USING QUICKBOOKS TO RECORD RESTRICTED TRANSACTIONS

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1 USING QUICKBOOKS TO RECORD RESTRICTED TRANSACTIONS Recording Pledges Pledges are unconditional promises that a donor gives to your organization, which could include a promise for money over a period of time, a one-time gift or in-kind donations. When a pledge is recorded, contributions income is also recorded at the same time. In the accounting rules, once an unconditional promise is made, the pledge should be recorded as of the date the promise is made. For example, if a donor sends you a letter that declares that s/he is going to give you $5,000 for your next year s operations, you need to record it as a pledge when the promise is made, NOT when it is received in the next year. QuickBooks tracks every Customer as a Job. That means you can code any revenue or expense item to a Customer and later produce a report for just that Job. This is useful if you have a particular grant, within a program (which is coded as a specific Class ), that needs to be accounted for separately. The restriction can be satisfied by either the passage of time or by expending the funds for their restricted purpose. For example, pledge receivables are, by default, time restricted because you have not received the funds yet. If there are no other program restrictions on the pledge, when you receive the funds, the time restriction is released because the collection has been made. See section Recording Temporarily Restricted Activity for more information on how to record and release pledge transactions. To record a pledge receivable: o Home Screen / Customers/Donors Create Invoices (make sure it is under the correct Pledge template) Enter the Customer name, class, date of the pledge, item, any other description and amount, then Save & Close To record receipt of the pledge: o Home Screen / Customers/Donors Receive Payments (make sure the correct Pledge Receivable account is in the A/R Account section) Enter the Customer name, amount, date of receipt, pmt. Method, and any other memo or reference you need, then Save & Close If the payment is less than the total amount owed, a screen will show that asks if the underpayment should be left as is or if you want to write off the extra amount. Usually you will leave it as an underpayment until the full pledge has been paid. At any point in time, you can run a report for all receivables by: o Reports / Customers & Receivables / A/R Aging Summary 1

2 If a pledge is promised to be received over several future years, a discount may need to be recorded. Recording Temporarily Restricted Activity One of the largest areas of confusion in small nonprofit organizations is how to account for restricted contributions. The accounting rules require that restricted contributions be recorded in the period in which the contribution is unconditionally promised even if the funds are to be received and used in a future period. This is confusing for most organizations why would you record a contribution before you receive it? The rules state that these sorts of contributions must be separated from your normal contributions in a section called Temporarily Restricted contributions. Then, when the time has come to use those funds for their purpose, they are Released from the restriction and pulled into your ordinary operations. There are basically two types of temporarily restricted contributions: those promised (see above) and those that have been received in advance that are intended to be used for a future restricted purpose. The donation income is treated the same way in either case. If you have set up your QuickBooks chart of accounts as suggested in the Example Chart of Account Listing, you will notice the section on Temporarily Restricted Activity. On the next page are instructions on how to record the various transactions and releases. Color key: Original transaction Journal entry done after transaction Month end journal entry 2

3 Transactions related to temporarily restricted donations: 1 To record a new pledge When pledge is made Create Invoice 07/01/ Donor 1 To record new pledge Contribution Receivable Program: Shelter 50, Donor 1 To record new pledge Contributions for Future PeriodProgram: Shelter 50, , , Month end General Journal 07/31/2011 1a Donor 1 To record all new pledges Unrestricted Net Assets Program: Shelter 50, Donor 1 To record all new pledges Temp. Restricted Net Assets Program: Shelter 50, , , To record receipt on the pledge When received Receive Payments 07/01/ Donor 1 To record receipt of pledge Operating Checking Program: Shelter 30, Donor 1 To record receipt of pledge Contribution Receivable Program: Shelter 30, , , JE right after transactiongeneral Journal 07/01/2011 2a Donor 1 To record receipt of pledge Restricted Funds Released Program: Shelter 30, Donor 1 To record receipt of pledge Restricted Funds Released Program: Shelter 30, , , Month end General Journal 07/31/2011 2b Donor 1 To record all releases Temp. Restricted Net Assets Program: Shelter 30, Donor 1 To record all releases Unrestricted Net Assets Program: Shelter 30, , , To record a temporarily restricted contribution When donation receiveddonations 07/01/ Donor 2 To record temp restricted contribution Contributions for Future PeriodProgram: Shelter 5, Donor 2 To record temp restricted contribution Operating Checking Program: Shelter 5, Month end General Journal 07/31/2011 3a Donor 2 To record all temp restricted contributions Temp. Restricted Net Assets Program: Shelter 5, Donor 2 To record all temp restricted contributions Unrestricted Net Assets Program: Shelter 5, To release temporarily restricted funds related to expenses paid for restricted purpose When bill is received Enter Bills 07/01/ Donor 2 Expenses paid for restricted purpose Medical and Diagnostic Program: Shelter 2, Donor 2 Expenses paid for restricted purpose General and Other Supplies Program: Shelter 3, Donor 2 Expenses paid for restricted purpose Operating Checking Program: Shelter 5, JE right after transactiongeneral Journal 07/01/2011 4a Donor 2 Release for expenses paid for program Restricted Funds Released Program: Shelter 5, Donor 2 Release for expenses paid for program Restricted Funds Released Program: Shelter 5, Month end General Journal 07/31/2011 4b Donor 2 Release for expenses paid for program Temp. Restricted Net Assets Program: Shelter 5, Donor 2 Release for expenses paid for program Unrestricted Net Assets Program: Shelter 5,

