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Accounting software recommendations for homeschool groups

I am thinking we will need to get QuickBooks to manage our finances.  Do we you recommend the nonprofit version?  I have not looked much into this yet.  Any input is greatly appreciated.

Nancy in CA

 

Nancy,

I don’t think you need the Nonprofit version of QuickBooks. Usually the Pro version is sufficient. The Nonprofit edition is helpful if you receive a grant and need to track grant expenses.

I usually recommend online accounting software instead of purchasing a desktop version. Online accounting means that several people can access your accounting records from their home computers. That’s very important. It also downloads your bank transactions automatically!

I recommend:

QuickBooks Online. You may be eligible for a free version of QuickBooks Online. I wrote about it here: Use QuickBooks Online for free

 Wave Accounting. I set up a small nonprofit on Wave recently. It’s working for them and it’s free!

Aplos Software which is popular with nonprofits and churches.

 

I discuss software options in a chapter in Money Management in a Homeschool Organization,
Cover Money Mgmt HS Org

Carol Topp, CPA

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What Does a Treasurer Do?

 

Do you think all a treasurer does is write checks? Their job involves a lot more that that! Carol Topp of HomeschoolCPA explains the tasks a treasurer does and why her position needs lots of oversight in this short podcast (14 minutes).

In the podcast Carol mentioned a list of Best Financial Practices for homeschool organizations. Find it at  http://HomeschoolCPA.com/Fraud

 

Carol Topp, CPA has written a book just for homeschool treasurers:

Money Management in a Homeschool Organization

  • Does your homeschool group manage their money well?
  • Do you have a budget and know where the money is spent?
  • Do you know how to prevent fraud?

This 115 page book will help you to open a checking account, establish a budget, prevent mistakes and fraud, use software to keep the books, prepare a financial statement and hire workers. Sample forms and examples of financial statements in clear English are provided.

 

Carol Topp, CPA

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Taxes for CC Directors and Tutors

Last tax year I was asked a lot of questions about taxes by CC directors and tutors. Things like:

  • What tax form to use to report their income and expenses.
  • What expenses were tax deductible.
  • What is cash vs accrual accounting.
  • Self employment taxes.
  • How they are paid.

So I have decided to write an ebook titled

Taxes for Classical Conversions Directors and Tutors.

I hope it is helpful to CC directors and tutors and keeps then out of trouble with the IRS.

It should be ready by December 1, 2017 (Lord willing!)

Table of Contents

Chapter 1: What Kind of Business Are You? It Matters!
Chapter 2: What’s an LLC and Should I Be One?
Chapter 3: Can My CC Community be a Non Profit?
Chapter 4: Record Keeping
Chapter 5: Bookkeeping By Hand or with Software
Chapter 6: What’s Tax Deductible?
Chapter 7: Tax Forms: Schedule C
Chapter 8: Tax Forms: Schedule SE
Chapter 9: Sample Tax Returns
Chapter 10: Paying Yourself
Chapter 11: Paying Tutors

Sample pages

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Giving Scholarships or Discounts in Your Homeschool Group

Does your homeschool group give discounts, scholarships or benevolent gifts?

What’s the difference and how should they be operated?

Homeschool CPA, Carol Topp, offers advice and tips on offering help for needy members in this short podcast episode (15minutes).

 

 

I mentioned my book

Money Management in a Homeschool Organization

  • Does your homeschool group manage their money well?
  • Do you have a budget and know where the money is spent?
  • Do you know how to prevent fraud?

This 115 page book will help you to open a checking account, establish a budget, prevent mistakes and fraud, use software to keep the books, prepare a financial statement and hire workers. Sample forms and examples of financial statements in clear English are provided.

 

Carol Topp, CPA

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How Should We Handle Reimbursements in our Homeschool Group?

It’s that time of year when your homeschool group is trying to wrap up its finances for the year. In this podcast episode Carol  Topp, the Homeschool CPA, explains how to give reimbursements to your members properly, so they are not considered taxable income.

