|
Published:
May 4, 2009

Nonprofit Bookkeeping & Accounting For Dummies

Overview

Beginner-friendly information you need to successfully manage finances in a not-for-profit organization

Nonprofit Bookkeeping & Accounting For Dummies is a helpful guide for anyone who is responsible for financial and accounting operations in nonprofit organizations or needs to read and understand a nonprofit financial statement. It includes information on the basics of nonprofit bookkeeping, general nonprofit accounting principles, basic financial statements, and specific laws and regulations that govern the accounting of nonprofit organizations. With the simple guidance in this book, you’ll learn how to keep accurate books in accordance with state and federal laws, even if your professional background isn’t in finance.

  • Learn the basics of bookkeeping and accounting, including common terminology
  • Choose the right accounting methods and software for your organization
  • Apply for, track, and account for federal grants and other grant money
  • Set up payroll accounts, complete tax forms, and navigate the audit process

Nonprofit Bookkeeping & Accounting For Dummies is the perfect, easy-to-use resource for nonprofit managers and volunteers who need to learn complex rules and regulations that govern nonprofit accounting and bookkeeping procedures.

Read More

About The Author

Maire Loughran, CPA, is an accountant and auditor with 20 years of experience as a full, adjunct accounting professor. She is author of Financial Accounting For Dummies, Auditing For Dummies, and Intermediate Accounting For Dummies.

Sample Chapters

nonprofit bookkeeping & accounting for dummies

CHEAT SHEET

To stay organized and on top of your nonprofit’s bookkeeping and accounting responsibilities, timely complete accounting tasks need to be done daily, weekly, quarterly, and yearly.Keep necessary financial information up to date so you’re prepared to submit paperwork to your independent certified public accountant (CPA), the government, and all stakeholders, both within and outside your nonprofit organization.

HAVE THIS BOOK?

Articles from
the book

Running a nonprofit requires that you annually prepare and submit paperwork to your employees, the Board of Directors, the Social Security Administration, and the IRS. Each year, you should evaluate your nonprofit’s progress, go over your strategic plan, and celebrate the year’s successes. This list represents tasks you should complete yearly: Submit Form 990, Annual Information Report, to the IRS.
As a director or manager of a nonprofit, you require monthly budget assessments to track and manage your nonprofit’s finances. Monthly meetings, which should happen after a cost-benefit analysis, should involve your finance committee, budget staff, and/or budget task force. These meetings should go over management efficiency and include these items: Review budget projections and compare the projected budget to actual results.
To stay organized and on top of your nonprofit’s bookkeeping and accounting responsibilities, timely complete accounting tasks need to be done daily, weekly, quarterly, and yearly.Keep necessary financial information up to date so you’re prepared to submit paperwork to your independent certified public accountant (CPA), the government, and all stakeholders, both within and outside your nonprofit organization.
To analyze the financial health of your nonprofit organization, the board of directors needs quarterly financial statements, which monitor the flow of revenue. Likewise, for taxes, grants, and contracts, quarterly reports are required by federal and state government organizations. Make sure to take care of the following nonprofit accounting tasks: Report payroll taxes to the IRS at the end of the quarter by submitting Form 941.
To ensure your nonprofit’s daily activities are completed, organize a weekly to-do list and prioritize the tasks so the important ones are done first and other jobs are scheduled around them. Managing your nonprofit means sticking to your plan to stay organized and run efficiently. Apply these guidelines to your nonprofit’s weekly plan: Set up daily priorities.
https://cdn.prod.website-files.com/6630d85d73068bc09c7c436c/69195ee32d5c606051d9f433_4.%20All%20For%20You.mp3

Frequently Asked Questions

No items found.