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When it comes to accounting software, QuickBooks is one of the most widely used. It manages membership dues and donations effectively while helping nonprofits manage their finances with ease. There are also a few features that make it worth considering for businesses: its ability to handle multiple currencies or provide project management tools alongside reports on financial details.
The “quickbooks desktop premier nonprofit edition 2022” is a software that allows you to manage your finances and keep track of your spending. This software has features like the ability to create invoices, track expenses, and generate reports. Quickbooks also allows users to have access to their accounts from anywhere in the world with internet connection.
QuickBooks Premier Nonprofit is a desktop version of QuickBooks designed for small to midsize nonprofit organizations and churches. It has a single chart of accounts for nonprofit accounting, as well as class tracking to assist NGOs in monitoring income and costs per program service. QuickBooks Premier is one of our top picks for small company accounting software, and it’s a versatile option for churches and other organizations that need advanced accounting capabilities. QuickBooks Premier costs $549.99 for one person and $1,049 if payroll is included.
QuickBooks Desktop may be found here. Premier for more information.
QuickBooks Premier Nonprofit Is Particularly Beneficial For
QuickBooks Premier Nonprofit, unlike QuickBooks Online, is already tailored to the needs of organizations and churches. It’s ideal for bookkeepers of small organizations that want to get up and running fast since it needs minimum customization:
- Nonprofits that must submit IRS Form 990 or 990-EZ include: Nonprofits have some of the most difficult IRS filing requirements of any form of organization. QuickBooks Premier Nonprofit can help you organize all of your grants, earnings, and costs by program service as well as by function. In our top nonprofit accounting software guide, you can learn about different accounting software for organizations.
- Classes and subclasses may be developed to segregate revenue and costs into numerous program services for nonprofits with multiple program services. Regular worship services, Sunday school, child day care, outreach activities, fundraising, and other activities may all benefit from class monitoring.
- Nonprofits that are just getting started or that want to improve their reporting: You may get the Unified Chart of Accounts (UCOA) for NGOs, which is based on the Form 990 reporting requirements. This provides new organizations a tremendous leg up, but it’s also beneficial to any charity willing to modernize its chart of accounts to make it easier to comply with the Form 990 criteria.
- Nonprofits having unrelated business taxable income (UBTI): To monitor income and expenditures for Form 990-T, you may establish a distinct class for unrelated business taxable income.
- Churches looking for accounting software that may be customized include: QuickBooks Premier Nonprofit may be customized by experienced bookkeepers to give a wealth of information not accessible in simpler church software. To discover more about alternative possibilities, see our guide to the best church accounting software.
QuickBooks Premier Nonprofit Isn’t Right For Your Organization
- NGOs and churches without a central office: The application must be installed on a desktop computer, which may be difficult for very tiny nonprofits without a physical location. Consider if you want the nonprofit’s books to be stored on the personal computer of an employee or volunteer. A cloud-based tool, like as QuickBooks Online, may be a better option. For more information on the differences between the applications, see our QuickBooks Online versus Desktop comparison.
- Nonprofits and churches who need help with their bookkeeping: QuickBooks Nonprofit Edition isn’t as straightforward to share with an outside accountant since it’s a desktop software. The application offers an accountant’s copy tool that works well for sending a copy of your books to your external accountant on a quarterly basis, but it’s not something you want to deal with on a daily or monthly basis. Consider QuickBooks Online, our pick for the finest small company accounting software overall. You may add an accountant to QBO and they will not be counted as an extra user.
- Users looking for church management features should note that QuickBooks Premier Nonprofit only handles the accounting side of church management. Aplos Accounting is a fantastic software program that integrates accounting with church administration features including online contribution processing, communication with your congregation, and the creation of a church website.
- NonProfit+ is a strong program for big nonprofit organizations that need complex fund accounting, such as limited funds management, encumbrance accounting, and budget management.
QuickBooks Premier Nonprofit Pros & Cons
QuickBooks Desktop may be found here.
Nonprofit Pricing for QuickBooks Premier
QuickBooks Premier is available on a yearly subscription basis. Customer support and product updates are included with the subscription.
Nonprofit Accounting Features in QuickBooks Premier
The QuickBooks Premier Nonprofit version of the QuickBooks Desktop Premier product is a special edition of the QuickBooks Desktop Premier product. When purchasing QuickBooks Premier, remember to choose Nonprofit as your industry before downloading the software. QuickBooks Premier’s Nonprofit Edition includes all of QuickBooks Premier’s accounting capabilities as well as nonprofit-specific features. You may also look at our comparison of QuickBooks Desktop editions to see which one best suits your requirements.