Listen to the podcast

Money Management for Homeschool Organizations

Does your homeschool group manage their money well? Do you have a budget and know where the money is spent? Do you know how to prevent fraud? This 115 page book will help you to open a checking account, establish a budget, prevent mistakes and fraud, use software to keep the books, prepare a financial statement and hire workers. Sample forms and examples of financial statements in clear English are provided.

Click Here to request more information!

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Can my homeschool group collect money now that’s for next year?

 

Many homeschool groups collect deposits in the spring for next fall’s programs. This helps with determining how many families will be returning. But how should these early deposits be recorded in a homeschool group’s bookkeeping? Carol Topp, CPA the HomeschoolCPA offers some ideas.

 

Listen to the podcast

In the podcast Carol mentioned a handout that explains how to record early deposits in accounting software like QuickBooks.

Here it is: Deferred Revenue in QuickBoooks (pdf)

Do you have more questions about managing the money in your homeschool organization?

MONEY MANAGEMENT FOR HOMESCHOOL ORGANIZATIONS: A GUIDE FOR TREASURERS

  • Does your homeschool group manage their money well?
  • Do you have a budget and know where the money is spent?
  • Do you know how to prevent fraud?

This 115 page book will help you to open a checking account, establish a budget, prevent mistakes and fraud, use software to keep the books, prepare a financial statement and hire workers. Sample forms and examples of financial statements in clear English are provided.

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What Homeschool Leaders Don’t Know About Fundraisers

What Homeschool Leaders Don’t Know About Fundraisers

Carol Topp, CPA, the HomeschoolCPA will share tips on important issues that homeschool leaders may not know about. This episode will focus on helping homeschool leaders know the tax rules about fundraisers.

Listen to the podcast

 

MONEY MANAGEMENT FOR HOMESCHOOL ORGANIZATIONS:  A GUIDE FOR TREASURERS 

  • Does your homeschool group manage their money well?
  • Do you have a budget and know where the money is spent?
  • Do you know how to prevent fraud?

This 115 page book will help you to open a checking account, establish a budget, prevent mistakes and fraud, use software to keep the books, prepare a financial statement and hire workers. Sample forms and examples of financial statements in clear English are provided.

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Overwhelmed by QuickBooks? Help is available.

QuickBooks is a great accounting software package, but it can be overwhelming. I have some suggestions to help you learn QuickBooks or get the help you need to use it correctly.

TechSoup (the program that offers QuickBooks online for free to nonprofit organizations) offers videos:

QuickBooks for New Nonprofit Users

QuickBooks for Existing Nonprofit Users a more advanced video

Techsoup also has some blog posts on QuickBooks.

Running QuickBooks in Nonprofits by Kathy Ivens is a great book. My go-to-referral for all things QuickBooks.


The resources listed above are helpful, but they are not specific to homeschool organizations.

I can recommend some homeschool moms and dads with bookkeeping experience who can help you. They know QuickBooks and have experience with homeschool organizations. These wonderful bookkeepers can help you get setup (that’s the hardest part), do a monthly or quarterly check up to see if you’re using the software correctly, or fix your QuickBooks file if you’ve blundered it up.

Email me to get a recommendation of a homeschool-friendly QuickBooks expert.


Carol Topp, CPA

HomeschoolCPA.com

 

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Accepting in-kind donations of equipment or services

Carol,

My homeschool group (a 501c3 nonprofit) was donated $500 in science equipment. How to I record a gift like this in my record keeping? We use QuickBooks.

 

How wonderful to receive such a generous donation. As a 501(c)(3) tax exempt organization the donation is a tax deductible contribution for your donor.

Thank the donor

First, be sure to thank the donor with a nice letter. State what the donation was (science equipment) but not the dollar amount. Only state the dollar amount when the gift is cash.

And be sure to include this note: “No goods or services were provided in exchange for this donation.”

Understand in-kind donations

A contribution that is paid or given in goods, commodities, or services instead of cash is called an “In-kind” contribution.

Free Church Accounting offers some great information on accepting and recording in-kind donations for small nonprofits like homeschool groups.

There are typically three categories of in-kind donations. They are

  • contributions of tangible and intangible goods
  • use of property
  • donations of services

Tangible gifts in-kind (physical goods that can be touched or held) include: furniture, equipment, food, clothing, supplies.

