By Sharon Farris
Your hands-on consultant to preserving 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 in response to commonly approved accounting rules (GAAP) — from documenting transactions and budgeting to submitting taxes, getting ready monetary statements, and masses extra. you will see easy methods to remain prepared, preserve files, and be ready for an audit.
- Begin with the fundamentals — comprehend universal monetary phrases, pick out your accounting tools, and paintings with monetary statements
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Balance your nonprofit books — arrange a chart of bills, checklist transactions, plan your price range, and stability you money flow
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Get the 4-1-1 on federal delivers — locate offers and practice for them, tune and account for federal money, and get ready for a furnish audit
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Stay in sturdy status with Uncle Sam — manage payroll money owed for workers, calculate taxes and deductions, and entire tax forms
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Close out your books — organize the required monetary statements, recognize which debts to shut, and get ready for the subsequent accounting cycle
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Know what to do in case you get audited — shape an inner audit committee, keep on with IRS ideas of engagement, and preserve an immaculate paper trail
Open the booklet and find:
- The distinction among bookkeeping and accounting
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How to take care of a handbook or desktop record-keeping system
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Ten important issues to grasp whilst retaining the books
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Do's and don'ts of coping with federal provide money
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How to organize for an audit of your monetary statements
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IRS shape 990 strong practices
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The commonest error came upon in the course of nonprofit audits
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How to determine worker payroll deductions and taxes
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Extra resources for Nonprofit Bookkeeping & Accounting For Dummies
Example text
What’s the difference between bookkeeping and accounting? Bookkeeping is the starting point of the accounting process, and it tracks the day-to-day operations of an organization. A bookkeeper does single-entry accounting, which means that she may only record a transaction in one place. This bookkeeping system operates on the cash basis (which I explain in the section “Keeping track of the cash” later in this chapter), and the only entry may be in the checkbook. Bookkeepers maintain the following documents: ✓ Copies of invoices and receipts ✓ Copies of checks and bank statements ✓ All other paperwork required for accounting purposes Bookkeepers perform daily tasks of recording, including: ✓ Dates of transactions ✓ Amounts of transactions ✓ Sources of donations ✓ Expenses and loss transactions Accounting summarizes the day-to-day activities recorded by a bookkeeper.
If you debit equity, you decrease it. Equity Debit side shows decreases Credit side shows increases Finding the Right People to Manage the Books and Monitor the Finances Deciding whether to hire outside help to track your nonprofit’s accounts or do it yourself is something that only you can decide. If you’re busy with other things and it’s within your budget to hire someone to do the job, then hire someone else to do it. This outside help can take a number of different forms, which I cover in this section.
Which form you file depends on your annual gross receipts. Turn to Chapter 14 to find out more. Chapter 2 Starting with Basic Bookkeeping and Accounting In This Chapter ▶ Going over basic bookkeeping and accounting terminology ▶ Getting staffed: Bookkeepers, accountants, or doing it yourself ▶ Understanding your choices of accounting methods ▶ Taking steps to protect against employee theft S ometimes when I talk to computer support people over the phone about problems I’m having with my computers, they start using words like PPPoE, ISP, and a bunch of other stuff that I don’t have a clue about.