Quicken & Other Budget/Accounting Software/Quickbooks
Hi Ms Linda,
My client, a school, would like to use Quick Books. Is their a QB that is suited for a profit-oriented school? Also does it have budgeting features as the school is budget intensive?
Thank you very much in advance for your response!
I see many schools using QuickBooks successfully.
There is a feature (under company menu) in QuickBooks where you can enter
a budget. Also there are budget vs actual reports.
QuickBooks Features that schools will find useful.
1. memorized transactions
They set up memorized invoices that will automatically enter
based on a schedule (monthly, quarterly, yearly)
Which helps track Student accounts receivable
2. Class tracking
(set up in preferences)
Where you can track department costs and revenue
3. Use of 2 sided items to track direct income and expenses for
Tuition and extra curricular activities.
Many schools will point the tuition item on the invoice to a
Customer deposit liability account, then make a journal entry once a month
from that account to recognize 1/10 of the revenue each month.
Hope this helps,
Linda Saltz, CPA
Advanced Certified QuickBooks Advisor
We sell and support QuickBooks Enterprise