Nonprofit Bookkeeping and Accounting for Dummies 1st edition by Sharon Farris 0470432365 9780470432365
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Authors:Sharon Farris , Series:Management [113] , Tags:Business & Economics; Nonprofit Organizations & Charities; Finance & Accounting; General; Bookkeeping; Political Science; Public Affairs & Administration , Author sort:Farris, Sharon , Ids:9780470432365 , Languages:Languages:eng , Published:Published:May 2009 , Publisher:John Wiley & Sons , Comments:Comments: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
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ISBN 10:0470432365
ISBN 13:9780470432365
Author:Sharon Farris
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
Nonprofit Bookkeeping and Accounting for Dummies 1st Table of contents:
Part 1: Accounting and Bookkeeping Nonprofit-Style
Chapter 1: Introducing Nonprofit Bookkeeping and Accounting
Getting Started with Your Nonprofit’s Books
Making Sure Your Books Are Balanced
Finding Out about Federal Grants
Paying Federal Taxes
Getting a Grasp on Financial Statements
Chapter 2: Starting with Basic Bookkeeping and Accounting
Understanding Accounting and Bookkeeping
Choosing Your Accounting Method
Running Numbers on Your Assets
Keeping an Eye on Your Assets
Chapter 3: Introducing Financial Statements
Explaining the Importance of Financial Statements
Using Financial Statements to Your Advantage
Identifying the Financial Statements
Chapter 4: Keeping Accurate Accounting Records
Going the Manual or Computer Route
Creating a Manual System
Using Spreadsheet Programs
Exploring Nonprofit Software Programs
Making Sure Your System Is Secure
Part 2: Balancing Your Nonprofit’s Books
Chapter 5: Setting Up the Chart of Accounts for Nonprofits
Identifying and Naming Your Nonprofit’s Main Types of Accounts
Assigning Numbers to the Accounts
Chapter 6: Recording Accounting Transactions
Explaining the Recording Process
Stepping Through the Accounting Cycle
Chapter 7: Keeping Tabs on Your Checking Account
Getting the Lowdown on Your Checkbook Register
Tracking Nonprofit Donations
Subtracting Your Expenses
Balancing the Checkbook
Chapter 8: Starting with Manual Bookkeeping
Suggesting a Manual Bookkeeping Shopping List
Walking Through Journals
Showing Examples of Common Nonprofit Journal Entries
Incorporating Spreadsheet Programs
Chapter 9: Advancing into Nonprofit Accounting Software
Choosing Accounting Software
Using QuickBooks for Nonprofits
Selecting Aplos Fund Accounting Software
Selecting ACCOUNTS
Chapter 10: Balancing Cash Flow with an Operating Budget
Understanding the Importance of Having a Budget in the Nonprofit World
Preparing to Create an Operating Budget
Coming Up with an Operating Budget
Reviewing Budget Performance
Part 3: Accounting for Nonprofit Situations
Chapter 11: Introducing Federal Grants
Grasping Why Federal Grant Money Is Important to Nonprofits
Spelling Out the Basics
Managing Federal Grant Money
Working Through the Details of Your Grant Agreement
Chapter 12: Tracking and Accounting for Federal Dollars
Understanding Your Obligation
Managing Grant Funds
Drawing Down Federal Dollars
Reporting Requirements
Closing Out a Grant
Chapter 13: Staying in Nonprofit Compliance
Understanding Why Being Compliant Is Important for Your Nonprofit
Staying in Compliance
Finding Out about Accounting Standards
Chapter 14: Preparing for an Audit
Understanding the Audit Purpose and Need
Walking Through the Independent Audit Process
Identifying the Types of Grant Audits
Getting Ready for the Auditor
Receiving the Report of Audit Findings
Discussing an IRS Examination
Chapter 15: Accounting for Payroll and Payroll Taxes
Setting Up Payroll Accounts for Nonprofit Employees
Deducting the Right Amount of Taxes
Calculating Specific FICA Payroll Taxes and Deductions
Paying Quarterly Payroll Taxes with Form 941 and Electronic Funds Transfer
Completing End-of-Year Forms
Accounting for Contract Employees Using Form 1099-NEC
Chapter 16: Doing the Accounting for Tax Form 990
Choosing the Right Tax Form
Knowing What Happens If You Don’t File in a Timely Manner
Understanding the Minimal Requirements Using Form 990-N
Qualifying to Use Form 990-EZ
Filing with Form 990
Completing Form 990-T (Reporting Unrelated Business Income)
Part 4: Wrapping Up the Books
Chapter 17: Analyzing the Statement of Activities
Understanding the Statement of Activities
Evaluating the Data
Chapter 18: Reporting Financial Position
Grasping What the Statement Says about Your Nonprofit
Creating the Statement of Financial Position
Evaluating the Numbers
Chapter 19: Eyeing the Statement of Cash Flows
Seeing What the Statement of Cash Flows Can Tell You about Your Nonprofit
Understanding How to Create and Use a Statement of Cash Flows
Analyzing Cash Flow Indicators
Chapter 20: Organizing the Statement of Functional Expense
Classifying Functional Expense
Using the Statement of Functional Expense to Calculate Ratios
Chapter 21: Closing the Nonprofit Books
Understanding the Need to Close Your Nonprofit’s Books
Adjusting, Closing, and Reversing Entries
Completing the Notes to the Financial Statements
Putting Last Year Behind You and Looking Forward
Part 5: The Part of Tens
Chapter 22: Ten Important Things to Know When Keeping a Nonprofit’s Books
Monitoring Cash Contributions
Keeping a Donors List
Balancing Your Nonprofit’s Checkbook
Leaving a Paper Trail
Protecting Your Nonprofit from Employee Theft
Considering Your Constituency
Staying in Compliance
Limiting Nonprogram Income
Keeping Charities and Politics Separate
Getting Free Support
Chapter 23: Ten Tips for Keeping Your Nonprofit Viable
Keeping Your Books Balanced
Filing Paperwork with the IRS
Paying Bills on Time
Exploring New Fundraising Ideas
Watching Your Nonprofit’s Bottom Line
Looking for New Funding Streams
Getting Grant-Writing Training
Obtaining an Independent Audit Opinion
Updating Communication Strategies
Attending Networking Activitie
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