We have purchased QuickBooks and our treasurer is working hard to learn the software. What financial reports do we need to generate monthly? We need these reports to be a simple process.The Balance Sheet and Profit and Loss statements in QuickBooks looks overwhelming.
QuickBooks can be as simple or as complicated as it needs to be. The reports your treasurer generates is based on what the board wants to see.
When I was treasurer, I gave my board a Profit and Loss statement. They really liked to see the budget in one column and actual income and expenses in another column. Then they could see how we were doing compared to our budget. This report can be generated in QuickBooks as a Budget Report.
I also created a mini balance sheet. I took the amount in the checking account and then listed payments to be made. This gave the board an idea of how much cash we had on hand and where it was planned to go.
If the statements in QuickBooks are too overwhelming, then perhaps you’re not using QuickBooks correctly. I frequently see QuickBooks users make their Chart of Accounts too long. Then the Profit and Loss becomes 2-3 pages long. I recommend that a Profit and Loss be kept to one page or less.
My book Money Management in a Homeschool Organization could be a big help to your treasurer. It has tips, samples and lots of examples.
If your treasurer would like my help in setting up QuickBooks, I’d be happy to help. She can e-mail me with what needs to be done and I’ll give you an estimated cost.
I hope that helps. I wish you the best of success!
Carol Topp, CPA
Want more tips on managing money in your homeschool organization? Sign up for my email list and I’ll send you my list of “best practices.”