4 5.16 Endowments Endowments are contributions that a donor or Board of Directors has stipulated must be held forever. Generally the investment income or other revenue stream from the corpus of the endowment can be used for general operations or a program, according to the donor s wishes, but the core of the donation must be held and managed forever. There are two types of endowments those stipulated by a donor and those set aside by the Board of Directors. If the endowment is stipulated by a donor, it must be segregated in the financial statements as a Permanently Restricted Net Asset in the equity section of the Balance Sheet. Board of Director designated endowments are considered Unrestricted Net Assets on the Balance Sheet because the Board may change their minds at a future period. There are no special rules in general accounting for Board designated endowments. In this section we will discuss how to treat the permanently restricted (donor) endowment, which is a bit more complicated. Because the core of the donation must be kept forever, how the organization manages these funds is important. Most states have adopted the Uniform Prudent Management of Institutional Funds Act (UPMIFA) which requires the organization to preserve the fair value of the original gifts in permanently restricted endowment funds. The investment income is placed in temporarily restricted net assets until the Board of Directors approves using them. In general, the entries for recording donor restricted endowments should follow these guidelines: 4

5 Transactions related to permanently restricted endowment donations and investment income: 6 To record a permanently restricted gift: When received Sales Reciept 07/01/ Donor 3 To record new endowment gift Operating Checking Program:Clinic 100, Donor 3 To record new endowment gift Contributions for Future PeriodProgram:Clinic 100, , , Month end General Journal 07/31/2011 6a Donor 3 To record new endowment gift Unrestricted Net Assets Program:Clinic 100, Donor 3 To record new endowment gift Perm Restricted Net Assets Program:Clinic 100, , , To record interest income on endowment: When bank statement received General Journal 07/01/ To record interest income on endowment Operating Checking Program:Clinic To record interest income on endowment Investment Income Program:Clinic Month end General Journal 07/31/2011 7a To record interest income on endowment Unrestricted Net Assets Program:Clinic To record interest income on endowment Temp. Restricted Net Assets Program:Clinic To release restricted investment income when Board authorizes: When use is authorized by the Board of Directors General Journal 08/15/ To record authorized income use Temp. Restricted Net Assets Program:Clinic To record authorized income use Unrestricted Net Assets Program:Clinic

6 EXAMPLE CHART OF ACOUNTS Number Account Type Subaccount of Description Main checking account used for operating Operating Checking Bank and payroll activities Petty cash Bank Float cash for retail operations and small administrative charges Investments Savings Investments in stocks, bonds, mutual funds, certificates of deposit, etc Accounts Receivable Accounts Receivable Header Accounts Receivable Accounts Receivable Accounts Receivable Amounts owed to you from program activities Allowance for Uncollectible Accounts Receivable Accounts Receivable Contra-account to accounts receivable. It is the estimate of uncollectible accounts receivable Pledges Receivable Accounts Receivable Header Contribution Receivable Accounts Receivable Pledges Receivable Unconditional amounts promised to you from donors - to be collected in the future Allowance for Uncollectible Accounts Receivable Pledges Receivable Contra-account to pledges receivable. It is the estimate of uncollectible pledges Discount on multi-year pledges Accounts Receivable Pledges Receivable Contra-account to pledges receivable. Calculated at the time that the gift is promised Inventory for Sale Other Current Asset Retail inventory stock Inventory for Use Other Current Asset Inventory of supplies to be used in the future Prepaid Insurance and Expenses Other Current Asset Insurance and other costs paid in advance - to be reversed when the period has expired Furniture and Equipment Fixed Asset Furniture and equipment with useful life exceeding one year Real Property Fixed Asset Land, buildings and improvements Accumulated Depreciation Fixed Asset Contra-account to fixed assets. Total amount of depreciation recorded for a fixed asset since its date of acquisition Security Deposits Asset Other Asset Deposits and other returnable funds held by other entities Accounts Payable Accounts Payable Amounts you owe to vendors for expenditures incurred Credit Card Credit Card To record credit card purchases Payroll Liabilities Other Current Liability Unpaid payroll liabilities. Amounts withheld or accrued, but not yet paid Accrued vacation Other Current Liability The obligation the organization has accumulated that would be paid to all eligible employees at any point in time Debt Long Term Liability Obligations, such as mortgages or lines of credit Other Long-Term Liabilities Long Term Liability Liabilities other than payroll, accounts and grants payable, deferred revenue, loans, bonds, or mortgages Unrestricted Net Assets Equity Assets given to an organization by a donor with no specific stipulations Opening Balance Equity Equity Opening balances during setup post to this account. The balance of this account should be zero after completing your setup Temp. Restricted Net Assets Equity Assets given to an organization by a donor who stipulates that the assets must be spent for a specific purpose and/or over a specific timeframe Assets given to an organization by a donor who stipulates that the assets can never be Perm. Restricted Net Assets Equity spent 6

