In my search for an alternative to QuickBooks, I’m checking out MoneyMinder. MoneyMinder is not at all like QuickBooks! There is a learning curve, but fortunately they’ve put out a lot of helpful videos on their YouTube channel. Here’s what I like and where I’m concerned.
What I Like about MoneyMinder
- Reimbursement Form: I would almost pick MoneyMinder purely for this form. Handling reimbursements of volunteers can be a pain. MoneyMinder lets you use an online form to upload receipts. These are then routed to the right people for approval.
- A Donor can be a Vendor: In QuickBooks, isn’t a pain that you can have someone that is a donor as well as a donor or vendor. This is such a pain. In MoneyMinder, someone can be a vendor AND a donor. All that data is recorded under one name in one place.
- Bank Register is Easy to Find: In QuickBooks Online, I had to book mark the bank register so I can get there quickly and easily. MoneyMinder makes the register one click away from the home screen.
What I am Concerned about
- Is everything a Bank Account? This might be me being clueless, but how do I set up liabilities and fixed assets, and the like? If I have a loan, is that set up as a bank account? What if my nonprofit is accrual? I tried hard but could not figure out how to make accounts payable show up on the balance sheet.
- No Payroll? MoneyMinder doesn’t have payroll which is understandable, but it doesn’t make it easy to enter gross wages and the related liabilities. If you watch the video, you can see how awkward it was for me.
- No Journal Entries? A good journal entry would solve most of my issues. It seems I can just record a transfer, withdrawal or deposit relating to a “bank account.”
Initial thoughts
As I’m entering in practice transactions, I would totally use this for an HOA or all-volunteer nonprofit. There are a number of tools that would make handling membership dues and reimbursements so much easier. I would be willing to struggle through some of the other issues for these features.
For a nonprofit with payroll, I would be hesitant. I would like to see an example of how others have handled payroll well.
Useful Links
- oneyMinder: https://moneyminder.com/
- Guides: https://moneyminder.com/guides/