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Nonprofit Bookkeeping and Accounting For Dummies



Nonprofit Bookkeeping and Accounting For Dummies

Author: Sharon Farris

Publisher: For Dummies

Genres:

Publish Date: May 4, 2009

ISBN-10: 0470432365

Pages: 360

File Type: PDF

Language: English

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Book Preface

Counting the money in your wallet or purse is an act of accounting. If you ever make a note of how much you have, you’re even performing a bookkeeping function. You count things all the time in everyday life without thinking twice about accounting. For example, you count the plates before setting the table at home. You count the number of e-mails you receive while you’re out of the office. Even a gesture such as looking at your watch and thinking about how much time you have before your next appointment is a form of accounting.

Bookkeeping and accounting are service activities that involve auditing, tax services, management advisory services, general accounting, cost accounting, budgeting, and internal auditing. Even though your organization is a nonprofit, these services are essential parts of your daily activities. Without them, your nonprofit can’t survive the long haul. In the wake of increased accountability, understanding how to track and account for the everyday activities of your nonprofit is important. Keeping the books for a nonprofit is exciting. Getting federal grant money to fund your programs relieves financial stress. Getting a clean bill of health from your financial audit adds credibility. I devote this book to all nonprofits that add credibility to the sector by keeping their books in order.

About This Book

Bookkeeping and accounting for an organization involve several fundamental steps. Beginning with a simple transaction such as a donation and ending with financial statements, you go through an accounting cycle of 12 months. The cycle repeats as long as your nonprofit continues to operate. To help you with the normal day-to-day transactions — as well as any sticky situations you may find along the way — I wrote this book for the nonprofit director and manager (as well as the nonprofit bookkeeper and accountant). Feel free to use this book as a quick reference. It’s designed to help you with everything you need to know to operate your nonprofit according to generally accepted accounting principles (GAAP). It covers information about the steps to file your own payroll taxes and tax information Form 990. It also explains how to account for almost every situation that may come up in your nonprofit

Nonprofit Bookkeeping & Accounting For Dummies

This book serves as a tool that you can pick up from time to time during your accounting cycle to brush up on the following steps:
1. Your nonprofit enters into a transaction with a second party.
2. You or your employee prepares a business document, such as a sales invoice, that leaves a paper trail.
3. You or your employee records the transaction in the book of first entry, your journal.
4. You post the transaction to the general ledger.
5. You balance the general ledger and prepare a trial balance. Your trial balance tests the accuracy of account (debit and credit) balances.
6. You prepare your financial statements.
This book serves as a reference tool, no matter where you are in the accounting process, by helping you reach your ultimate goal of well-prepared and accurate financial statements.


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