u/capitalwisdom

I want to gain more hands-on bookkeeping experience with Quickbooks Online (I am already a certified QuickBooks Online ProAdvisor). So I am offering FREE QBO bookkeeping services for US-based nonprofits or for-profit businesses. I live in Florida, but can do it remotely. My free bookkeeping services includes invoicing, bills, categorization, reconciliation, etc. I can take only 2 to 3 clients for free. Please DM me or leave comments below if you are interested. Thank you.

I am a starting bookkeeper and try to think up various scenarios that I want to know how to handle. All the training materials and videos assume that the bank statement uses a calendar month cycle (July 1 to July 31 for example). But what if the bank statement uses a non-calendar month cycle, say, July 10 to August 9? If you do bank reconciliation for July in QBO, would you split the bank statement transactions into July 10 - July 31 and August 1 to August 9? Also you need to find the bank statement transactions from July 1 to July 9 from the previous month's bank statement. I feel like this would be overcomplicating things. How would you handle it? Would you avoid splitting bank statement transactions and just enter August 9 as the ending date for July bank reconciliation?

Urgent help needed. How do you "release" restricted funds (say, $2000) in QuickBooks for United States Nonprofits? Do you create and use a Net Assets Released from Donor Restrictions income account (call it the release account) in the Chart of Accounts? If yes, what the journal entry exactly look like (I received conflicting information from websites: some say that you debit and credit the same release account, others say that you credit the release account and debit Net Assets with Donor Restrictions balance sheet account. I am so confused.)? If you don't create/use a release account at all, how do you release restricted funds then? Thank you in advance.

Urgent help needed. How do you "release" restricted funds (say, $2000) in QuickBooks for United States Nonprofits? Do you create and use a Net Assets Released from Donor Restrictions income account (call it the release account) in the Chart of Accounts? If yes, what the journal entry exactly look like (I received conflicting information from websites: some say that you debit and credit the same release account, others say that you credit the release account and debit Net Assets with Donor Restrictions balance sheet account. I am so confused.)? If you don't create/use a release account at all, how do you release restricted funds then? Thank you in advance.

Urgent help needed. How do you "release" restricted funds (say, $2000) in QuickBooks for United States Nonprofits? Do you create and use a Net Assets Released from Donor Restrictions income account (call it the release account) in the Chart of Accounts? If yes, what the journal entry exactly look like (I got conflicting information from websites: some say that you debit and credit the same release account, while others say that you credit the release account and debit Net Assets with Donor Restrictions balance sheet account. I am so confused.)? If you don't create/use a release account at all, how do you release restricted funds then? Thank you in advance.

Hi US-based bookkeepers,

How do you record and track cash/check donations from individuals in QuickBooks? Do you record them by entering each and every donor's name in QuickBooks (to track how much they have donated for the year to issue tax-deductible statement of donation for them if their donation is more than $250 a year; and some individuals could donate twice a year with a total of $250 but less than $250 each time)? Also, do most small nonprofits use a donation app for individual donations to donate money through it? Thank you in advance.

Hi US-based bookkeepers,

If you have a new client midyear whose QBO setup is not ideal -- cluttered chart of accounts, using locations rather than classes to track functional areas (in the case of nonprofits), etc.. -- should you continue the original setup (since it is midyear) to the end of the year, or would you change the setup immediately (cleaning up chart of accounts, changing functional areas tracking feature to Classes from Locations, etc.)? Either way is a headache for me. Option 1 will continue the messy books I hate, and option 2 risks breaking his books (breaking links between closed invoices/bills to payments, for example) and involves mass work. How do you typically handle this situation?