Welcome to QuickBooks Online for Nonprofits.
My name is Ufuoma Ogaga, I am the founder and owner ...
of Goshen Bookkeeping & Consulting.
I specialize in helping nonprofits nationwide to ...
increase profitability one mission at a time.
In today's session, we are going to focus on ...
creating a budget in QuickBooks Online.
So, let's get started.
Now, the final way of creating a ...
budget inside of QuickBooks Online is by creating a ...
budget by class. As a nonprofit organization,
you tend to use classes to really mirror how your Form ...
990 is presented which is typically the program,
administration and fundraising.
So in this tutorial, we're going to create our ...
classes inside of QuickBooks Online.
Now in order to create your classes,
there are couple of things that you have to do first ...
before you can even create the budget.
You need to go to the Gear icon.
You need to go under your company,
select accounts and settings. Once you click on account ...
and settings, what you want to do is click ...
on the advanced tab. When you click on the ...
advanced tab it's going to bring this screen for you.
So in the screen, you want to find the option to ...
says track classes. So in this option,
you need to put the check box right next to track classes.
You also want to put a checkbox right next to where ...
it says "warn me when a transaction isn't the sign to a ...
class." You also want to leave it the ...
default option that says assign classes "one to each ...
row in a transaction." So you leave it as the default ...
option. If you are using location to ...
track to your donor restrictions such as with ...
donor restrictions and without donor restrictions,
you can turn on locations. If you're not using locations,
don't turn it on. You want to make sure the ...
class tracking is actually turned on inside of ...
QuickBooks online. Click save once you've turned ...
that on. And then go down to the ...
green button that says Done. You want to click on the ...
Done button to exit out of the settings window.
And of course, QuickBooks is going to ...
refresh. Once you've turned on class ...
tracking, you actually need to create ...
the classes before you can actually do the budget.
So we're going back to the gear icon again,
under the list heading, you're going to click on All ...
list. And under All lists,
you are going to click on classes.
And here you want to enter all of your classes.
Once you've created all of your classes,
now you are actually ready to go and create the first budget ...
by class. To create your budget by ...
class, you will go back to the gear ...
icon, under the tools menu,
click on budgeting. Then,
you're going to click add a budget.
And we're going to give this budget a name.
Leaving 2019 as the fiscal year,
we going to say our interval is yearly.
Now since I am going to subdivide the budgets that ...
we about to create by class, and I know that this is a ...
sample file, and obviously there's no ...
class tracking data inside, I'm just going to
leave the pre-filled data as no.
Under to subdivide option, you will now see the class ...
tracking subdivide your budget by class.
I am going to click on that option.
And, QuickBooks is going to ask ...
which class do you want to create your budget for.
I usually try to say all of them.
And I'll show you how to switch between all of them ...
work to create your budget. I'm just going to select all of ...
them because I want to create my budget for all three ...
classes. Here where it says view ...
budget for, you have an option of ...
switching between this when you start creating the budget.
So we're going to click the next green button and ...
QuickBooks will automatically default to the first option ...
which is General class.
Same process that we applied before if you a ...
budget is on an annual basis, you want to know click the ...
gear icon, you view by month and add ...
everything in the first month of your fiscal year.
For the sake of this demo and for this particular tutorial,
I'm not going to repeat that step.
So, I'm just going to leave ...
everything on yearly basis. So this budget for this ...
particular class
looks fine to me. You want to make sure you ...
are in the right class so this budget looks fine to me.
Instead of clicking save and close like we did before,
I am going to click save.
And when I click save, it is automatically going to ...
save the amount that I've entered for this particular ...
class for me that way I can click on the program class ...
and switch to enter the rest of the information that I need to enter.
I usually just flip back and forth to make sure my net ...
income and all of that information matches what I ...
need. Once I've done all of that ...
entry process, I will go back to the icon,
this is where you get to click save and close.
So now instead of clicking save,
I am actually going to click save and close.
The budget that we just created is actually here at the ...
top. So every time you add a new ...
Budget or edit a budget, it will always show up as a ...
first one on top of the list. At the top I have my budget ...
by classes that I just created, I am going to go to the action column.
Click the drop-down option right next to the edit button ...
and then click budget overview report.
When I click on that, what you can see on my ...
screen as the column headers,
you see all of the classes we have inside of QuickBooks ...
Online. So we have our general ...
class, program class,
and fundraising class. Under each classes,
we have all of the budget amounts we entered into the ...
system to make up our total amount.
This is typically what most churches do when they have ...
their different classes or funds types.
Some of the fund types might not have income but have ...
expenses. So that is typically what they ...
do. For my regular nonprofit,
yours will likely be admin, program and fundraising.
Or based on how you are tracking your income.
Once you have gone through this process,
you can repeat the same customization process that ...
we did before. Make the negative number in ...
parantheses and take out the cents.
If you want to remove the date and time,
you can do that as well.
Thank you so much for watching.