By Sharon Farris
Your hands-on consultant to retaining nice files and protecting your nonprofit operating smoothly
Need to get your nonprofit books so as? This functional consultant has every little thing you must comprehend to function your nonprofit in accordance with ordinarily accredited accounting ideas (GAAP) — from documenting transactions and budgeting to submitting taxes, getting ready monetary statements, and masses extra. you will see the right way to remain prepared, maintain files, and be ready for an audit.
- Begin with the fundamentals — comprehend universal monetary phrases, opt for your accounting tools, and paintings with monetary statements
Balance your nonprofit books — organize a chart of debts, list transactions, plan your finances, and stability you cash flow
Get the 4-1-1 on federal provides — locate offers and observe for them, song and account for federal money, and get ready for a provide audit
Stay in sturdy status with Uncle Sam — manage payroll debts for staff, calculate taxes and deductions, and entire tax forms
Close out your books — organize the mandatory monetary statements, recognize which bills to shut, and get ready for the subsequent accounting cycle
Know what to do in case you get audited — shape an inner audit committee, keep on with IRS principles of engagement, and preserve an immaculate paper trail
Open the booklet and find:
- The distinction among bookkeeping and accounting
How to take care of a guide or desktop record-keeping system
Ten very important issues to understand while conserving the books
Do's and don'ts of handling federal furnish money
How to arrange for an audit of your monetary statements
IRS shape 990 stable practices
The most typical error came across in the course of nonprofit audits
How to determine worker payroll deductions and taxes
Read or Download Nonprofit Bookkeeping & Accounting FOR DUMMIES PDF
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- Strategic Management for Nonprofit Organizations: Theory and Cases
- Giving 2.0: Transform Your Giving and Our World
Extra info for Nonprofit Bookkeeping & Accounting FOR DUMMIES
Opting for a fiscal sponsor or agent A fiscal sponsor or agent is a nonprofit organization that helps a smaller nonprofit by taking care of its financial responsibilities and allowing the smaller nonprofit to use the larger one’s nonprofit status to get grants. Think of having a fiscal sponsor or agent as falling under someone’s umbrella. Usually your fiscal agent is an organization that ✓ Shares a similar mission as yours ✓ Has an accounting staff ✓ Has a proven track record of accomplishments ✓ Has years of experience 31 32 Part I: Accounting and Bookkeeping Nonprofit Style What type of relationship you have with your fiscal agent varies.
When you pay federal employee payroll taxes, usually on a quarterly basis, your payment consists of the employees’ FICA withholdings. These taxes are for Social Security and Medicare and are taken out of employees’ paychecks. Both Social Security and Medicare are financed primarily by employment taxes. You are the steward of this money, and you need to submit it to the Social Security Administration and the IRS in a timely fashion. Hey, don’t worry too much about this one, because you can do it yourself and save your organization some money.
In this chapter, I introduce you to accounting (including basic terms) and explain why you need to understand it and how it works. I also get you started down the path of managing your nonprofit’s books — including deciding whether to handle the bookkeeping and/or accounting yourself or hire others to help you, selecting the most appropriate accounting methods for your organization, safeguarding against tax audits, and protecting your nonprofit’s physical and financial assets from employee wrongdoing.