Example: The donation of science equipment is a tangible in-kind contribution.

Intangible gifts in-kind (goods have value but do not have a physical presence) include: trademarks, copyrights, patents, royalties, advertising.

Example: If a member of your homeschool group lets you print copies of her book or curriculum at no cost she has granted you an in-kind contribution of her copyright.

Use of property include free leased space and discounted rent.

Example: A church lets your homeschool co-op use their building for free.

Professional services given as gifts in-kind include services of accountants and bookkeepers, lawyers, plumbers or electricians, computer programmer, designers, technical support, etc.

Example: One of your members is an attorney and created bylaws for your organization.

Recording donations of in-kind contributions

Some small homeschool organizations don’t record in-kind contributions at all because they do not have to report financial statement to the IRS (they file the Form 990-N) or don’t use accounting software.

But if you would like to record your in-kind contributions in your accounting software here are a few examples from Free Church Accounting

An accountant donates 5 hours a month to do some accounting work that your organization would have had to pay another accountant to do. She regularly charges $100 per hour to do a similar service. To record this gift in-kind you would:

  • Debit Professional Service In-Kind $500
  • Credit In-Kind Contributions $500

Important reminder: Thank your donor for their services, but do not give them a tax deductible receipt for the value of their services. Donors cannot take a deduction for the time that they donated. Only donations of cash, tangible and intangible goods are tax deductible, not the value of services.


A business donates a portable building valued at $12,000. Assuming that your organization has a policy to capitalize assets of this value (meaning you depreciate the value over several years), you would record this gift in-kind like this:

  • Debit the fixed asset account (Portable Building In-Kind) $12,000
  • Credit the In-Kind Contributions $12,000

A person donates an computer valued at $400. Assuming that your organization has a policy to expense assets of this value (meaning you do not depreciate it; you deduct the full amount as an expense in one year), you would:

  • Debit the Equipment In-Kind (expense account) $400
  • Credit the In-Kind Contributions $400

 

Have more questions about properly recording your income, expenses and contributions? My book Money Management in a Homeschool Organization can help.

Or contact me to get help with your accounting set up and transactions. I can refer you to a cadre of homeschool parents with experience in bookkeeping.

Carol Topp, CPA

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Use Quickbooks online for free

I encourage my nonprofit clients to use QuickBooks online (or other online accounting software) and now qualified nonprofits can use QuickBooks online for FREE!

TechSoup, a charity that arranges free or discounted software for nonprofit organizations, offers

One year subscription to Quickbooks online for up to 5 users.

Do this NOW!

If you manage bring in than $20,000 in revenues per year I recommend you start using accounting software. If you have more than $50,000 in revenues in a year I HIGHLY recommend you start using accounting software and Quickbooks online is an excellent choice.

Make it a New Years resolution for 2017 to start using accounting software and be a better money manager of your homeschool organizations finances.

Lots of homeschool parents are depending on you to run your organization successfully.

The advantages are huge:

  • Multi-user so you don’t overburden one person with all the record keeping. Even a bookkeeper or CPA (like me) can log in remotely (with your permission).
  • Online backup so nothing is lost.
  • Email invoices so you can easily track who still owes you.
  • Create reports that show how much money has been spent.

Help is available

Are you afraid of accounting software? It can be complicated, but Tech soup offers some helpful videos.

Or if you prefer more personal help I can recommend some homeschool moms and dads with accounting and bookkeeping experience who can help you. They know QuickBooks and have experience with homeschool organizations. These wonderful bookkeepers can help you get setup (that’s the hardest part), do a monthly or quarterly check up to see if you’re using the software correctly, and answer questions you have.

Email me to get a recommendation of a homeschool-friendly QuickBooks expert.


There are a few catches to TechSoup’s free program:

  • You need to be a qualified nonprofit organization, that means nonprofits with 501(c)(3) tax exempt status.
  • You need to re-subscribe each year, but the renewal fee is free.

What have you got to lose?

If you don’t take advantage of this offer please tell me why in the comments or email me. I want to understand your concerns or obstacles.

Carol Topp, CPA

 

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