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CNP2
May 17, 2020
Question

Change from business to nonprofit and what happens to the master data and transactions from past years?

  • May 17, 2020
  • 1 reply
  • 0 views

Hi, I am the new Treasurer for our organization and learning quickbooks.  It looks like the correct non-profit settings were not selected when they started quickbooks years ago.  If I switch the configuration to "non Profit" what happens to the years of data in the system?  Will it just switch over to the new non profit categories?  

 

Also, in reconciling the statements to 2018, Quicken does not reconcile to the CPA statements.  How do I do a prior year journal entry to fix the Quicken statements to agree to the CPA statements?

I believe we have Quicken on-line.

1 reply

A
AileneA
May 17, 2020

Hi there, @CNP2. 

 

Thank you for reaching out to the Community. I'd be happy to share with you some insight about what will happen to the data once you switch it to non-profit. The data will remain as it is even you change the setting to non-profit. Here's how: 

 

  1. Go to the Gear icon then choose Account and Settings. 
  2. Tap Advanced, then in Company type, select the Pencil icon. 
  3. From the Tax form drop-down, choose Nonprofit organization (Form 990).
  4. Select Save, then choose Done. 

 

 

 

 

To reflect the changes, make sure to sign out and sign back into your QBO account. See the following article for more information: Configure an account for a non-profit organization.  

 

To fix the prior journal entry, I suggest reaching out to your accountant to prevent any discrepancies in your book. 

 

Let me know if there's anything that I can assist you with the account by leaving a reply below. I'm always glad to help in any way I can. Have a great rest of the day!

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