What financial reports do we need to generate monthly?

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Hi Carol,
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.

Hilary S.

Hilary,

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/cash flow statement.  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.

Cover Money Mgmt HS Org

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 needs help in setting up QuickBooks, I have a list of bookkeepers (all homeschool moms and QuickBooks experts) to help her.  She can e-mail me with what needs to be done and I’ll connect her with some experienced help.

I hope that helps.  I wish you the best of success!

Carol Topp, CPA

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