Small to midsize churches and nonprofit organizations can use QuickBooks Premier Nonprofit, a desktop version of the accounting software. To help nonprofits in managing revenue and expenses by program service, it includes a single chart of accounts for nonprofit accounting and class tracking. One of our picks for the best small business accounting software is QuickBooks Premier, which is a flexible option for churches and other nonprofits that require advanced accounting tools. QuickBooks Premier costs $549.99 for a single user or $1,049 with payroll.
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A desktop version of QuickBooks called QuickBooks Premier Nonprofit is suitable for small to midsize churches and nonprofit organizations. It includes class monitoring and a single chart of accounts for nonprofit accounting to assist organizations in tracking income and costs by program service.
What Problem Does QuickBooks Premier Nonprofit Solve?
In contrast to QuickBooks Online, QuickBooks Premier Nonprofit is preconfigured for usage by churches and nonprofit organizations. It’s excellent for bookkeepers of straightforward organizations who want to get up and running fast because it requires minimal customization:
Nonprofits that Must Submit IRS Form 990 or 990-EZ: Of all entities, nonprofits have some of the most difficult IRS filing obligations. You can segregate all grants, revenues, and costs not only by function but also by program service with the aid of QuickBooks Premier Nonprofit.
Nonprofits with Various Program Services: It is possible to design classes and subclasses to divide revenue and costs into various software services. Class monitoring is a tool that churches can utilize for a variety of occasions, including regular worship services, child care, Sunday school, outreach initiatives, and fundraising.
Nonprofits Searching for Better Reporting or Startup Nonprofits: The Unified Chart of Accounts (UCOA) for NGOs, which is built around the necessary Form 990 filing, is available for download. This provides new organizations with a significant advantage, but it is also helpful to any charity that is prepared to invest the effort to update its chart of accounts in order to more readily comply with Form 990 regulations.
Churches Requiring Customizable Accounting Software: QuickBooks Premier Nonprofit may be customized by seasoned bookkeepers to offer a vast breadth of data that is not there in easier-to-use church software.
Nonprofits with Unrelated Business Taxable Income (UBTI): To keep track of revenue and costs for Form 990-T, you might create a distinct class for unrelated business taxable income.
What Purpose does the QuickBooks Premier Nonprofit Not Solve?
In this section, you will get to know about the aspects for which the QuickBooks Premier Nonprofit is not a perfect fit:
Churches and Nonprofits Devoid of a Central office: For extremely tiny NGOs without an office, installing the application on a desktop computer can be an issue. You have to consider carefully if you want the nonprofit’s books stored on a volunteer’s or employee’s computer. It could make more sense to use a cloud-based tool like QuickBooks Online. You can read comparison of QuickBooks Online vs Desktop for more information.
Churches and Nonprofits with a Bookkeeper Requiring Assistance: QuickBooks Nonprofit Edition is more difficult to share with a third-party accountant because it is a desktop application. To give your external accountant a copy of your accounts on a quarterly basis, the application features an accountant’s copy option that works just fine, but it’s not something you want to deal with per day or for 30 days. It is advisable that you take a look at QuickBooks Online, which is the finest small company accounting software overall.
Users Searching for Church Management Features: Only the accounting portion of administering your church is covered with QuickBooks Premier Nonprofit. A good piece of software called Aplos Accounting integrates accounting with church management functions including online contribution processing, congregational communication, and website creation.
QuickBooks Premier Nonprofit Accounting Features
The various features of QuickBooks Premier Nonprofit Accounting are:
The accounts receivable (A/R) module of QuickBooks Premier includes functionality for creating and monitoring invoices. QuickBooks Premier allows you to design personalized invoices. The A/R module can assist you in keeping track of receivables from church members if your church provides services like facility rentals, special services like weddings or funerals, or columbarium spaces. The A/R module may be used by nonprofits to track unpaid invoices for goods and services. The A/R module, for instance, may be used by NGOs that provide financial products to keep track of payments, record client information, and provide aging schedules.
The accounts payable (A/P) module in QuickBooks Premier contains capabilities that are comparable to those in QuickBooks Online. You may create service items, turn orders into invoices, and generate recurring costs in the A/P module. The A/P module may be used by churches and nonprofit organizations to manage incurred costs such as utilities and other payable bills and phone bills. Purchase orders are also useful if your church or charitable organization has to order inventory for sale or office supplies.
