As a result of Quickbooks budgets solely span a single fiscal yr, a standard drawback going through nonprofits utilizing QuickBooks is how one can take care of budgeting multi-year grants. Listed below are step-by-step directions for how one can use jobs and estimates to perform this:
1. Activate the estimates perform at Edit > Preferences > Jobs & Estimates > Firm Preferences. You may additionally need to activate progress invoicing if you can be invoicing the grant in phases.
2. Create a Buyer for every granting company and a job for every particular person grant. Go to the Buyer Heart and click on on New Buyer & Job.
three. Create double-sided service gadgets for every expense class of the grant. Go to Lists > Merchandise Listing, click on the Gadgets field and choose New. Ensure to map them to each a income and expense account by checking the field subsequent to “This service is utilized in assemblies or is carried out by a subcontractor or companion”.
four. Create an estimate for every grant. Go to Clients > Create Estimates. Choose the Buyer: Job you created for the grant. Add a line for every expense class you created and enter your price range expense within the Fee column. You need to use the Markup column so as to add a % for overhead bills, however most granting businesses prefer to see this damaged out in a separate line.
5. You may ship your estimate to your granting businesses as a grant proposal by deciding on both print or e mail. You may customise it–change columns, headers/footers, and so on.–by deciding on Customise, after which Extra Customization.
6. As soon as the grant is accepted, you would possibly need to take into account turning it right into a gross sales order so you may preserve observe of grant proposals vs. accepted grants. First, activate the gross sales order perform at Edit > Preferences > Gross sales & Clients > Comnpany Preferences. When you do, you may flip an estimate right into a gross sales order by clicking on the little down arrow subsequent to Create Bill.
7. Ensure to make use of the gadgets you created for every expense class on all of your buy transactions. All the acquisition kinds (Enter Payments, Write Checks, Enter Credit score Card Fees) default to the Bills tab, however there’s an Gadgets tab simply to the proper. Choose the Gadgets tab, enter the merchandise for the expense class you are paying and enter the shopper:job for the grant. If it’s a reimbursement grant, preserve the Billable field checked. You may additionally have to activate the “Create Invoices from a listing of time & bills” perform at Edit > Preferences > Time & Bills > Firm Preferences. Notice: You may have each Bills and Gadgets on the identical buy type if you’re making a fee for each grant and non-grant bills.
eight. If you’re making buying or utilizing subcontractors on behalf of the grant, you would possibly need to think about using buy orders. First, activate the acquisition order perform at Edit > Preferences > Gadgets & Stock > Firm Preferences. When you do, you may flip an estimate into a purchase order order by clicking on the little down arrow subsequent to Create Bill.
9. You may flip an estimate into an bill by deciding on Create Bill. Nevertheless, when you turned an estimate right into a gross sales orders you need to create the bill from the gross sales order as a substitute. In any other case, the gross sales order will all the time stay open. If it’s a remibursement grant, you need to create the bill at Clients > Bill for Time & Bills.
10. Use the Job Estimates vs. Actuals Element report (Reviews > Jobs, Time & Mileage) on your grant price range report. You may change the title of the report by clicking on Modify Report and deciding on the Header/Footer tab. Different helpful stories (relying on what extra features you turned on) are Open Buy Orders by Job and Unbilled Prices by Job, each additionally discovered beneath Jobs, Time & Mileage, and Open Gross sales Orders by Buyer (Reviews > Gross sales).