By Sharon Farris
Your hands-on consultant to holding nice documents and retaining your nonprofit working smoothly
Need to get your nonprofit books so as? This sensible consultant has every thing you want to comprehend to function your nonprofit based on quite often approved accounting ideas (GAAP) — from documenting transactions and budgeting to submitting taxes, getting ready monetary statements, and masses extra. you will see easy methods to remain geared up, hold documents, and be ready for an audit.
- Begin with the fundamentals — comprehend universal monetary phrases, decide upon your accounting equipment, and paintings with monetary statements
Balance your nonprofit books — manage a chart of bills, list transactions, plan your funds, and stability you cash flow
Get the 4-1-1 on federal provides — locate can provide and observe for them, song and account for federal cash, and get ready for a provide audit
Stay in strong status with Uncle Sam — organize payroll money owed for workers, calculate taxes and deductions, and entire tax forms
Close out your books — arrange the mandatory monetary statements, recognize which bills to shut, and get ready for the following accounting cycle
Know what to do in case you get audited — shape an inner audit committee, persist with IRS principles of engagement, and hold an immaculate paper trail
Open the booklet and find:
- The distinction among bookkeeping and accounting
How to take care of a handbook or laptop record-keeping system
Ten important issues to understand whilst holding the books
Do's and don'ts of handling federal furnish money
How to organize for an audit of your monetary statements
IRS shape 990 strong practices
The most typical blunders discovered in the course of nonprofit audits
How to determine worker payroll deductions and taxes
Read or Download Nonprofit Bookkeeping & Accounting FOR DUMMIES PDF
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Extra info for Nonprofit Bookkeeping & Accounting FOR DUMMIES
To record such a transaction, you debit your supplies and Chapter 2: Starting with Basic Bookkeeping and Accounting credit accounts payable for the cost of the office supplies. When the bill is paid, you debit accounts payables and credit cash. The accrual basis gives you a more accurate account of what is owed at any given time. It also requires end-of-the-period adjustments for salaries and other expenses. Keep in mind, your accounting period may close, but you may have some expenses, such as prepaid subscriptions, prepaid insurance, or salaries, that cross more than one period.
You determine the type and degree of insurance and bonded protections your nonprofit needs based on an assessment of your organization. First, you need to evaluate the potential risk and think about how much money is being handled. What is the value of what you own? How much equity do you have in your organization? How much money do you have in your savings and checking accounts? These are some of the questions you’ll need to answer to determine how much insurance is needed. For example, your donors list is a valuable asset that you must safeguard (turn to Chapter 7 for an explanation of donors lists).
Checks and balances in your organization not only can help you avoid an audit finding but also can protect your assets. Start with the following checks Chapter 2: Starting with Basic Bookkeeping and Accounting and balances and then expand upon them for protections that are even more specific to your organization and its operations: ✓ Require two signatures on all checks over a set amount (usually more than a typical payroll tax deposit amount) ✓ Separate duties between your record keeper and the person handling cash ✓ Record employees’ hours daily on timesheets ✓ Require all invoices for payment to be reviewed and authorized Your nonprofit’s policies and procedures manual should present and explain your organization’s checks and balances in such a way that all the steps are clearly defined.