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lauralohnes
December 19, 2021
Question

We set up our books in QBO with a for profit focus, but we are a non profit and would like to convert it to a non profit focus. Can this be done?

  • December 19, 2021
  • 1 reply
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Original commenter did not share additional details

1 reply

D
DebSheenD
December 20, 2021

I've got you covered, lauralohnes.

 

Yes, you can change profit to non profit company type in QuickBooks Online. Here's how:
 

  1. Choose Settings ⚙️, then Account and settings.
  2. Click Advanced.
  3. In Company type, hit Edit ✏️.
  4. Tap the Tax form ▼ dropdown, then choose Nonprofit organization (Form 990).
  5. Click Save, then Done.
  6. Sign out and sign back in to see the changes reflected throughout QuickBooks.


For additional guidance, you may check it here: Configure an account for a non-profit organization.

On the other hand, you can check this article to learn more on how you can receive donations: Track funds you receive from donors in QuickBooks Online.

 

Please feel free to add a post below if you have more question about changing company type. I'll be always here to help you. Have a great day ahead!

L
lauralohnesAuthor
December 21, 2021

I have done this, but I still see equity and retained earnings instead of net assets.  How can I change this.

JenoP
JenoP
December 22, 2021

Thanks for getting back here and sharing updates as well, lauralohnes.

 

You can log out and log back into QBO account to refresh the data. Then check if the names are already changed in your Chart of Accounts and financial reports.

 

There are also times that browser issues can cause delays when editing details in QBO. You can use or switch to an incognito/private browsing session or a different browser. You can follow these keyboard shortcuts to quickly open an incognito session: 

 

  • Ctrl + Shift + N  for Google Chrome
  • Ctrl + Shift + P for Firefox
  • Control + Option +P if you're using Safari
  • Ctrl + Shift + P for Microsoft Edge

 

Once done, go back to your reports and check if the names of the account are already updated. If so, follow the steps in this article to delete your browsing history: Clear Cache And Cookies To Fix Issues When Using QuickBooks Online. 

 

Alternatively, you can create a new account and set it up as a nonprofit company. Then, cancel the old to avoid duplicate subscriptions. Follow the steps in these articles for more details: 

 

 

More references and extra guidance when running reports are also discussed in these articles:

 

 

Reach out to us again if you need more help, especially when preparing your year-end tasks. We're always here to offer our help again. 

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