Quicken & Other Budget/Accounting Software/Quickbooks

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Question
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!

Answer
Hi Antoinette.

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
http://www.qbalance.com

We sell and support QuickBooks Enterprise  

Quicken & Other Budget/Accounting Software

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Linda Saltz, CPA, QBalance.com

Expertise

QuickBooks best practices, troubleshooting, accounting, tax We have over 70 pages of website content about QuickBooks tips, running a business, tax and business startup at http://www.qbalance.com

Experience

Accountant and CPA over 20 years. Specializing in accounting software for over 12 years, Certified QuickBooks Pro Advisor, QuickBooks seminar instructor since 1997.
Producer of www.QBalance.com over 100 pages devoted to QuickBooks help and support and training for small business owners in tax and accounting issues.

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