Steps to Implement in QBO:
1. Record Daily Transactions:
o For income: Navigate to Sales > Invoices or Sales Receipts . o For expenses: Go to Expenses > New Transaction > Expense or Bill . o Connect bank accounts via Banking > Link Account . o Regularly match imported bank transactions with existing QBO records. o Navigate to Accounting > Reconcile to perform monthly reconciliations.
2. Perform Bank Reconciliation:
Video Tutorial: How to Reconcile in QuickBooks Online 2023
3. Treasurer / CFO
Primary Responsibilities:
• Monthly Financial Review: Analyze financial statements to assess the organization's financial health. • Approve Significant Journal Entries: Review and approve journal entries exceeding a predetermined threshold.
Steps to Implement in QBO:
1. Review Financial Reports:
o Navigate to Reports . o Generate key reports such as the Profit and Loss Statement , Balance Sheet , and Statement of Cash Flows . 2. Approve Journal Entries: o Go to + New > Journal Entry . o Review entries for accuracy and ensure they meet approval criteria before saving. Video Tutorial: Understanding Profit & Loss in QuickBooks Online ht
4. Executive Director
Primary Responsibilities:
• Budget Approval: Provide final approval for organizational budgets. • Policy Oversight: Ensure financial policies are up-to-date and compliant with regulations.
Steps to Implement in QBO:
1. Review and Approve Budgets:
o Navigate to Gear Icon > Budgeting . o Review proposed budgets and approve or request modifications as necessary.
2. Oversee Financial Policies:
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