The Appetizer
Day 1: Bank Recs – A Deep Dive: Reconciling and Fixing Bank Accounts in QBO
Do your bank reconciliations actually prove that your books are right? Or are you just trying to get the difference to zero and move on?
Bank reconciliations are one of the most important internal controls in QuickBooks Online, but they are also one of the most misunderstood. What does it really mean when an account has been reconciled? What do you do when the beginning balance is wrong? Why do old outstanding checks and deposits keep showing up? And why doesn’t the reconciliation report always seem to agree to the Balance Sheet?
In this webinar, learn how to complete bank and credit card reconciliations in QuickBooks Online, troubleshoot the most common problems, clean up old issues, avoid dangerous shortcuts, and use QBO’s newer AI-powered reconciliation tools to help identify problems faster.
Topics include:
- What it actually means to complete a bank reconciliation in QuickBooks Online
- The basic reconciliation process from beginning balance to finished reconciliation
- What to do when the beginning balance does not agree, including the most common causes and how to fix them
- How to deal with old outstanding checks, deposits, and other uncleared items that keep showing up month after month
- How to attach bank statements and other support to document the reconciliation
- How to use QBO’s AI-powered reconciliation tools to help compare bank statements to QuickBooks and identify possible issues
- Why a bank reconciliation may not agree to your financial statements — and how to
make it so it does
- How to reconcile credit card accounts when there are multiple employee cards,
subaccounts, or one parent credit card account
- When not to make a reconciliation adjustment — and what to do instead
The Main Course
Day 2: Advanced Restricted Grants- Funder-Based Reporting
Do you have restricted grants that require detailed reporting by specific line items that are COMPLETELY DIFFERENT than the way your chart of accounts looks? Many of these grants are from governmental entities and some are reimbursement based.
If you are spending hours struggling to translate your QuickBooks financials into the unique line items required by your grantor, this webinar is what you’ve been waiting for!
Join Gregg in this first ever advanced session where he will demonstrate how to use the items (product/service in QBO) to create P&L’s by grant that match your grant reporting line items and/or reimbursement grant requests. Gregg will demonstrate how to do this while keeping the profit and loss accounts your board knows and loves intact!
Learn how to:
- Set up unique line items in QuickBooks that match your grant line items
- Enter grant revenue and expenses suing these unique items and charge them to the grant
- Enter a budget using these same line items (not your accounts)
- Generate reports for your grant that match the line items needed for reporting/reimbursement
- BONUS: Generate Invoice in QuickBooks for reimbursement-based grants automatically using the billable feature
Note: This is an advanced webinar. Come ready to learn – but still have fun!
Dessert
Day 3: From Numbers to Narrative: Creating Board-Ready Management Reports in QBO Advanced
Do your board members actually understand the monthly financial reports you give them? Or are you sending them a stack of QuickBooks reports and hoping they can figure out the story on their own?
QuickBooks Online Advanced includes a powerful Management Reports feature that allows nonprofits to combine financial statements, written explanations, charts, KPIs, logos, a table of contents, and other presentation-ready elements into one professional monthly board report that board members will actually read, understand, and use.
In this webinar, learn how to use Management Reports in QBO Advanced to create a clear, professional, board-ready monthly financial report that can be saved as a template and updated each month.
Topics include:
- What Management Reports are and why they are especially useful for nonprofit board reporting
- How to create a customized monthly board report package in QBO Advanced
- How to include key financial reports such as a Profit and Loss compared to budget and a Balance Sheet compared to prior year
- How to add written summaries, financial highlights, and narrative explanations for board members
- How to use QBO’s AI-powered report insights to help identify trends, anomalies, KPIs, and possible talking points
- How to add charts and visual elements to make the report easier to understand
- How to add logos, branding, cover pages, headers, footers, and a table of contents
- How to hide zero rows and columns and clean up the report so board members are not overwhelmed
- How to add custom reports and chart widgets to the Management Report
- How to save the report as a reusable template that can be recreated and updated each month