The ability to track inventory amounts and the average cost of inventory products makes inventory management one of QuickBooks Premier’s greatest features. Since the inventory functions are integrated into A/R and A/P, adding inventory items to invoices and bills is simple. The cost of ending inventory and cost of goods sold (COGS) is automatically calculated by QuickBooks, which is more essential. You may use the inventory module to keep track of stock levels and keep an eye on expenses if your charitable organization operates a gift store.
Custom Classes and Subclasses
The class tracking capabilities in QuickBooks Premier Nonprofit may be adjusted to meet your needs. Using class monitoring, nonprofits may keep track of the money they earn and spend on things like charity work, community outreach, donation drives, and advertising. In order to show net contributions or gifts after subtracting essential expenditures, you may even build an income statement per class.
Nonprofit Chart of Accounts
A solid chart of accounts is the foundation of excellent accounting in any business, and NGOs should utilize the UCOA. The specifically created Chart of Accounts complies with both the IRS’s and generally accepted accounting principles (GAAP) reporting requirements.
Basic financial statements and other management reports are among the nonprofit-specific reports included in QuickBooks Premier Nonprofit. You may produce a cash flow statement, a statement of operations, a statement of functional income and cost, and a statement of financial condition. Furthermore, you may produce a balance by class, a donor contribution summary, an income statement by class, and much more.
Keeping Track of Donor Pledges
Pledges from donors can be monitored until they are paid and recorded as receivables.
Generating Year-End Letters to Donors
To support the tax deduction on their tax returns, yearly letters can be issued to contributors with their total annual gifts.
Creating Receipts for Donation
Creating receipts and keeping track of the total amount donors have been made for year-end mailings. Donors have the option of printing or emailing their own receipts.
What is the QuickBooks Premier Nonprofit Pricing?
QuickBooks Premier is available as a yearly subscription. The membership includes unrestricted customer service and product updates.
|Premier Plus 2022||Premier Plus 2022 + Payroll|
|Maximum Number of Users||5||5|
|Free Maintenance Updates||Yes||Yes|
|Unlimited Feature Updates||Yes||Yes|
|Unlimited Customer Support||Yes||Yes|
|Online Data Backups||Yes||Yes|
|Payroll Features||As add-on||Yes|
|Free Payroll Support via Phone and Chat||As add-on||Yes|
|Choose an Industry-specific Version||Yes||Yes|
What Are the Advantages and Disadvantages of QuickBooks Premier Nonprofit?
Advantages of QuickBooks Premier Nonprofit
The benefits have been highlighted below:
- Consists of the UCOA for the benefit of nonprofits
- Offers insights required for Form 990EZ or Form 990
- Record pledges and creates receipts for the various donations collected or received
- Creates letters for donors
- Keeps track of grants, expenses by program service and function, and other revenues
Disadvantages of QuickBooks Premier Nonprofit
The disadvantages are mentioned below:
- It takes time to get accustomed to the powerful program
- License is mandatory for five concurrent users
- It is difficult to share in comparison to cloud-based programs with an off-site accountant
- It does not include church or nonprofit management features
- It is not very user-friendly compared to other nonprofit accounting packages
The article highlights the QuickBooks Premier Nonprofit and pricing. You get to know about the purpose it solves, the purposes it does not solve, the features, pricing, benefits, and more.
However, if you are unable to follow the guidelines, the pricing, or the attributes, then you should reach out to a professional QuickBooks expert. You will get a detailed explanation from the expert on the matters with which you require assistance.
Meanwhile, if you have queries related to the QuickBooks Premier Nonprofit and pricing, you should connect with Dancing Numbers experts via LIVE CHAT.
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Frequently Asked Questions (Faqs)
What Are Some of the Features of QuickBooks Premier Nonprofit Plus 2023?
You can install the application on one computer:
• It comprises 1 user (and you have to pay $300 for each user up to 5)
• You get industry-specific reports
• You receive premium money management features
• You get to create sales orders
• You can track inventory and costs of products
• You can set service and product prices by choosing the customer type
• You can modify the inventory reports
What can Large Nonprofits Do that Require Fund Management?
Large nonprofit organizations require complex fund accounting, including encumbrance accounting, limited funds management, and budget management. NonProfit+ is a potent tool for these tasks.