7 Number Account Type Subaccount of Description Support Income Header Corporate Contributions Income Support Contributions from corporations, sponsorships Foundation Contributions Income Support Contributions from private foundations Government Grants Income Support Contributions from local, state or federal governments Individual Contributions Income Support Contributions from individuals, businesses, direct mail, telethons, including any portion of dues that is greater than the value of member benefits received Bequests Income Support Gifts from donors who have designated your organization as beneficiary Gifts in Kind Income Support Donated goods, services or facilities: noncash gifts and contributions, donated inventory Special events, net Income Support Gross proceeds from special events, net of direct benefit costs (food, beverage, rent) United Way, CFC Contributions Income Support Restricted Funds Released Income Support Contributions received through federated fundraising agencies - United Way, CFC, etc. Funds that were restricted that are released to be used in the current years operations. Should agree to Account # Program Income Income Header Program service fees, member dues and Program Income Income Program Income assessments Shelter Fees Income Program Income Fees generated from the shelter program Clinic Fees Income Program Income Fees generated from the clinic program Adoption Fees Income Program Income Fees generated from adoption fees Outreach Training Fees Income Program Income Fees generated from the training in the community Government Contracts Income Program Income Contracts from local, state or federal governments Retail Inventory Sales Income Header Retail Inventory Sales Income Retail Inventory Sales Sales of retail inventory Cost of Retail Sales Income Retail Inventory Sales Contra-income account. Costs related to the sales of inventory Miscellaneous Revenue Income Revenue from occasional or non-material activities Investment Income Income Revenue from investment, cash or savings accounts Facilities and Equipment Expense Header Depreciation Expense Facilities and Equipment Depreciation and amortization for the period Donated Facilities Expense Facilities and Equipment Donated use of facilities, utilities, rent, equipment Equip Rental and Maintenance Expense Facilities and Equipment Rental and maintenance of office, program, and other equipment Property Insurance Expense Facilities and Equipment Insurance on property (not investment) owned by the organization Rent, Parking and Storage Expense Facilities and Equipment Office and parking space, storage Utilities Expense Facilities and Equipment Basic utilities Contract Services Expense Header Accounting Fees Expense Contract Services Outside (non-employee) accounting, audit, bookkeeping, tax prep, payroll service, and related consulting Legal Fees Expense Contract Services Outside (non-employee) legal services 7

8 Number Account Type Subaccount of Description Outside contractors (non-employee) for projects, consulting, short-term assignments Outside Contract Services Expense Contract Services for internal organization activities Operations Expense Header Advertising Expense Operations Advertising and promotion Bank & Processing Fees Expense Operations Bank service charges, credit card and payroll processing fees Books, Subscriptions, Reference Expense Operations Books, subscriptions, reference materials, periodicals for use Business Registration Fees Expense Operations Permits, registrations, licenses, moving, royalties, bank charges, credit card fees Events Expense Operations Cost for special events - that do not directly benefit the participants Insurance - Liability, D & O Expense Operations Non-employee or property insurance - liability, malpractice, directors Postage, Mailing Service Expense Operations Postage, parcel delivery, local courier, trucking, freight, outside mailing services Printing and Copying Expense Operations Printing, copying, duplicating, recording Supplies Expense Header Medical and Diagnostic Expense Operations:Supplies Medical and diagnostic supplies Food for Animals Expense Operations:Supplies Food for animals Office Supplies Expense Operations:Supplies Supplies for office related usage General and Other Supplies Expense Operations:Supplies Other or general supplies Staff Development & Education Expense Operations Conducting, or sending staff to, programrelated meetings, conferences, conventions Staff Recruiting Expense Operations Costs for recruiting staff Interest Expense Expense Operations Interest paid on debt Telephone, Telecommunications Expense Operations Telephone equipment and service, internet access, fax, conference calls Travel Expense Operations Expenses related to travel, meetings, conferences Volunteer expenses Expense Operations Costs to recruit, support and reward volunteers Other Costs Expense Operations Miscellaneous, small, or non-recurring expenses Payroll Expenses Expense Header Salaries and Wages Expense Payroll Expenses Salaries and wages paid to employees Payroll Taxes Expense Payroll Expenses Company portion of payroll related taxes Employee Benefits Expense Payroll Expenses Benefit paid on behalf of each employee such as; vacation, sick-leave, insurance (health, vision, dental, life, long-term disability, unemployment), bonus, etc Temporarily Restricted Activity Other Income Header Temporarily Restricted New contributions received or promised to be Contributions for Future Period Other Income Activity used in a future period Funds that were restricted that are released Temporarily Restricted to be used in the current years operations Restricted Funds Released Other Income Activity Should agree to Account #

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