Setting up Quickbooks

QuickBooks is a very flexible, user-friendly system, which should save the organisation time and trouble; it will warn you about possible errors and prevent you from performing certain mistakes (e.g. when amount on a cheque don't match). Transactions are easy to alter and reports / invoices can be customised or adapted to suit the organisation.

There is no limit to the number of companies that you can set up. However, you normally will require only one company for your organisation, although it is useful to set up a trail company to practice you need to ensure that it is clearly identified as such.

It is usually best to start on the first date of the organisation financial year e.g. 1st April. Don't worry about inputting transactions or opening balances immediately, these can always be entered retrospectively.

The impetus for moving your accounting to a computerised package is often due to the difficulties of satisfying funders reporting requirements on a manual system. QuickBooks allows separation of funds, these are identified as classes. The system allows for flexibility of reporting dates and fund can be shown separately or combined.

It take times to familiarise yourself with the package and it doesn't look anything like your old cashbook or your ledger!

It is best if the organisation has a clear idea of their budget headings and funders requirements.

Getting Started

It is important that the organisation has a clear idea of what types of accounts their need to set up. This is called Chart ofAccounts in QuickBooks. Most organisations have a bank account (if more than one these will also need be set up separately) and a petty cash. The bank and petty cash are up under the bank section of the Chart of Accounts.

  • Open Company
  • Back up; back-up your work onto a floppy disk / Rw CD or flash drive after each session and label or date the external media.
  • Restore; if a session goes disastrously wrong you can restore€ the previous session / back up (but remember doing this will delete all transactions since the previous back-up).
  • Print Forms; use when printing a large number of similar transactions
  • Exist
  • Easy Step Interview; amend your initial preferences

  • Use Register; A fast way to move through or find transactions (nb the write cheques or make deposits window must be open to activate the register which lists all transactions 1 to a line in date order. Double click on the relevant line to open the transaction and amend if required. The register looks like a bank statement and you will have a separate register for each bank and cash account you set up. A running balance on the account is shown.
  • Preferences; change / add
  • Use Calculator


Chart Of Accounts;

Take the account headings from the organisation budget headings; it is possible to add sub-accounts (even into sub-sub accounts) but try to keep the list fairly simple. You can add, delete or merge accounts.Print out the Chart of Accounts for reference purposes. (nb Income & expenditure Account usually come out in alphabetical order, but can be re-arrange). You can get Quick report for any account heading you choose.

Class List; As well as analysing the income and expenditure into accounts you can have another level of analysing using classes. This will help the organisation to identify which pot of money the organisation is spending from, which grant of source of funding the organisation is using. The classes are there to keep track of the organisations income spending for different funds. You can create as many classes as the organisation require (again this can be broken down into subclasses) but try to keep it simple and only use classes for things the organisation definitely need to keep track of separately.

It is best to use project names rather than the funder name, especially where there is more than one funder contributing to the same project. E.g. Luncheon Club for the over 60s is funded by City Trust and Big LotteryFund, name the class as Luncheon Club 60s rather than have Big Lottery Fund and another class City Trust. UsingClasses is a very useful tool for grants where a funder requires a report on how the money has been spent. It is best to create a further class to cover unrestricted income and expenditure, which you could call Core, Unrestricted or General. You can add, delete, merge or amend classes.You can get Quick reports for any class you choose.
Memorised Transaction List; you can memorise regular transactions such as direct debits, standing orders, etc.

  • Change your Password
  • Set up Budgets; these can be set up for each account and each class.
  • Reminders
  • Chart of Accounts
  • Writes Cheques
  • Use Register
  • Make Deposits
  • Reconcile

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