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Nonprofit Bookkeeping & Accounting FOR DUMMIES by Sharon Farris

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

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Extra info for Nonprofit Bookkeeping & Accounting FOR DUMMIES

Sample text

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.

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