QuickBooks for Non-Profits – Learn how NGO’s Accounting Software works for an organisation in Nigeria with typical tips on how to track revenue, manage expenditures and ascertain surplus or deficit.
We understand that, as a non-profit making organization whose core objective is not to make profits but extend social benefits to your immediate environment, one major area you will definitely want to get right is financial management; a sub-part of your operation that focuses on accurate recording of inflows and outflows of cash in order to a good grasp on how your organization’s positions are, for effective decision making.
Request For Our Accounting Software ServiceFor over 5 years, we have implemented QuickBooks for several companies under Retail, Manufacturing, Oil & Gas, Real Estate & Construction, Travels, Hospitality,Legal, Co-operatives, NGOs, Financial & Service Sectors.
- Mbaire Services Nigeria Ltd(Construction)
- Aristokrat 360 Limited(Creative & Media Agency)
- Alpha Pharmacy (Health Care & Supermarket)
- Hawkes Legal(Legal)
- Lilygate Hotel(Hospitality)
- Josien Holdings Limited(Distribution)
- Aisha Buhari Foundation (Futured Assured)(NGO)
- Doheney HR Services(HR)
- Biddel Oil & Gas Limited (Oil & Gas)
- System Intelligenz Limited(Contractor)
- MagTech Information Security (IT)
- Infusion Cakes Nigeria (Bakery)
- Landmark Centre (Event Centre)
- Mountain Ice Travel & Tour (Travels)
- BTS System (Service)
- Logos Travel Support & Solutions Ltd (Travels)
- Germaine Auto Centre (Autos)
- BD Consult (PR)
- Starlight Nigeria (Retail)
- Temple Private School (Education)
- C. Charles Resources Limited (IT consulting)
- Adeniyi Coker Consultants Limited (Real estate and construction)
- The Nigerian Economic Summit Group (NGO)
- Value Mart Supermarket (Retail)
- Transweb Bureau De Change (Financial Service)
- Wakanow Travels (Travels)
- Vektro Food Limited (Manufacturing & Retails)
- Orient Petroleum PLC (Oil & Gas)
- Plus More
Recently, a staff of an NGO plainly requested for QuickBooks Enterprise so they can organise their finances.
What is QuickBooks Enterprise? QuickBooks Enterprise is the most robust of all the versions of QuickBooks designed to cater for growing businesses that own multiple warehouses for stock keeping, requires more than 5 and up to 30 users’ license to work on a central data file. From our experience, we don’t advise clients to buy as such version is a complete waste of money except you require 10 users licenses or more; the right QuickBooks NGOs need to run their account effectively is an updated Professional Edition, also known as QuickBooks Pro
NGOs are organisations that don’t buy inventories nor sell to customers – they are strictly established to help finance social projects that will impact targeted communities. All incoming funds coming from donors are channelled to different activities and accountability is required.
In this post, I will be sharing my experience and how I successfully implemented QuickBooks for an NGO in Abuja – it was a remote setup that required Team Viewer and internet connection.
According to the finance manager, they are funded by local and international donors and as such would love to add these donors and their details in QuickBooks. When funds from abroad are wired into their domiciliary account, they would like to record the US dollars, Euro or GBP receipt as donation or grants while accounting software is expected to report the local currency equivalent of the funds as income in their revenue and expenditure account (Naira) using the prevailing exchange rate. Every expense incurred with the receipts, after it has been transferred to a local bank account, will also be tracked and how well they are utilised.
I have implemented QuickBooks for several NGOs in Nigeria, and the shouldn’t be an exception only that their transaction workflows start from foreign currencies and end up as local currency expenses.
Here is step by step guide to setting QuickBooks for NGOs like this:
Firstly, add all the donors and their details into the system and assign the appropriate currencies donations or grants from them are received into your bank account; for instance, if I add all the foreign donors, I will select EURO, USD or GBP to their currency, let’s I say WorldBank is a key donor to an NGO and they support local causes wih dollar donations, it means that WorldBank will be added as a donor and USD aigned to their currencies; this is very important so that you can track all foreign funds coming at every point in time.
Whenever there is an inflow into the NGO’s domiciliary account, the receipt window is used to record all, while the transfer fund lets you move the fund to a local currency bank for disbursement to relevant cost centres.
Listed here are the summary of how QuickBooks software can work for Non-Profit Making organisation.
- Income – In QuickBooks, you can set-up your income channels like Donations, Corporate Sponsorship, Membership Subscriptions etc as an item which will appear on receipt and invoice generated.
- Expenses – QuickBooks has thousands of expenses type you can choose from when recording your daily, weekly or monthly expenses – From Staff salaries, Rents, Office Supplies, Miscellaneous Expenses or even add your own customised expense types.
- Financial Report – You can generate weekly, monthly or yearly financial report of your organisation’s activities, track financial performance via Income and Expenditure report, monitor Cash Flow and view your financial position.
- Document/Report Customization – You can even customise electronic source documents – receipts or invoices to suit your organisation’s style and add your organisation’s logo to the financial report.
- The software also tracks all investment by NGOs to profit-generating activities like acquisition of assets for business purposes, investing in financial market, e.t.c
For more information on how we can help you set-up QuickBooks for your Non-Profit organisation, send a mail to firstname.lastname@example.org or call – 08084219399
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