gave 
an individual contribution.
And then this stuff can be put on reports. 
You can turn it in to a thank you letter. This is 
really very cool, but this is the form you use. 
If you are using the Mac version of QuickBooks 
or if you are using the Online Edition, 
either one – I know I’m going a little fast here – 
you go to Sales Receipt right there, 
because there is not going to be something that 
says donation in the Mac version 
or in the Online Edition. What’s the next 
question?
Becky: Well, we have some folks saying if we 
are totally a new nonprofit 
and we don’t actually have any money, how do 
we start our balance sheet? 
What you do when you are starting from zero?
Gregg: If you start from zero then it is really 
easy. You do everything I said, 
you set up whatever balance sheet accounts 
that you need. And I would imagine 
you would open a checking account at some 
point. But when you open up 
your checking account, when you enter it into 
QuickBooks don’t put an opening balance 
because the opening balance is zero. So you 
are actually easier than the rest of us. 
Again, you go through the little set up, you enter 
whatever balance sheet accounts 
you think you need. At a minimum I would say a 
bank account. Then you go and you open up 
a bank account, put some money in it, record 
the deposit in QuickBooks 
and then you are good to go. Then you can start 
entering transactions.
And I do want to say we didn’t really talk about 
how to enter transactions here did we? 
That’s something that we are going to cover next 
week. But anyway, go ahead and ask me 
any questions about what you want to know 
about.
Becky: Okay. Well, we’ve got some questions 
just about how to use the desktop account 
if you’ve got multiple people accessing at. We 
have a bunch of people going, 
can we have 3 people use it at the same time. 
What do you recommend for that? 
Do they have to have a specific type to access 
it?
Gregg: Here’s the deal. Legally, when you load 
the software, I think I have, if you have 
more than one person using it – I wonder if I still. 
Let me go to TechSoup again. 
I don’t know where TechSoup is. When you load 
the software, you really need a 3 user, 
you need a multiuser license if you are going to 
have more than one person using the file 
at the same time. And you load it onto each 
computer. And then what you do 
is basically the program is loaded onto each 
computer but the data file exists on the server. 
And then 3 people can get in at once. The 
reason why I’m doing this is I just want to show 
you where you would go to get the 3 user 
license one. Let me go ahead 
and put QuickBooks in the search bar here. And 
then we’ll scroll down to, 
here is a one user license which is $50. You are 
going to want to get a 3 user license 
which normally costs $750. You can get it for 
$125. Then you can have multiple people in 
at the same time. The other thing you need to 
do if you have to have more than one person in 
at once, is you have to set up different users. So 
I’m going to go to the Company menu 
and I’m going to go to Set up Users. And here’s 
where you can set up individual people. 
Whenever you start QuickBooks there is already 
one user, it is called Admin. 
But you can add other users, so I will click Add 
Users and I’ll put you Becky. 
I don’t know if I spelled that right. And then I’ll 
put a password. And then you can control 
whether or not Becky can get into all of the 
areas or just some of the areas. 
That’s kind of nice. We will give her access to 
all areas because we trust her. 
And then basically, the benefit of that is that 
when she log in, she’ll have to log in 
with her user name and password. Then 
QuickBooks has this little thing 
called the Audit Trail and it tracks who did what. 
So if Becky does something and screws it up, 
we know it was her not the admin. But anyway –
Becky: Well, that would be your first mistake is 
trusting me in there at all. 
I am not your QuickBooks expert. 
With that in mind, I actually want to go ahead 
and wrap us up since we are 10 minutes passed 
our time already. 
So we appreciate all those questions that are 
out there. We’ve done our best to answer 
a lot of them, nearly 200 questions answered on 
the back end and still 100 in queue. 
So I’m sorry we weren’t able to get to all of them. But I want to go ahead once again 
remind you where you can go to access the donations if you are needing to upgrade, 
or you are needing to access QuickBooks for the first time as a nonprofit, library, church, 
foundation. Many of you can access this. The one user license, 3 user license, 
QuickBooks for Mac, and then the QuickBooks Online Plus will be coming back soon we hope, 
so watch or email for nor news on that.
I’ll point you again to these additional resources 
that we have available on our site. And there are many more, so if you search 
you will find tons of resources that can help you manage your QuickBooks, get it set up, 
create your chart of accounts, get all that kind of stuff organized. 
Thank you so much Gregg. We really appreciate you taking the time to share this 
and we look forward to doing it again next week. We shared that link out in the chat 
so feel free to join us. That one is specifically geared towards existing nonprofit users. 
So for those of you who are brand-new to QuickBooks, it will go fast 
and may cover things that you are not totally familiar with but you are welcome to join us. 
And again we have these other webinars coming up too. 
I’d like to quickly thank ReadyTalk our webinar sponsor for providing the use of this platform 
to make these events available. And please take a moment to complete the postevent survey 
once it pops up when you close out. 
And I’d like to think Kevin, Susan, Allyson, 
David, and Karine on the back end for really working their tails off to try 
and get questions answered as they came in and help you with your technical issues. 
Thanks to all of you for joining us today and we hope you’ll join us again next week. 
Thanks so much. Bye-bye.
