Nonprofit Accounting Basics

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Payroll

There are many payroll services that will process the regular payroll, make direct deposits, prepare quarterly and annual tax filings and remit taxes due for a very reasonable fee.

Writing Checks

Having the appropriate number of people involved in processing transactions, the less likely it is that a problem will occur.

Other Cash

While writing checks and making deposits fall under the category of “cash,” there are other activities involving cash.

Bank Reconciliations

If at all possible, an individual other than the person writing checks and making deposits should reconcile the bank account each month.  Many organizations hire an outside accountant or bookk

Time Sheets

Not-for-profits must record expenses on a functional basis. Salaries are generally the organization’s largest expense.

Petty Cash

It's amazing how much cash is stolen each year from petty cash funds.

Internal Reports Introduction

Reporting is a key component of the Financial Management Cycle.

The Finance Committee and Committee Chair Responsibilities

Role of the Committee

Stewardship & Accountability

As board members and managers of nonprofit organizations, we are constantly reminded that we must be good stewards of the public trust, ensuring the resources of our organizations are well protecte

5 Easy Steps to Successfully Manage Your Receivables

5 Easy Steps to Successfully Manage Your Receivables