Nonprofit Bookkeeping & Accounting For Dummies
- 5h 49m
- Sharon Farris
- John Wiley & Sons (US)
- 2009
Your hands-on guide to keeping great records and keeping your nonprofit running smoothly
Need to get your nonprofit books in order? This practical guide has everything you need to know to operate your nonprofit according to generally accepted accounting principles (GAAP) — from documenting transactions and budgeting to filing taxes, preparing financial statements, and much more. You'll see how to stay organized, keep records, and be prepared for an audit.
- Begin with the basics — understand common financial terms, choose your accounting methods, and work with financial statements
- Balance your nonprofit books — set up a chart of accounts, record transactions, plan your budget, and balance your cash flow
- Get the 4-1-1 on federal grants — find grants and apply for them, track and account for federal dollars, and prepare for a grant audit
- Stay in good standing with Uncle Sam — set up payroll accounts for employees, calculate taxes and deductions, and complete tax forms
- Close out your books — prepare the necessary financial statements, know which accounts to close, and prepare for the next accounting cycle
- Know what to do if you get audited — form an internal audit committee, follow IRS rules of engagement, and keep an immaculate paper trail
Open the book and find:
- The difference between bookkeeping and accounting
- How to maintain a manual or computer record-keeping system
- Ten vital things to know when keeping the books
- Do's and don'ts of managing federal grant money
- How to prepare for an audit of your financial statements
- IRS Form 990 good practices
- The most common errors found during nonprofit audits
- How to figure out employee payroll deductions and taxes
About the Author
Sharon Farris has been involved in the grants industry for more than ten years. She is the president of Farris Accounting & Consulting Training Services (FACT$) as well as the former president of the American Association of Grant Professionals (AAGP) Montgomery.
In this Book
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Nonprofit Bookkeeping & Accounting for Dummies
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Introduction
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The Nuts and Bolts of Nonprofit Bookkeeping and Accounting
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Starting with Basic Bookkeeping and Accounting
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Introducing Financial Statements
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Keeping Good Records—Using a Manual System or Computer System
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Setting up the Chart of Accounts for Nonprofits
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Recording Transactions and Journal Entries
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Balancing the Checkbook—Donations and Expenses
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Balancing Cash Flow: Creating an Operating Budget
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Staying in Nonprofit Compliance
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Introducing Federal Grants
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Tracking and Accounting for Federal Dollars
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Getting Ready for the Grant Audit
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Accounting for Payroll and Payroll Taxes
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Doing the Accounting for Tax Form 990
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Analyzing the Statement of Activities
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Reporting Financial Condition on a Statement of Financial Position
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Eyeing the Cash Flow Statement
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Organizing the Statement of Functional Expense
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Closing the Nonprofit Books
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Preparing for an Accounting Audit
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Ten Important Things to Know When Keeping Nonprofit Books
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Ten Tips to Keep Your Nonprofit Viable