An internal case study was used to evaluate QuickBooks Premier. We put QuickBooks Premier to the test in 11 essential areas that any small business accounting software should have. For a more in-depth look at QuickBooks Desktop Premier, see our review. Meanwhile, here are some of the general accounting characteristics we’d like to emphasize:
Accounts Payable (A/R)
QuickBooks Premier’s Accounts Payable (A/R) (A/P) module has features similar to those found in QuickBooks Online. In the A/P module, you can create recurring expenses, convert orders into bills, and create service items. Nonprofits and churches can use the A/P module to keep track of accrued expenses like telecommunication bills, utility bills, and other payables. You can also use purchase orders if your nonprofit or church orders office supplies, church supplies, or inventories for sale.
Bill Tracker Premier is a feature of QuickBooks Premier.
Accounts Payable (A/R)
QuickBooks Premier’s Accounts Payable (A/R) (A/R) module has invoice creation and invoice tracking features. With QuickBooks Premier, you can create customized invoices, unlike other church accounting software products that only provide a generic invoice layout. If your church offers services like renting facilities, special services like weddings or funerals, or columbarium spaces, the A/R module can help you keep track of receivables from church members. Nonprofits can also use the A/R module to record receivables from nonprofit products and services. For example, nonprofits who offer financial products can use the A/R module to record customer information, track payments, and create aging schedules.
Premier Income Tracker is a feature of QuickBooks Premier.
Inventory
Because it can monitor inventory levels and the average cost of inventory goods, inventory management is one of QuickBooks Premier’s greatest features. Inventory capabilities are included into A/R and A/P, making it simple to include inventory items in invoices and bills. More crucially, QuickBooks automatically calculates the cost of goods sold (COGS) and the cost of terminating inventory. If your charity operates a gift store, you may use the inventory module to keep track of inventory levels and expenditures.
Inventory Center in QuickBooks
Chart of Accounts for Nonprofits
A strong chart of accounts is the foundation of sound accounting in any company, and NGOs should utilize the UCOA. The IRS’s reporting requirements and widely accepted accounting standards are both met by the custom-designed chart of accounts (GAAP).
Subclasses and custom classes
Class tracking capabilities in QuickBooks Premier Nonprofit may be adjusted to meet your specific requirements. Nonprofits may utilize class tracking to keep track of revenue and spending from fundraising events, charity work, donation drives, community outreach, and other marketing. After subtracting essential charges, you may even produce an income statement per class to examine net contributions or gifts.
Assign costs to a variety of categories.
Receipts for Donations should be created.
Create receipts and keep track of total contributions for year-end mailings. Donor receipts may be printed or sent individually.
Donor Pledges are recorded and tracked.
Pledges from donors may be recorded as receivables and monitored until they are paid.
Letters to Donors at the End of the Year
Annual letters containing total annual contributions may be sent to contributors to support the tax deduction on their tax returns.
Reports
QuickBooks Premier Nonprofit includes reports tailored to nonprofits, such as basic financial statements and management reports. You may create a cash flow statement, a statement of financial position, a statement of operations, or a statement of functional income and cost. You can also generate income statements for each class, summaries of donor contributions, balances for each class, and much more.
Alternatives to QuickBooks Premier Nonprofit Edition
One of our top selections for the finest nonprofit accounting software is QuickBooks Premier Nonprofit Edition. If QuickBooks Premier Nonprofit isn’t the right match for your group, there are a few additional options.
Conclusion
QuickBooks Premier Nonprofit is one of the industry-specific versions of QuickBooks Premier. It includes all of the accounting functions of QuickBooks Premier, as well as nonprofit-specific features. QuickBooks Premier has the disadvantage of being difficult to use and lacking church administration capabilities.
Don’t forget to pick “Nonprofit” when purchasing QuickBooks Premier to access features like nonprofit-specific reporting and a chart of accounts.
QuickBooks Premier Nonprofit is a software program that provides accounting and financial management services to nonprofit organizations. It offers a variety of features, as well as pricing for different types of nonprofits. Reference: quickbooks premier nonprofit 2020.
Frequently Asked Questions
Can you buy QuickBooks 2022 without a subscription?
A: QuickBooks 2022 is a subscription-based accounting software.
Does QuickBooks have special pricing for nonprofits?
A: Nonprofits do not get special pricing, but QuickBooks does offer an end-of-year discount on their software. From November 1st to December 31st, the price of QuickBooks is discounted by 15%.
What edition of QuickBooks is most advantageous for a nonprofit organization?
A: The smallest edition would be best for a nonprofit organization, as it offers the least features. However, if your credit card processing needs are too high or you need additional features in order to run your business effectively and efficiently, then Pro Plus will likely be better suited for you than small company editions.
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