Accrual basis accounting
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Using Simple Start and setting up the business on accrual basis (church-nonprofit), how are general fund monies left from 2008 'brought forward' in the software and kept seperate from 2009 general fund income? At the same time, how can these funds be reported to provide an accurate budget report for the current year P&L? Perhaps my accounting knowledge is not sufficient to see how the software is intended to be used. Thank you for your assistance.
Comment
Well aware of the shortcomings of Simple Start for our purposes and investigating options. In the meantime, we were hoping for a solution to our immediate need. Thank you.
Answer
The funds from 2008 will be in your checking account. When you run a P&L for 2009 you'll seee the income for the current year. I'd recommend the book Using QuickBooks for Non Profits (or similar title) that is available on Amazon. It will help you a lot!
PLEASE mark this answer as solved (click the button under the answer) or post additional questions. Thanks so much!!!
Michelle L. Long, CPA, MBA
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Comment
Simple Start is a very basic form of Quickbooks. Too basic of a program for a church, IMHO.