Nonprofit Bookkeeping & Accounting For Dummies [NOOK Book]

Overview

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 ...

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Nonprofit Bookkeeping & Accounting For Dummies

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Overview

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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Product Details

  • ISBN-13: 9780470523414
  • Publisher: Wiley
  • Publication date: 4/13/2009
  • Series: For Dummies Series
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 360
  • Sales rank: 155,967
  • File size: 3 MB

Meet the Author

Sharon Farris has been involved in the grants industry for more than ten years. She is the president of Farris Accounting & Consulting Training Services (FACT$) as well as the former president of the American Association of Grant Professionals (AAGP) Montgomery.

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Table of Contents

Introduction.

Part I: Accounting and Bookkeeping Nonprofit Style.

Chapter 1: The Nuts and Bolts of Nonprofi t Bookkeeping and Accounting.

Chapter 2: Starting with Basic Bookkeeping and Accounting.

Chapter 3: Introducing Financial Statements.

Chapter 4: Keeping Good Records: Using a Manual System or Computer System.

Part II: Balancing Your Nonprofit Books.

Chapter 5: Setting up the Chart of Accounts for Nonprofits.

Chapter 6: Recording Transactions and Journal Entries.

Chapter 7: Balancing the Checkbook: Donations and Expenses.

Chapter 8: Balancing Cash Flow: Creating an Operating Budget.

Chapter 9: Staying in Nonprofi t Compliance.

Part III: Accounting for Nonprofit Situations.

Chapter 10: Introducing Federal Grants.

Chapter 11: Tracking and Accounting for Federal Dollars.

Chapter 12: Getting Ready for the Grant Audit.

Chapter 13: Accounting for Payroll and Payroll Taxes.

Chapter 14: Doing the Accounting for Tax Form 990.

Part IV: Wrapping Up the Books.

Chapter 15: Analyzing the Statement of Activities.

Chapter 16: Reporting Financial Condition on a Statement of Financial Position.

Chapter 17: Eyeing the Cash Flow Statement.

Chapter 18: Organizing the Statement of Functional Expense.

Chapter 19: Closing the Nonprofi t Books.

Chapter 20: Preparing for an Accounting Audit.

Part V: The Part of Tens.

Chapter 21: Ten Important Things to Know When Keeping Nonprofit Books.

Chapter 22: Ten Tips to Keep Your Nonprofit Viable.

Index.

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Customer Reviews

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Sort by: Showing all of 4 Customer Reviews
  • Anonymous

    Posted July 27, 2010

    Nonprofit Bookkeeping and Accounting for Dummies by Sharon Farris

    This book is highly recommended for anyone starting a new nonprofit or already established this book is a must read, this hands on guide gives step by step, easy to understand instructions. Ms Farris has done an exceptional job in detailing the day to day operations, explaining the latest tax changes and the nonprofit laws and regulations. It has been very helpful to me in my home based business, it simply makes everything easier. There is everything from balancing your books to applying for federal grants. This is a must read for every nonprofit business! Great job, Ms Farris. EM

    2 out of 2 people found this review helpful.

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