Thanks to our friends at the Center for Nonprofit Excellence for sharing what they know!
Small nonprofit organizations at risk of losing their tax-exempt status because they failed to file required returns for 2007, 2008 and 2009 can preserve their status by filing returns by Oct. 15, 2010, under a one-time relief program, the Internal Revenue Service announced.
Read the full news release
The Loan Manager feature in QuickBooks helps you track the loans that you’ve set up based on the information in your Long-term Liability and Other Current Liability accounts. When you use the Loan Manager, you can keep track of all your loans in one location and be reminded of upcoming payments.
When you’re ready to add a loan to the Loan Manager, have your loan documents in hand. You’ll need them for the origination date, payment amount, term, escrow amount (if any), interest rate, and other information.
For a new loan, set up a liability account for the loan. When you add the account and lender details, include any information you want the Loan Manager to use for tracking, such as the account number and lender contact information. This information can be found on your loan documents. Be sure that you enter the correct opening balance for the account. Otherwise, you will not be able to set up payments from the loan manager. Set up an expense account for tracking the loan interest. If you need to make escrow payments to the loan, set up an escrow account for them.
Correct set up of your loans in Loan Manager will help you categorize interest and principal payments.
We still have $23,700 to go toward towards replacing the snow-damaged roof at Central Virginia Chapter headquarters of the Red Cross! Special thanks (again!) to Joe Thomas, of WCHV 1260 AM and 94.1 FM, for continuing his fundraising efforts and serving as the celebrity bar host at Siips on July 15th.
His tips and an evening contribution from the owners went toward helping meet the goal.“During the snow storms this past winter, the Red Cross roof took a terrible beating…under the weight of 36 inches of snow and the lobby ceiling collapsed” said Joe. “Now Red Cross staff use buckets throughout the building whenever it rains…the roof needs to be replaced.”
Setting Up a Bookkeeping System for Your Organization
WHEN: Thursday, July 29 9:00a to 12:00p
WHERE: Virginia Foundation for the Humanities, Charlottesville, VA
WHAT: Whether simple or complex, if you are to fulfill your mission, a bookkeeping system is a key ingredient for your organization. Join Mark & Andrea Crews, of LaCrews Bookkeeping, to learn tips for setting up an effective bookkeeping system, choosing the right software for your organization, and options for dealing with payroll. This session will offer tips for organizations large and small. Nonprofit executives, business managers, board chairs, and board treasurers are encouraged to attend.
FEE: $25 for CNE members; $50 for non-members
Advance Registration Appreciated: tinyurl.com/2by9lbb
Yesterday, financial data of small businesses across the country were held “hostage” if they were QuickBooks Online subscribers. This is the SECOND time in less than a month that an Intuit service outage has happened. This morning, Intuit’s services appear to be back to normal.
If you or someone you know who were frustrated by this experience, we have a variety of solutions to offer you as an alternative to QuickBooks Online. If you prefer working in the “cloud”, but don’t want to use QuickBooks Online please call or email us.
